Avoiding Debt During the Holidays

By: Stephanie Dewitt

It’s sometimes hard to shake the feeling of giving at the holidays. After all, ‘tis better to give than receive, right? Here are some tips to consider implementing in order to avoid accruing debt during the holiday season:

1. Start saving now for next year

Whether you stash your savings in the proverbial cookie jar, or participate in a your local bank’s Christmas Club, putting money back each month certainly makes the blow to your wallet easier to withstand.

2. Take advantage of shoppers’ perks

Many businesses will offer incentives at the holidays. Perhaps you can get a $50 gift card for $30, or cash in your credit cards’ “cash back rewards”. We are always on the lookout for sales and coupons, but keep an eye peeled for rebate offers and the like.

3. Set expectations with your friends and family

You might be surprised how willing others are to forego a gift exchange or participate in a “White Elephant” game instead. You can set a limit on how much to spend on gifts for each other so things don’t spiral out of control.

4. Stick to your budget

Stick to your budget. Create a budget for the gifts you intend to buy and stick to it.

5. Don’t treat yourself

How often do you set out to purchase a gift and buy three more for yourself in the process? We all deserve a little treat, but perhaps wait to see what you may get from others, and if you still want to get yourself a gift, shop the New Year’s Sales.

Debt is sometimes unavoidable. If you’re struggling this holiday season, there are options and resources. Call DelCotto Law Group to discuss creditor work outs, loan modifications, bankruptcy or asset protection planning.

About DelCotto Law Group

DelCotto Law Group is Kentucky’s asset protection law firm known for its commitment to the lifetime success of its clients. With offices located in Lexington, Louisville and Danville, DLG serves Kentuckians with complicated financial matters, especially in the areas of bankruptcy, complex litigation, and estate planning. For more information about chapter 9 or DelCotto Law Group, please call (859) 231-5800 or email


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