The winter months can be a time for family and celebration, but they're also financially stressful with holiday expenses, the costs of traveling, higher energy bills and weather-related emergencies. According to The Gil Law Firm, experienced bankruptcy attorneys based in Dothan, AL, it's not uncommon for people to fall into more debt than they can manage over the winter.
Fortunately, some foresight and financial management effort in the fall can make the winter season easier to handle. If you're recovering from bankruptcy or hoping to avoid it, these attorneys recommend:
- Saving Early: If you plan on traveling to see family or buying gifts this winter, saving now can take a lot of the financial pressure off later. Figure out how much you need to save and scale back your plans if you can't make your targets.
- Set a Budget: Part of saving is controlling your monthly expenditures, which will free up money for you to put away. Instead of finding out how much you can afford to spend, try to figure out how little you can get by with and stick with it. You'll be surprised how much you can save in a relatively short period of time by cutting out small expenses that build up fast.
- Stay Away From Credit: When budgeting your expenses, figure out what you'll buy with credit—if anything—and make a plan for paying the bills next year. Whenever possible, avoid running up your bills, especially if you've been trying to pay down your debts.
If you've been unable to work your way out of debt, The Gil Law Firm's bankruptcy attorneys may be able to help you get a new lease on life. Call their offices today at (334) 673-0100 to schedule a consultation, or visit their website to learn more.