We often forget paying attention to our wallets amidst the festivities. As we approach towards changing our calendar to begin a new year – we must save our finances during the crucial month of December. Why? Because it’s Christmas and we spend a lot of money on gifts and presents. According to the figures revealed by the Bank of England, a typical household in the United Kingdom spends over £2,500 during Christmas. Nobody wants to end up broke in January – when the New Year kicks in. It is, therefore, necessary to manage your finances and plan ahead.
5 Ways to Avoid Overspending During Christmas
#1 Set up a Budget
Set a ballpark figure to have an outline of what you intend to spend this season. Take out a pen and a notebook and write down everything. Make a list of all the things that you feel you need to get for the celebrations. Once you’re done with the list – cross off the things that you can do without. We sometimes end up buying things, which we hardly use. To fit in the budget that you have set, try to spend money on things, which are not useless.
#2 Shop Early
The more early you shop – the more money you save. Explore various websites online and check the discounts to save money while shopping. You may also visit the local stores to check the sale. By shopping early for Christmas gifts and presents, you will have the window to exchange or return something that you do not like when you checked the items that you bought while shopping.
#3 Track your Spending
To avoid overspending this season, you must track your spending everyday. Note down all your expenses in a separate notebook to know how much money you have spent and how much your budget allows you to spend. In this way, it will be easier for you to shape up your finances during any festivity.
#4 Do It Yourself
There is a lot of fun when you create the accessories for the décor. Rather than spending money on buying such stuff – focus on DIYs. You will find a lot of blogs floating on the internet that may help you. Moreover, you can always find things that you no longer use or require that can be put to some good use.
#5 Use Cash
Use cash for all your expenses rather than choosing to pay with credit or debit cards. It is a lot easier to track your cash expenditures. You will have an idea of how much cash was there in your wallet before shopping and how much is left after shopping.
What If You Do Not Have Enough Savings for Christmas?
With Christmas around the corner – you need to have some savings so that you can spend it on the necessities. If you do not have much amount to spare for the festivities, you may go ahead and take out a Loan for Christmas. These are personal loans that you can opt for without putting any of your valuables as security. You may choose the amount according to your repayment capability. The cost of repayment can be spread over 1 year to 7 years and you may borrow up to £35,000 with us. We’re registered by the Financial Conduct Authority and so as all the lenders that we are associated with. Our lenders conduct a soft credit check to offer you initial quotes. Soft quotes do not leave any footprint on your record and hence, doesn’t harm your credit score. However, a hard credit check is essential and a lender has to run a hard check before the final approval of your loan application.
How To Apply For A Christmas Loan?
Only borrow a loan if you feel that you can afford to repay the loan on time and in full. Make your decision after careful research and budgeting to stay on top of your finances. Decide the amount that you need to borrow and for long you need it. Apply for a personal loan with a simple application form. Our lenders will run necessary verifications and the decision will be displayed on your screen within a few minutes. If your application is approved, the lender may send you the money within a few hours. However, the actual time also depends on your bank.
Christmas is that time of the year when we are surrounded by our loved ones, to share our joy and laughter. It isn’t always necessary to spend money extravagantly to please our friends and family. You can always come up with ideas that will help you create timeless memories that you can preserve and cherish forever. However, if you have enough money to support your Christmas ideas – then be careful not to wreck your budget. The idea of entering a new year being broke is what most of us loathe. If you choose to borrow a Christmas Loan you must be able to repay it on time and in full or else it will impact your credit score.