We can’t always blame overspending and the mismanaging of money for the majority of Tampa bankruptcy cases, many of us could still use a little help with becoming better with our finances. The holiday season is just around the corner, which means now is the time to start planning how to keep your spending in check during the upcoming time of gifts and parties.
Gift of Financial Management
The average family spends close to $1000 in the month of December on gifts for family and items for holiday parties. The even more shocking part of this statistic is that two-thirds of these families will use credit to cover these expenses. Credit debt quickly adds up around such an expensive time, but it doesn’t have to. In fact, there are ways to balance your holiday budget and avoid the need for using credit this holiday season.
- Set a budget for gifts and purchases, and determine how much you may need to save in the next two months to cover these costs in cash.
- Eliminate your unnecessary spending or purchasing of luxury items for the next two months, using this money to save for your gift fund.
- Plan your gifts and start purchasing items on layaway, paying a little towards the cost of the gift from now until the holidays.
- Set up a gift exchange among family members, where everyone draws a name and only buys for that person; saving everyone money.
- Go in on a large purchase with others, sharing the cost of a more expensive item.