As you head into the holidays, it’s important to keep a close eye on your financials and spending habits. Many people tend to go a bit overboard because of parties and other obligations and find themselves in trouble after the holidays have ended. Milwaukee bankruptcy Attorney Michael Burr has a few tips to help keep your spending under control this season.
Shop with a plan.
Just as you bring a list when you grocery shopping, it’s important to make a list when buying gifts. Before you go to any stores, decide how much you are able to spend on each person and stick to that amount. It’s helpful to jot down a few gift ideas, too. If you find yourself wanting to purchase things that aren’t on your list, hold on to them but give yourself time to look around and really think about whether or not it’s a necessary purchase. Note: Don’t forget about extra expenses like wrapping materials, host gifts, etc. when making your list!
Retail isn’t the only place to shop.
In this day and age, there are tons of opportunities to find lower prices on gifts for the holidays. Don’t feel as though you need to purchase every gift from the mall or other retail stores. Many sites offer free shipping and other discounts during the holidays.
Pay in cash as often as possible.
The biggest mistake people make during the holidays is racking up enormous charges on their credit cards that they aren’t able to pay back after the holidays. Try to pay for as many purchases with cash as you can. If you don’t feel comfortable carrying cash and don’t have a debit card, use one credit card and keep close tabs on your purchases by writing each one down.
Don’t wait until the last minute.
Rushing to the store the day before (or worse, the day of) a party can cause you to impulsively buy the first thing you see. When you don’t have time to think about your purchase, you’re more likely to overspend or convince yourself that the cost is not important. Plus, if you’re an online shopper, waiting until the last minute will generally lead to massive shipping fees to get things on time.
The best advice we can give is to make a budget plan and stick to it. There’s no need to go out of your means to impress anyone. Enjoy the holidays with friends and family and keep your finances in check. Our Milwaukee bankruptcy team at Burr Law Office is here to answer any questions you may have about shopping during the holidays!