Last week, we discussed a few key terms regarding Black Friday and bankruptcy in the Mankato, Minnesota area. Now that we know all about the history of this holiday, and about the importance of remaining “in the black,” it’s time to think about our own personal finances this holiday season.
- Set a Budget: In order to avoid bankruptcy this holiday season, decide how much money you plan to spend on gifts. If you have a plan, you’ll be less likely to splurge on an extra box of fancy chocolates for your co-worker or another pair of socks for your nephew. While you’re budgeting for the holidays, remember to factor in additional costs for food, traveling, and decorations, too!
- Pay With Cash: Rather than wracking up credit card debt and flirting with potential bankruptcy, withdraw your Black Friday shopping budget in cash. This way, you know that you’re staying within your budget for the day. Just make sure to keep the money stored safely in a wallet, purse, or car compartment in order to survive the long day of shopping!
- Mark a Route: If you’re out shopping on Black Friday, decide which stores you’ll visit, and in which order you’ll visit them. If Kohl’s is next to Best Buy, but across town from Wal-Mart, plan the order in which you’ll visit all three with limited doubling-back. This way, you won’t waste time or money driving back and forth between different areas of town. Think of it as your own personal shopping map, and make sure to include a hot chocolate stop!
- Just Pick One: Although it may be tempting to take advantage of Black Friday, Small Business Saturday, and Cyber Monday, you’ll be more likely to spend responsibly and avoid debt or bankruptcy if you limit yourself to one day of binge shopping. So, if you’re passionate about supporting local businesses or you love online shopping, spend Black Friday curled in a blanket and relaxing!
These four simple steps should help keep your finances in check this holiday shopping season, even in the midst of Black Friday debt and potential bankruptcy. However, if you live in the Mankato, Minnesota area, and you already feel like your finances are on clearance this holiday season, contact the professionals at Behm Law Group Ltd. today.