The holidays are right around the corner and you are likely both excited about the festivities but also anxious about all the money you will need to spend. You are not alone! The holidays can be a financially stressful time but there are a few ways that you can manage that stress and make the holidays simply amazing. Take a look at these tips for handling holiday financial stress and make this the best holiday season yet!
1. Plan Your Spending
Before the holidays even start, it is a good idea to make a list of everything you will need to purchase. Write down all the people you will need to buy gifts for and also give each person a gift budget. For example, plan to spend $100 of your sister but only $20 on your neighbor. Add up how much you will need to spend on gifts and now you have a realistic number to use for planning purposes. You should also consider any parties you will attend, any holiday outfits you need to purchase, what food you plan on making and even a decorating budget. Write it all down so you have a good grasp of what your spending will be.
2. Consider a Loan
After you have figured out your holiday budget, you may want to consider taking out a loan to fund your holiday spending. You can get quick loans that have shortened applications and turn around, getting you cash in your bank account almost immediately. When you use a loan to pay for all your holiday needs, you can pay it back in consistent, reliable and manageable monthly payments afterward. That means your holiday season can be fantastic and as extravagant as you’d like and you will still be able to manage the payments afterward. Now doesn’t that sound less stressful! It seems like a perfect option for the holiday season.
3. Cut Back!
Once you have made your budget, think about any expenses where you can cut back your spending. Maybe you do not need to buy that fancy holiday dress but can just reuse the one from a few years ago. Think about people in your life who do not really need a gift but would appreciate a simple card instead. The holidays shouldn’t be all about spending money but spending time with those you love. Replace gifts with visits and you will likely save a lot, making the holidays much less stressful.
4. Skip The High-Interest Credit Cards
While it may be tempting to charge lots of things to your credit card this holiday season, you may regret it afterward as you get high, mounting bills in the months afterward. In addition, you should also avoid opening credit cards at your favorite storefronts. While they may give you an immediate deal on your purchase, almost every store-backed credit card will have a higher than average rate, making your purchase actually cost more! Skip the credit cards altogether and reduce your stress after the holidays.