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The most wonderful time of the year can quickly turn into the most expensive time of the year. For many families, there is more of everything. More presents, travel, parties, food and festivities. Holiday spending can get out of hand quickly. If you are already struggling with mounting debt it is imperative to tackle December with a plan so that come January, you have not added to your financial struggles.
Make sure to develop a spending plan and stick to it. This not only includes the gifts for everyone you want to buy for, but also all the extras like the tree, decorations, food for parties, alcohol, trips to see a light show and family traditions like going to an event together. All of these add up and if you’re unprepared, you will be whipping out your credit card and add to your debt.
Host your regular holiday parties, but maybe host a potluck instead. Buying food for a large crowd for one of the many gatherings between Thanksgiving and New Year’s can truly add up. When you’re used to feeding four and you suddenly are feeding 40, your grocery bills can skyrocket. Don’t be caught unprepared. Have each guest bring a side to share and everyone will still be able to gather and celebrate together.
Check credit card rewards. If you have debt on credit cards, you may also have rewards you can redeem to help offset some of your holiday costs. Grab some gift cards for your kids’ teachers or some gas cards to help pay your expenses to your in-law’s house.
Follow your favorite retailers online and on social media sites. They often post deals and information about sales there. If you have your list, you know exactly what you’re looking for.
Put any unnecessary spending on hold for a month. Most likely you can go without your daily work lunches or your extra nights out. You will likely have extra social commitments anyway. Save your resources for your holiday fun.
After the holidays have ended, start thinking about next year. The holidays are around the same time every year so don’t let next year creep up on you.
If you are struggling with debt and considering bankruptcy, contact our office today. We can review your situation and make personalized suggestions to help get you back on stronger financial ground.