If you’ve enlisted debt relief services to address financial troubles, you may wonder how this could affect your holiday plans. After all, you don’t want to give up on purchasing gifts for loved ones, but you also don’t want to repeat the mistakes that required debt help in the first place. Here are a few budgeting basics that will help you shop wisely this holiday season.

Top 3 Debt Help Practices for Buying Holiday Gifts

1. Remind Yourself of Essentials & Cut Extras

Before you begin planning a holiday gift budget, look at the essential expenses that cannot be neglected, including rent or mortgage payments, utilities, food expenses, and car payments. If you’re concerned that you don’t have enough money left over for gifts, look for expenses you can cut out to make more room in your budget, such as restaurant trips or subscription services.

2. Set a Firm Limit on Gift Spending

Once you know how much discretionary money you have available, set a firm limit on your family’s holiday shopping expenses. Tally up the cost of each purchase after a shopping trip to let you know if you’re getting close to the limit.

3. Plan the Gift List in Advance

One way to help control spending is to plan out your gift list before going to the store. Don’t be afraid to cut people from the list. Neighbors or teachers don’t need an expensive gift—a thoughtful card or homemade cookies will be appreciated and much cheaper. Planning what you’ll buy for individual family members will also help you avoid making impulse buys.

If you need debt help this holiday season, contact Donald L. Spafford, Jr., Attorney at Law in Honolulu, HI. With over 30 years of experience, this talented lawyer and his team will provide personalized solutions as you consider bankruptcy and other major financial issues. To learn more about his practice areas, visit him online, or call (808) 532-6300 to schedule a free consultation.