The holidays are a festive time to travel, exchange gifts, and party with family and friends. However, it's also that time of the year when many people break the bank. Here are some tips to keep your spending in check and avoid bankruptcy this holiday season.

3 Ways to Avoid Holiday Bankruptcy

1. Set a Holiday Budget

One way to dodge bankruptcy during the holidays is to set a budget before going on a shopping binge. How much can you spend on presents, meals, or travel without hurting your finances? Setting a limit from the get-go helps you decide if each expense is within your means and allows you to adjust your allocation. For example, if you know you spent too much on food, you know you'll have to reduce your budget on gifts or party outfits.

2. Reassess Self-Gifting

Many people go beyond their budget for presents. Though treating yourself isn't a crime, refrain from purchasing non-essentials. Just as with any other person on your list, set a budget for the "holiday gift" you're getting yourself.

3. Track Holiday Spending

Setting a budget is just half of the game plan; the other half is in sticking to it. By tracking your spending throughout the holiday season, you spare yourself from a hefty credit card bill just after welcoming the new year. Every day, compute how much you spent and compare it with your holiday plan. Doing this helps you identify spending culprits that may look cheap but add up during the season, such as holiday lattes or stocking-stuffers.

If you are considering filing for bankruptcy and want to discuss your options, Bueker Law Firm in Stuttgart, AR, can help. Jeremy Bueker has spent over 15 years at one of the largest bankruptcy firms in the state before establishing his own practice. If you're not sure whether you're qualified for Chapter 7 or Chapter 13 bankruptcy, or if you need assistance in repossession or foreclosure in central and southeastern Arkansas, call (870) 673-1313 or send a message online. You can also visit the firm's Bankruptcy FAQ page or follow them on Facebook to receive updates and helpful articles.