Beat Holiday Debt: experts Urge Early Budget Review
As summer winds down, financial experts recommend taking time to assess your current financial standing and prepare for the upcoming holiday season. The end of summer is an ideal moment to proactively plan, according to Leslie Tayne, a debt relief attorney.
Tayne explains that many families find holiday budgeting stressful, often still recovering financially from back-to-school costs and summer expenses. She stresses the importance of a financial check-up: “It’s good to evaluate where you stand economically – are you meeting your financial obligations and paying all your bills?”
To prepare, Tayne suggests a thorough review of monthly spending, identifying potential areas to increase savings, even with small adjustments. Crucially, she advises starting to estimate holiday expenses now, including gifts, decorations, and potential hosting costs. This proactive approach can help prevent reliance on credit cards and subsequent debt.
“While it’s important to live in the moment, that doesn’t translate to budgeting,” Tayne emphasizes. “Effective budgeting requires foresight and projecting future expenses.”
Creating a flexible budget now allows for adjustments as needed, while still keeping spending on track. Failing to plan,Tayne cautions,frequently enough leads to overspending and financial strain during the holidays. By taking action now, families can enjoy the season without the worry of accruing debt.
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