If you are on a tight budget this holiday season or are recovering from bankruptcy, the temptation to spend large amounts of money on gifts can be a difficult struggle. Holiday sales and the pressure to purchase gifts for everyone on your list can quickly lead you towards a dangerous financial situation. Fortunately, our firm has some tips that can help you spend wisely and enjoy the holiday season without breaking the bank.
1. Give Handmade Gifts
If money is in short supply this holiday season and you cannot afford to purchase everyone gifts, there are still plenty of other ways you can show your appreciation to your friends and family. Handmade gifts and doing favors for people can bring just as much joy, if not more, than a store-bought gift can provide. Cooking for someone, writing them a song, helping around the house, or painting them a picture are all excellent ways to show how much you care.
2. Adhere to a Strict Budget
If you are looking to purchase gifts, examine your finances and come up with an amount that you can comfortably spend while still being able to cover your expenses and debts. Once you have established this number, strictly adhere to it when buying gifts and do not exceed this amount under any circumstances. If you need to spend a larger proportion of your budget on a gift for one person, be prepared to spend an equal amount less on another person's gift.
3. Pay with Cash, Not Credit
One of the easiest ways to rack up debt during the holidays is by purchasing gifts you cannot afford on credit. Store credit cards in particular are known for having extremely high interest rates, causing you to pay much more than the initial purchase price of an item if you do not pay off the balance in full at the end of the month. To avoid this trap, pay with cash whenever you can.
4. Shop Around Before Purchasing
If you plan on purchasing a specific item, make sure you check several different retailers to ensure you are paying the lowest price. Nowadays, most stores have price match policies and will adjust your price to keep your business. Additionally, searching for lower-cost substitutes to brand name items can help you stay within your budget.
Contact Rick Hodge, Attorney At Law, L.C. Today
If you are struggling to make ends meet and are overwhelmed by debt this holiday season, a Kansas bankruptcy lawyer from Rick Hodge, Attorney At Law, L.C. can examine your situation and help you pursue the most strategically appropriate solution to your financial woes. Our highly skilled attorneys can cease harassing collection efforts and get you on track towards a debt-free future.
Contact us online or call our office today at (800) 836-3617.