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Is COVID-19 “over,” are masks effective, who is actually vulnerable? These are the questions many people are asking as we enter the 8th month of this pandemic. While we are still receiving mixed reviews and unclear answers to these questions, one thing is for sure: many families are still facing very real economic consequences from the Coronavirus of 2020.

Most of us are already receiving mailers from places like Walmart, Target, Wayfair, and other big-name stores promoting their upcoming holiday sales. These can be fun to flip through, and children especially like to use them to make their never-ending wish lists. Marketers are experts at convincing consumers that they “need” to purchase items that are “only available for a limited time” or that will “never be priced this low again.”

As 2020 comes to a close and most Americans have felt a significant financial hit, it is imperative that you avoid overspending and getting even more in debt this holiday season. If you are already facing financial strain from COVID-19’s impact, don’t let financial issues ruin your holiday season.

Here are suggestions to help you survive this holiday season in the black:

• Make a budget and stick to it! Determine what you can safely spend on holiday gifts and let that be your guide. If you need to limit your budget, be honest about it with your kids, family members, and friends. A budget does nothing for you if you don’t adhere to it.
• Write down every purchase. The easiest way to stay on budget is to document every dollar you spend. When you have a total written down in front of you, it allows you to have an honest view of your spending.
• Pay cash. We realize that some businesses encourage you to charge your expenses, but they cannot legally make you use a credit card. When you have cash to use for spending, you need to stop making purchases once the money runs out.

George R. Belche, Attorney at Law, understands that COVID-19 has affected every aspect of most people’s lives. The rising costs of living are being felt by everyone, and now that the holiday season is closing in, stress levels are rising. Please don’t let financial issues from COVID-19 ruin your holiday season. If you find yourself in a situation that seems hopeless, contact the law office of George R. Belche today. We can help you during this time and put you on a path to a successful financial future.

George R. Belche, Attorney at Law