The joy and excitement of the holiday season is upon us, and with it comes the season of gift giving. With so many on your Christmas list, it’s easy to spend more than you have budgeted. If you are short of cash, holiday loans are a good option to avoid encountering financial troubles or regret come January, but they can also help your save this Christmas. Don’t let the holiday season become an emotional tug of war between your purse or wallet and the lure of online and local retailers. It’s important to have a spending strategy in place to ensure every stocking is stuffed and you make it through the holiday season in financial peace.
Why Holiday Loans?
One smart way to cover the holidays is to consider a holiday loan. Holiday loans, also called personal loans, are unsecured loans. It allows you to borrow money without putting up any collateral. How can you possibly save money by borrowing? This time of year you can easily exceed your bank balance and begin to run your credit card debt up. Credit card interest rates are costly come January and even more so in the ensuing months. Compared to credit card interest rates and fees, you can save hundreds of dollars with a low-interest loan. That loan will provide you with a financial buffer, too, and relieve a good deal of seasonal stress.
Once your loan has been approved and a payment plan is in place, be vigilant in your spending. Planning a budget can guide you through the rest of the month. Make yourself a holiday budget and stick to it. Budgets are the best way to avoid overspending. You can then decide how much you ‘can’ spend rather than how much you ‘want’ to spend. Have a list of the people you wish to buy gifts for and how much you can spend on them. Keep in mind that the price of a gift is not an entry fee for a competition, but a heartfelt sentiment.
Save on Stocking Stuffers
This best way to shop for stocking stuffers? Once you have your Christmas budget in place, look for the best deals and take advantage of store offers and coupons. Do not pay full price. Retail stores want your business. There are deals to compete with online retailers. Many stores offer one-day sales or two-for-one deals. Those two-for-one deals like socks, t-shirts, and underwear are excellent stocking stuffers, and every other one you buy is free! Spend a little time online and research where you can find the best deals. You can also sign on to company email lists, to know when the sales are happening and make purchases at the right time. Many companies offer free gifts as incentives that can also be used as stocking stuffers. If you order presents online, do it in advance. That way you will not pay more on things like rush shipping.
How to Save on Christmas Spending
Think about cutting back on expenses where you can. One of the best ways to accomplish this goal is to track your spending. Carry a small notebook to write down what you are spending your money on and the amount. Keep a running tally. Once you see what you’re actually spending money on rather than what you think you’re spending money on will help in cutting back on expenses. Start tallying up the costs of takeout meals at the mall, drive-thru coffee stops, Friday and Saturday night pizza, more Christmas tree decorations, and so on. Once you actually see such wasteful spending habits, you are more apt to keep your spending in check.
Finally, be thoughtful. You don’t have to spend an arm and a leg or much on anything for a gift to have special meaning. Spending quality time with an elderly relative, make cakes and cookies for your friends, volunteer some time or donate to a food pantry or soup kitchen, help friends prepare for the big party or offer to walk your neighbor’s dog. These are just a few ideas to consider and ways that you can save this holiday season.
Have more questions about holiday loans? Contact us at Tio Rico today for more information!