After a person has filed for bankruptcy, adhering to a new budget or repayment plan can be a difficult adjustment. This is especially true during the holidays, as the pressure to purchase gifts for loved ones and holiday sales can ramp up the temptation to spend large amounts of money. Our firm has created a list of tips to help you stick to your budget and stay on track towards a financially prosperous future.
To avoid falling back into bad spending habits, keep these tips in mind:
1. Make something: The holiday season wasn’t always about giving extravagant store-bought gifts for everyone in your life. There are several ways that you can show your appreciation or gratitude for your loved ones without breaking the bank. Are you artistic? Paint them a picture! If you like to cook, prepare a holiday feast for them. Doing favors or other small gestures of appreciation can go a long way to spread the holiday cheer, while also helping you stick to your budget.
2. Make a list, check it twice: If you are planning on purchasing gifts for people, make sure you stay within a certain dollar amount that you can comfortably afford while still being able to make any payments to debtors. Strictly adhere to this budget and only purchase gifts for people on your list. One gift per person will suffice.
3. Avoid impulse shopping: Stores will often place sale items and small knick-knacks near the registers. It is important that you resist the urge to purchase anything you do not need.
4. Get thrifty: If you are looking for a certain gift, shop around and find the retailer with the lowest price. Try opting for lower-priced substitutes instead of brand name goods to save some money.
5. Avoid spending on credit: Making purchases on credit that you cannot afford is dangerous and should be avoided at all costs. Whenever possible, pay cash. Most store-offered credit cards have exorbitant interest rates attached to them and can cause you to quickly rack up debt if the balance is not paid off in full at the end of the billing cycle.
For more debt-relief advice or help with filing for bankruptcy, contact a Long Beach bankruptcy lawyer from Leibowitz Law Group by calling today. With 30 years of dedicated experience in bankruptcy law, our firm’s knowledgeable attorneys can answer all of your budget-related questions and help you have a financially secure holiday season. Request a free consultation today!