There is plenty of opportunity to overspend during the holidays , but overspending will only leave you scrambling to pay back your debt in the new year. With the proper planning and foresight, however, you can make it through the holidays without falling into the holiday debt trap.
Especially if you’re already juggling debt outside of the holiday season, it can be difficult to enter this time when there are so many expectations and pressure to spend. You might not know what to do if you owe money  and still have to pull off the holidays for your family and loved ones, but you don’t have to worry. There are ways you can prepare for the holidays so that you keep your spending in check.
Make a List of Gifts
Start with the essentials and make a note about things you will not be buying. Ask yourself: What do I definitely need to get? Who will I definitely be buying for? Typically, people shop for their immediate family, extended family, friends, coworkers, neighbours, and children’s teachers.
That isn’t to say you have to buy gifts for all of these people, be realistic about who you will be spending for and from there decide who needs more unique, expensive gifts and who can receive more generic or handmade gifts.
Take your list with you everywhere. It could be a good idea to have a version on your phone and a backup in your wallet or purse. Stick to the list, it’s important. You can also go into your shopping with cash only, so you know how much you have to spend and so you won’t make impulse buys. If you plan on using credit cards, plan ahead: take the card you’re using and leave the others at home.
Prepare for Holiday Expenses
The holidays aren’t just expensive because of gifts, there are other costs that we tend to forget about. There’s decorations, food and drink, travel, charitable donations, and postage and shipping for anything being mailed off.
Make a list of these expenses in a spreadsheet or planner and put down your planned spending and actual spending. Be generous with your estimations, you don’t want to spend more than you’ve planned for. If your planned spending is too high, then move some numbers around until you’ve got the right balance.
Take Action Against Your Debt
Maybe you’re already struggling with debt and can’t see any way of paying back your creditors on time. If you are in a desperate position of considering bankruptcy, then it’s time to contact David Sklar & Associates for the help of a Licensed Insolvency Trustee. They can help you figure out how to best protect your assets and what steps need to be taken to resolve your situation. A consumer proposal  might be what you need, and the sooner you know it, the better. Then you can get back to planning for your financial future and enjoying the holidays without major financial strain.Google+