Beat Holiday Debt: expertsโข Urge Early Budget Review
As summer windsโค down,โ financial expertsโค recommend taking time toโ assess yourโข current financial standing and prepare for the upcoming holiday season. The end of summer is โan ideal moment to โproactivelyโข plan, according to Leslie Tayne, a debt relief attorney.
Tayne explains that many โfamilies findโค holiday budgeting stressful, often still โขrecovering financially from โback-to-school costs and summer expenses. She stresses the importance of a financial check-up: “It’s good to evaluate โwhere you stand economically – are you meeting your financial obligations and paying โall your โคbills?”
To prepare, Tayne suggests a โthorough reviewโ of monthly spending, identifyingโ potential areas to increase savings, even with โคsmall adjustments. Crucially, she advisesโค starting to estimate holiday expenses now, including gifts, decorations, and potentialโค hosting costs. This proactive approach can โคhelp prevent reliance on credit โcards and subsequent debt.
“While it’s important to live in the moment, that doesn’t translate to โคbudgeting,” Tayne emphasizes. “Effective budgeting requires โขforesight and projecting future expenses.”
Creating a flexible budgetโ 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 โฃworry of accruing debt.
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