Dealing with debt on a regular day can be difficult, as there are always
cool gadgets or tasty treats being advertised. But dealing with debt during
the holidays? That’s a whole new level of difficulty. Everything
is “on sale” and there are surely loved ones in your head
that you think deserve this trinket or that treasure.
To avoid worsening your financial situation with even more debt, keep these
smart tips in mind this holiday season:
Get creative: Believe it or not, there was a time when there were no stores and internet
“lightning” sales, and yet people still showed one another
their gratitude during the holidays, often by making something themselves.
Do you like to draw? Are you an up-and-coming chef around the house? Maybe
you’re a great babysitter? Making something or doing a huge favor
for your loved ones often goes much farther than any material item could,
and it can also be loads of fun.
Macro-budget: Most of us are conditioned to make a gift list that details the items we
want to get and for whom. While this is handy, it does not consider the
bigger picture: your budget overall. Figure out your comfortable dollar
amount for everyone in total and divide it accordingly. If you want to
spend more on person X, you should plan on spending an equal amount less
on person Y.
Save it for later: Impulse shopping is the bane of any consumer’s existence. The great
deals are always up by the register or thrown in your face when you least
expect it. Rather than following your gut and grabbing them, snap a picture
with your cellphone and think about it. If you still really want it a
few days later, odds are there will still be some in stock when you come back.
Dare to compare: Retailers don’t want you knowing about the deals their competitors
have going on, but they also don’t want to lose your business if
you do. Always compare the same item across multiple locations and let
an employee know if you find a better deal. Many stores have price match
guarantees in place to keep you from spending money elsewhere, even if
it means they have to drop their price considerably.
No credit, no problem: One of the biggest hazards to debtors is a credit card offer at a retail
location. They will often give these to just about anyone because the
interest rates are so high, sometimes 28% or greater. Think of it this
way: if you can’t fully pay off that $200 electronic, you are probably
going to owe at least another $50 on top of that. This is just not worth
the risk for most people in debt.
If you want to know more about
debt relief – or need help with a
bankruptcy case – call
914.827.5238 our Westchester bankruptcy attorneys from Bronson Law Offices, P.C. today.
Our friendly and knowledgeable lawyers can help you find financial peace
of mind this holiday season. Request your
free initial consultation today.