The annual gift-giving season is swiftly approaching and the Phoenix and Scottsdale bankruptcy attorneys at Canterbury Law Group know that this can sometimes lead to serious repercussions after the holiday cheer wears off.
To combat any decisions that may lead you to bankruptcy, the law team at Canterbury suggests treating your holiday spending like a business. Below are suggestions to help you stay on track during the most expensive season of the year.
1. Strategize. Begin by creating a holiday spending plan. Decide how much you can afford to spend this season, including gifts, travel, parties, decorations, and any other holiday expenses. Make a shopping list for whom you want to purchase gifts for. Determine how much you’ll earn between now and the holidays and decide how much you’ll need to set aside each paycheck to save the amount you will need. Also, consider your charitable gift intentions and budget.
2. Track your spending. If you realize you do not need to spend as much as you planned in some categories, move the extra funds to other categories. Or, save the money for your debt stockpile when the bills start to arrive in the New Year.
3. Shop without your credit cards. Yes, leave them at home unless you know you need them for a specific purchase and you already have a specific plan to repay the debt. Use cash.
4. Shop smart. Shop online first so you can price compare multiple retail locations. It’s also wise to ignore most of those “big” sales. In reality, deals such as “Buy 2, Get 1 Free” often leave you spending more and acquiring items that aren’t needed. Stores will often mark up items before “cutting” the price and you end up paying the same-or more.
5. Avoid purchasing on impulse. Instead, make a note of the product, where you saw it and how much it was. Consult your spending plan, and, if there’s room, return for the purchase. If you are married, consult your spouse. Do not hide your spending; you are a family and a team.
If your credit card debt truly gets to the point of seeming to reach the point of no return, no matter how much you save or earn—you might consider bankruptcy to flush out all the debt and start fresh and new.
It is no surprise that filing bankruptcy can seem like an extreme option but it does offer a way out. At Canterbury Law Group, we will represent you through the entire process and fight diligently to secure your fresh financial start. Call us today to schedule your consultation. [email protected] or 480-240-0040 or www.canterburylawgroup.com