Start Budgeting Now To Be Financially Prepared For The Holidays

If you want to enjoy the holidays, it’s best to prepare a budget that includes a secure backup plan for emergencies. There are plenty of things to spend money on during the holidays, and it’s a time when we may risk our current budget by overspending. The good news we have for you is that there are plenty of ways for you to prepare for the holidays. In fact, if you want to take all of the stress and anxiety out of your holiday budgeting process, start by following these tips right now.

How Do I Budget To Prepare For The Holidays?

1. Categorize Your Expenses

First, to modify your budget for the holidays, start by categorizing all of your holiday expenses. One of the benefits of budgeting for the holidays is that almost everything you’ll spend money on can be put into categories. Include all the expense categories that might be relevant to you and your family. Once you’ve defined them, you can calculate estimates for each. You should base those expenses on past experiences, like last year’s holiday. Some typical categories can include the following:

• Food and drinks.
• Gifts.
• Decorations.
• Entertainment.
• Transportation.

2. Understand Your Finances

Next, take an honest look at your personal finances. This step can be challenging because it’ll require you to be honest about what you can and can’t afford for the holidays. So, note how much you make, how much you have saved, and all the financial commitments you have to pay for. Doing that will give you a clear understanding of how much you can spend on the holidays. Make sure you are realistic and thorough so you can get a full picture of what you can spend.

3. Set A Hard Limit

Now that you know what you’ll want to spend money on for the holidays and how much you can afford, it’s time to set hard limits for yourself. One of the biggest challenges with holiday spending is that most people spend far beyond what they can actually afford. Some even go so far as to fall into unnecessary debt just to fund their holiday celebrations.

While you want to give your family and friends a good holiday experience, you shouldn’t throw your finances off the right path just for a holiday. You can prevent that from happening to you by setting limits on how much you’ll spend on things like food and gifts. Hard limits also push you to find the best holiday deals instead of only choosing the most convenient options.

4. Create A Gift List

Gifting is one budgeting category where people often overspend. So, it’s wise to spend more time and effort planning for it by creating a gift list. Simply list all the people you want to buy gifts for, along with the items you wish to purchase for them and their estimated prices. That list will be handy when you shop for the best deals. You can compare prices online and in stores for each item before you buy. Remember, the sooner you start, the more time you have to find great deals!

5. Plan For Financial Emergencies

Financial emergencies can disrupt anyone’s holiday budget, no matter how thorough their plans are. So, the final step to be financially prepared for the holidays is to have backup plans. For example, you’ll want a way to access money quickly on short notice. That money could be used to pay for emergency repairs or to prevent anything that might derail your holiday plans. And when you need this quick money, you can come to Cash Cow to get car title loans or to get payday loans quickly.

Though each of our loans works differently and can help with different situations, they can both help you access urgent cash in as little time as possible. These two loans have different requirements, but they share the ability to give you access to urgent money that could help keep your holiday plans on track. To get a better understanding of each loan and how they can help you out, here’s how payday and title loans work:

• Payday loans: This unsecured loan requires no collateral and can help you quickly access $100 to $300. Think of this payday loan as a bridge between paychecks when you need money to help you with an emergency. This means you’ll need to repay us by the time your next paycheck comes in. You’ll need to provide your driver’s license, most recent pay stub, and a blank check from an active checking account in your name to find out if you can qualify.
• Title loans: This secured loan requires your lien-free car title as collateral. This means you must be finished paying off your car and your title must be free of outstanding liens. The title must also be in your name. You can use this loan to access between $300 to $1,400 quickly by bringing your car in for a quick inspection as part of the process. You’ll also need your driver’s license or another state-issued ID and the lien-free title.

Start Budgeting Now!

There is no better time to plan your holidays with a well-thought-out budget than now. And if you need help, these steps are here for you. Follow the steps above closely, and remember that you can turn to Cash Cow whenever you need help to keep things on track. We are here in stores all throughout the state of Louisiana to help you out. So don’t let an emergency situation completely ruin your holiday plans. Fill out the online form for either a title loan or a payday loan to help you out right now!

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.