The holidays are right around the corner, and many of us are looking forward to the uplifting spirits of the season. However, it’s no secret that holidays can be expensive. From enormous feasts to cherished traditions and countless gifts, it’s easy to become overwhelmed with unmanageable expenses. This feeling can be tenfold if you’re going through bankruptcy during this season of celebration and togetherness.
While bankruptcy can bring a sense of relief when struggling with overwhelming debt, some may believe it could feel stifling during the holidays, especially without a plan to help you manage it.
If you’re going through bankruptcy or considering filing soon, here are six ways to manage the holidays while navigating bankruptcy.
Embrace a New Perspective on the Season
The pressure to “shop till you drop” can feel overwhelming during the holidays, especially if giving gifts is how you show love to the people in your life. While in bankruptcy, it can help to refocus on what the holiday season truly means. Embracing this season as a time for connection and shared experiences, rather than extravagant spending, can help ease financial strain.
This holiday season, consider focusing on acts of service for your loved ones and prioritizing uninterrupted time together. Thoughtful, homemade gifts or gestures like cooking a favorite meal, organizing a family game night, or helping with household tasks can be just as meaningful and are often remembered more fondly.
Set a Realistic Budget and Stick to It
Cutting out all spending during the holidays might feel impossible and even unfair. But by setting a manageable budget, you can still enjoy holiday festivities without jeopardizing your financial health. A holiday budget could include a limit on gift spending, setting aside funds for a special meal, or small activities. Staying mindful of this budget will help you feel in control and avoid financial regret later.
Get Creative with Low-Cost or Free Gifts
When you are working with a tighter budget for the holidays, creativity is your key to success. Personalized, low-cost gifts can be incredibly meaningful and add a unique touch that’s hard to find in stores. If you’re looking for ideas, check out platforms like Pinterest, TikTok, and YouTube, where countless DIY and low-cost gift options await. For example, you might make a photo album, create a custom recipe book, or handcraft ornaments for loved ones.
Focus on Experiences Over Material Gifts
Giving experiences rather than material items can keep costs low and make lasting memories. Most people remember the joy of shared experiences and the nostalgia that comes with holiday traditions. Ideas for low-cost experiences include attending a local holiday play, having a cozy movie night, or even taking a day trip to a nearby scenic spot. These experiences are often more memorable and can bring loved ones closer together in a meaningful way.
Communicate Honestly with Loved Ones
If finances are tight, don’t hesitate to be honest about it with those close to you. Letting loved ones know that big, extravagant gifts aren’t feasible this year can help manage expectations and remove some of the holiday pressure. Honest communication can also be an opportunity to refocus on spending quality time together rather than exchanging expensive items.
Reach Out for Help
If you’re struggling to provide holiday gifts for young children, consider reaching out for support. Family, friends, and local charities are often willing to lend a hand to ensure the magic of the season is still felt. Local community centers and charitable organizations often host holiday assistance programs. USPS’s Operation Santa is a great resource for those struggling; it’s a program where children can write letters to Santa, and sponsors across the U.S. can help fulfill these holiday wishes.
Don’t Go Through the Stress of Bankruptcy Alone
The decision to file for bankruptcy isn’t easy, especially during the holiday season. But having the right support can make all the difference. A local bankruptcy lawyer can help you understand the process and guide you through each step, ensuring you make informed decisions about your financial future.
Don’t face the challenges of bankruptcy alone – reach out to a trusted bankruptcy lawyer in your area, like Adam M. Freiman.
Adam has been practicing law for over 25 years, handling a range of cases from bankruptcy to criminal. He also founded one of the most successful bankruptcy law firms in Baltimore. But with his years of experience, Adam now knows that bigger does not mean better. He now operates his own firm, where he oversees his clients’ cases personally, ending the cycle of him and his clients having to communicate through countless staff and paralegals.
Contact our office today to learn more about how Adam can help you with your bankruptcy case!
