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  5. Tips for avoiding overspending and bankruptcy during the holidays

Tips for avoiding overspending and bankruptcy during the holidays

On Behalf of Ed Shaw Law | Dec 3, 2022 | Bankruptcy |

The holiday season is a time full of fun events and gift-giving. With all the excitement, spending more than you have is easy. You may even rely on credit cards to cover the cost.

Without proper planning, you might find that repaying the credit card debt after the holiday season becomes impossible and leads you to bankruptcy. Following these tips can help you have a wonderful holiday season without winding up in bankruptcy court.

Have a spending budget

Before you go gift shopping, evaluate your finances and determine how much money you have available. Once you have a budget established, decide how much money you want to spend per person. Knowing this limit allows you to shop for items within your budget. An easy way to stick with the spending limit is to use cash only. Once you have spent all the cash designated for one person, do not purchase anything else for that person.

Limit extra spending

To increase your gift budget, you can decrease other expenditures. Consider cooking meals at home, skipping the morning coffee and clipping coupons for daily necessities.

Purchase gift cards to shop online

Many online retailers offer free shipping and discounted prices during the holidays, saving you time and money. However, online purchases require electronic payment, making overspending easy. One way to avoid this is to use your holiday cash to buy gift cards. These gift cards have a finite limit and allow you to shop online and stay within your budget.

Holiday shopping does not have to result in bankruptcy. Proper planning allows you to share the joy of gift-giving with financial confidence.

Why do different states have different laws?

by Edward Shaw | Jun 30, 2025 | General Law

I get asked the question all of the time, why are the laws different in each state, and, why do people need to get different lawyers when they have legal issues in other states. The answer goes back to the founding of our country, we have always had a federal system,...

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Will I lose everything in Chapter 7 bankruptcy? 

On Behalf of Ed Shaw Law | Jun 5, 2025 | Bankruptcy

Chapter 7 bankruptcy helps erase debts when you cannot pay them and give you a fresh financial start. However, many people think of bankruptcy as losing everything. Fortunately, Minnesota laws protect essential assets.  Confidence comes from knowing your rights—learn...

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What is the difference between legal and physical custody?

On Behalf of Ed Shaw Law | Apr 23, 2025 | Family Law

If you're going through a custody issue in Minnesota, it's important to understand the difference between legal and physical custody. These terms may sound similar, but they each play a different role in your child's life. Understanding legal custody Legal custody...

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JAIL PHONES

by Edward Shaw | Apr 4, 2025 | Criminal Defense

Many of you have seen movies involving phone calls from a jail or prison, maybe some of you have gotten calls from a jail or prison.  If you have, you may be familiar with the message that often plays 'This call is from a correctional institution and may be...

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EXPERT WITNESSES

On Behalf of Ed Shaw Law | Mar 27, 2025 | Firm News

Most people outside of the legal system have never heard of expert witnesses, a critical part of the legal system.  Unlike regular witnesses, who can testify about what they observed or heard, experts can offer opinions.  Experts are used to explain a variety of...

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Contracts for Deed

by Edward Shaw | Mar 12, 2025 | Business Law

They are an alternative method of financing the purchase and sale of property.  Instead of the buyer getting a bank loan, payments are made to the seller.  The arrangement has its advantages, by taking payments over time a seller can in some cases save on taxes. ...

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WHEN DO YOUR RIGHTS HAVE TO BE READ TO YOU

by Edward Shaw | Jan 31, 2025 | General Law

I have written on this topic before, but, because it is a source of a lot of misunderstanding among the general public, it needs more attention. Police shows for decades have shown people being arrested and read the Miranda warning, 'their rights', you have the right...

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When can you sue someone for something they say?

by Edward Shaw | Jan 24, 2025 | Civil Law, General Law

Free speech is a cornerstone of our society, for good reasons.  A democracy depends on people being able to express their opinions about anybody, and anything.  Even the richest and most powerful in society can be criticized by any citizen in a free society. Like all...

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MONEY AND DIVORCE

On Behalf of Ed Shaw Law | Jan 13, 2025 | Firm News

When divorces are tough there are usually issues with money.  The rules on dividing assets, money, real estate, vehicles, anything of value, are simple, it is generally divided equally, regardless of who earned it, or whose name is on it.  The exception is...

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Tips for co-parents to keep the holiday season peaceful and joyous

On Behalf of Ed Shaw Law | Dec 6, 2024 | Custody

Co-parenting presents challenges throughout the year, but the holiday season can amplify these difficulties, even for those who maintain a cordial relationship with their former spouse. From Thanksgiving through the end of the year, the added stress of coordinating...

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  • Will I lose everything in Chapter 7 bankruptcy? 
  • What is the difference between legal and physical custody?
  • JAIL PHONES
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