Enjoying the Holidays & Managing Debt

Nov 29, 2023


The holidays are supposed to be a joyful time filled with love and gratitude. With so many people struggling financially, instead of love and joy their holidays are filled with stress and anxiety. It is easy to let the pressure from society cause you to overspend on the perfect holiday presents, decorations, meals, or outfits. When you are already struggling to make ends meet overspending during the holidays can wreak havoc on your finances. Let’s discuss ways to avoid overspending during the holiday season and debt relief options available in Wisconsin to help manage your debts.

Set a Budget

Creating a budget is a great way to manage your household finances and the same concept can be used to prevent overspending during the holiday season. Review your household budget to determine the available amount to spend during the holiday season. List and prioritize all the holiday expenses including presents, decorations, food, and entertainment. If your holiday expenses are higher than your budgeted amount, you can make any necessary adjustments before it is too late.

Plan Ahead

The majority of overspending during the holidays is due to gifts. Keep your budget in mind and come up with a plan that works for you. You can buy presents throughout the year. You can have a separate bank account used strictly for holiday expenses. If you have too many loved ones to buy for, you can arrange a gift exchange with a spending limit. By planning ahead you can eliminate a large hit to your budget at the end of the year and reduce stress during the holidays.

Avoid Credit & Loans

The high interest rates on loans and unpaid credit card balances can have a negative impact on your finances well after the holiday season is over. While it is nice to give, most of your loved ones wouldn’t want you to go into debt because of them. If you cannot afford it, don’t buy it. Expensive gifts are not the only way to show your love and appreciation. You can make thoughtful homemade gifts or offer services such as babysitting or housecleaning to those who would appreciate it. You can also be honest with your loved ones and talk about your financial hardship; others might be in the same situation.

Debt Relief

If budgeting and planning for the holidays has only highlighted your financial struggles, there are debt relief options available in Wisconsin that can help. A Wisconsin Section 128 is a great way to manage a smaller amount of unsecured debts such as credit cards or medical bills. It is a debt repayment program that is ordered by the Wisconsin State Court. It combines several debts into one payment at zero percent interest. Check out our blog titled “Debt Relief with Wisconsin Section 128” to learn more. If you are struggling with a larger amount of unsecured debts that you are unable to repay, a Chapter 7 Bankruptcy could be a good option to help you get a fresh start. Check out our video blog, “What is a Chapter 7 Bankruptcy” to learn more. Maybe you are suffering financially from a job loss and have fallen behind on your mortgage or auto payments. A Chapter 13 Bankruptcy can help stop foreclosure, stop repossession and help manage any other debts as well. Check out our video blog, “What is a Chapter 13 Bankruptcy” to learn more. When you are trying to figure out the best way to manage your debt, it is wise to look into all your debt relief options before making a decision. Start by sitting down and talking to an experienced debt relief attorney who can help explain the best option for your situation.


Don’t let your financial situation steal the joy out of the holidays. At Pedersen Law Office, LLC we understand how stressful being in debt can be; that is why we offer free consultations. We will discuss your circumstances and goals and help figure out what debt relief option is best for you and help you through the entire process. Our law office serves the communities of Appleton, Menasha, Neenah, Oshkosh, Green Bay and their surrounding areas.

Category: Bankruptcy

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