With the holiday season in full swing, it can be easy to be swept into the frenzy of gift buying, partying, decorating, and traveling. Expenses can quickly skyrocket, and add even more financial strain on a person who may already be facing monetary troubles.
It can be very tempting to start charging everything to your credit card during this time, but you should avoid the temptation as much as possible.
If you are considering filing for bankruptcy in New Jersey, and use your credit card to survive the holidays, depending on when you file for bankruptcy, creditors may challenge your right to a bankruptcy discharge of your debts. Running up your credit card bill in anticipation of filing for bankruptcy is never a good idea and can pose many problems. If you manage your finances wisely, you could avoid having to file for New Jersey bankruptcy and/or foreclosure.
Try to avoid purchasing extravagant gifts for friends and family. Also, use cash as much as possible when buying presents. If you don’t have the money, don’t spend the money. Talk with your family about doing a gift exchange so you only need to purchase one present this year, instead of many. If you need to buy multiple gifts, make something homemade, which can save you a lot of money.
According to the U.S. Department of Energy, the average home in America uses about six times as much electricity as a home did 20 years ago. Lighting costs account for approximately 10 percent of your electric bill, which is sure to increase during the holiday season, with the addition of outdoor and indoor Christmas lights. Set your lights on a timer to make sure you don’t forget to turn the lights off, when you leave the house or go to bed. You can also purchase LED lights to save on your electrical bill. LED lights only use about 10 percent of the amount of energy of regular lights.
Another money saving tactic during the holidays is to purchase a fake Christmas tree instead of the real thing. Real trees can be exorbitantly priced and last just a few weeks, whereas an artificial tree can last for many years. Or, you can forego purchasing a tree, real or fake, completely. In 2002, about 32 percent of Americans did not have a Christmas tree. This percentage is sure to increase due to our country’s current economy.
You can also start planning ahead for next years’ holiday by setting aside money now. If you set aside just $20 a week, you will have $1,040 to spend during the Christmas season next year. Furthermore, seasonal holiday paraphernalia may be purchased at a deep discount, for next year, after the holiday has passed.
Practicing good management of your money cannot only relieve you of financial stress, it can also potentially help you avoid having to file for bankruptcy in New Jersey. However, every financial situation is different, and in many cases, it could be in a person’s best interest to file for bankruptcy. Talking with a New Jersey bankruptcy attorney can help you determine whether bankruptcy is the best course of action for your particular circumstances. The lawyers at The Law Offices of Robert Manchel have helped guide many people through the bankruptcy process in New Jersey. We can answer your questions and help you during this difficult time. Call us today at 866-503-5655.