How to stay out of Debt this Holiday Season

The holiday season is finally here, and most people are ready to have a good time. One challenge that, however, arises is the expenses that come with facilitating the holiday events. Even though some people start preparing their finances early enough in readiness for the holidays, there are have those who will end up paying for parties, gifts, trips e.t.c through the aid of credit cards. Eventually, such individuals will end up starting the new year in debt.

Hefty debts might lead to the worst financial situation anyone would ever want to find themselves in; filing for bankruptcy, which equates to financial death. Therefore suppose you end up in financial distress due to the holiday expenses, you might have to seek the help of a Bankruptcy lawyer in Columbus OH. Despite being almost impossible not to spend money during the holidays, you can still avoid debts by engaging in healthy financial habits.

Here are some of the ways which can help you to stay away from debt this holiday:

Plan early

Planning is part and parcel of leading a healthy financial life as it helps people make healthy financial decisions. Most people that make financial plans for the holidays early often get into the new year without debts. Also, good planners rarely use their credit cards to make purchases, and when they do, the debt accrued is usually very minimal. To help you have an effective plan and avoid paying a visit to a Bankruptcy lawyer Columbus Ohio, you can try to do the following:

• Having a separate account for holiday expenses
• Have an actual or estimated figure for the amount of cash you intend to spend on the holidays
• Have a list of the people you want to buy gifts for
• The amount of money you wish to spend on each individual
• Emergency budget for unforeseen gifts

Use cash

Many people don’t know this, but making purchases using cash will always help you avoid overspending. Cash will always help control your spending habits because once the cash at hand is depleted, you can end the purchases.

Shop early

If bad comes to worse, a Columbus bankruptcy lawyer from the law office of Barr Jones & Associates can always assist you in filing for bankruptcy, but before that time comes. There is still so much you can do to save yourself from needing the services of a Columbus bankruptcy attorney, like shopping early. Most gift shops offer various deals throughout the year. Taking advantage of such deals will save you money, and by the time the holidays arrive, most of the gift shopping will be done.

Avoid the use of credit cards unless necessary

When you make a purchase using your credit card, be ready to pay more as interest must accrue. As earlier mentioned, purchasing using cash can help you control expenditure. However, some situations can demand that you resolve to the use of a credit card. Some credit cards, at times, have an interest free period. Therefore it is advisable that when you decide to use a credit card, always settle for the right credit card. Suppose you have credit card rewards; the holiday season is the best time to put those rewards into use by using them to buy gifts.

Break away from tradition

When your finances are not right, the best decision you can make for the holidays is to break away from tradition. You don’t have to start the new year with a visit to a bankruptcy attorney in Columbus OH, because holidays are not all about purchasing gifts. Quality time with family and friends, like meeting up for a barbecue and a chat, can equally create memories.

Despite the availability of information on healthy financial habits for the holidays, you might still end up overspending, subsequently leading to a possibility of bankruptcy. If you are looking for tips on avoiding bankruptcy, our bankruptcy attorney Columbus OH can give you insights to help with your situation.