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Avoid Debt with These Holiday Budgeting Tips

Posted By Allmand Law Firm, PLLC || 16-Nov-2015

Some people feel as though “the holidays” and “debt” are inextricably bound, and indeed for many, sometimes they can go hand in hand. However, with a little careful planning and some smart spending habits, you can absolutely enjoy a fun and festive holiday without the hit to your wallet.

Consider the following budgeting tips to help you avoid taking on new debt this holiday season:

  • Keep your past holiday spending activities in mind. Think back to how you spent money during past holidays. What did you spend the most money on? Were you prone to making impulse or last-minute purchases? Did you find that you had many unexpected expenses that were not planned for in your budget? Consider these questions when creating your budget for this year; you may find that being more aware of your spending habits is half the battle.
  • Calculate your budget based on discretionary income. A healthy budget should be limited only to the income you have left over after all of your other expenses, such as rent/mortgage payments, bills, food, etc., have been paid. This can help with the next tip, which has to do with managing your credit.
  • Avoid relying on credit cards. Credit card debt can easily get out of control when it comes to an abundance of holiday expenses. Although it can be tempting to charge purchases after spending all of your cash, try to limit your budget to your discretionary income only to avoid racking up new debt. If you must use credit, have a realistic plan in place to have the balance paid off before the end of the next billing cycle to avoid interest payments.
  • Be a smart shopper. Comparison shopping online is a great way to ensure that you are getting the best prices possible for the items on your holiday shopping list. Taking advantage of Black Friday and Cyber Monday deals is a great way to save, but have a plan in place for exactly what you want to purchase to avoid overspending.

The holidays don’t have to be synonymous with debt! We hope that by implementing these tips, you can enjoy all the holidays have to offer while skipping the substantial price tag.

Trouble with Debt? We Can Help!

Allmand Law Firm, PLLC has served the needs of clients throughout Dallas, Fort Worth, and the mid-cities for more than a decade. If you are struggling with unmanageable debt and are searching for a solution, we encourage you to speak with a member of our team to begin discussing your options. Whether bankruptcy is the most beneficial choice for your situation or another approach, we can help you determine which approach is best suited to your individual needs. Rest assured that when you bring your case to our firm, your case will be in good hands.

It is our goal to help you regain the peace of mind that comes with financial freedom. To learn more about how we may be able to help, please click here to request your FREE financial empowerment session.

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