Spending Through The Holidays

The song says “It’s the most wonderful time of the year!”  However, the holidays can be stressful emotionally and financially for many people.  The desire to buy gifts for loved ones can override good financial judgment and place you in a spiral of debt from which it is difficult to recover. How can you control holiday spending and still enjoy the season?  Read on for some tips from the bankruptcy attorneys at Oswalt Law Group in Phoenix.

• Make a budget. The most important step you can take in managing your finances is to have a budget.  This goes for holiday spending, as well.  Many people approach holiday shopping without a plan in mind; this is a recipe for disaster.  Instead, try making a list and assigning an amount to each name; buy within this range and you will find your holiday debt much more manageable.
• Shop online. Some people find that shopping online for specific items, rather than in a store, helps them control spending.  Of course, this does not work for everyone, and it will not work if you do not keep to your holiday budget.
• Give cash. The easiest way to control your holiday spending is to give cash.  If you find that too impersonal, choose a gift card from the person’s favorite store and put it in a nice card.
• Consider homemade gifts. If you have a talent for making certain items, consider giving them as gifts, especially for friends and co-workers.  Baking, sewing and woodworking are talents that can easily be used to make cherished and appreciated gifts at a low cost.
• Teach children how to save. If your children want an expensive item that is simply out of your price range, try setting up a savings account that will be earmarked for that item.  You can make the initial deposit with whatever amount you can afford, then encourage your children to put money toward the ultimate goal with money from their allowances, side jobs or other sources of income.  Spend time showing your children how long it will take to reach their goal at different rates of saving; you will be giving them tools that will be useful for many years to come.

  If you are overwhelmed by your finances, the Phoenix bankruptcy attorneys at Oswalt Law Group may be able to help.  We can work with you to create the right plan for getting you out of debt and giving you a fresh financial start.  Call us today for more information.