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.