The holiday season is fast approaching, and having your finances in order will help you avoid financial stress. Keeping tabs on your spending, credit card usage and savings accounts is essential if you want to avoid the trap of going into debt.
The holidays are one of the most stressful times for any individual. The frantic pace, heightened demands from family and friends, excessive alcohol intake and the general exuberance of the season combine to make this a particularly challenging time for some people financially as well.
It’s also one of the most lucrative times for anyone who has personal debt or who deals with businesses that cater to a credit-happy public, such as retailers, restaurants and hotels.
However, there are ways that you can navigate through this season without falling prey to unnecessary indebtedness.
Here are some tips:
Set A Goal And Budget
To avoid debt, the most important thing you can do is set a goal for your finances. For example, could you cut back on your wine consumption?
Could you find a way to save more money? Could you schedule a 10-minute block of time each day for financial planning? Setting a goal will help you make better informed financial decisions and will put you in a better position to avoid going into debt.
You also need to establish a budget. In order to avoid debt, you need to know how much money you have coming in, how much money you will be spending and your debt repayment schedule. Put together a budget that takes these factors into consideration.
Know What You Will Be Spending And Why
Another step to avoid debt is to take stock of your financial situation right now. What are your debts? What are your monthly expenses? You will want to know what you will be spending this holiday season and why.
This will help you avoid spending more than you should, which will then leave you with less money to cover your other obligations. It will also help you avoid falling into the trap of spending more on presents for family and friends.
Don’t Buy Things You don’t need
There is nothing wrong with bringing a few things into your home for your family and friends that they really do want. There are just a few things to keep in mind. First, consider the recipient’s financial situation.
Is he/she in debt? Is s/he’s struggling financially? If you bring something into the home that will quickly add to his/her debt load, you are doing more harm than good. Instead, look for items that have a lower cost and will be used more often, such as food items or bottled beverages.
Be Realistic About Your Financial Ties With Others
Before you head out to the stores and begin your holiday shopping frenzy, look at your financial situation and determine if you can afford it.
If you have an excessive amount of credit card debt or other financial obligations that need to be paid, then you will want to avoid going into debt.
Likewise, if you have a large amount of money that you saved up for the holidays that you want to spend, then you will want to avoid going into debt.
Constantly Track Your Spending Habits
The best way to avoid holiday debt is to constantly track your spending habits. As you head out to the stores, write down what you are buying. Alternatively, you can use a smartphone application like OPay to track your spending habits.
This will give you insight into what you are spending money on and will help you identify areas where you can make changes to cut back.
Get Help from Payday Loan
If you have a negative cash flow throughout the year, you might be better off taking a same day loans no credit check. Your local cash advance store should be able to help you out with this.
A payday loan is a short-term loan that is repaid within two weeks of the loan being taken out. You will be required to pay back the money, plus an additional fee, in one or two short payments.
Benefits of a Payday Loan
Payday loans online no credit check instant approval offer a quick and easy way to get cash that is not covered by any kind of insurance. With a payday loan, there are no checks and balances that protect the borrower from making a bad financial decision.
There is no time for due diligence or careful analysis of one’s financial situation.
How do I get a Payday Loan Near Me?
Find a payday loan store that is nearby or online lenders who provide quick cash loan. You can also use a site like Google Maps to find the closest store. When you find a store, look at the address and see if you are close enough to walk to it instead of hailing a ride.
Stay within two blocks of the store and see if you are still comfortable taking out the loan. Make sure that you are within your means when it comes to the amount of money you are borrowing.
The holidays are a time of year that many people enjoy. However, they also pose a significant financial challenge for some.
The key to avoiding holiday debt is to be financially flexible, avoid impulse purchases and ensure that you are not spending more than you have in the bank.