Manage Your Financial Goals To Prepare For The Holidays
At Nevada Title and Payday Loans, Inc., we believe in the importance of managing your finances all year round. However, watching your expenses closely is especially important as the holidays approach. Preparing for the holiday season involves spending on decorations, Christmas presents, flight tickets, and other seasonal purchases. You’d be surprised at how quickly holiday spending can get out of control.
To avoid draining your savings or getting into debt, it’s essential to make sure that your spending stays on track throughout the season. This is where the beauty of having a sound holiday financial plan comes in. Let’s discuss the best ways to manage your hard-earned money in preparation for the holidays!
5 Ways To Prepare Your Finances For The Holiday Season
Whatever activities you have planned for Christmas, one thing is for sure - it involves money.
‘Tis the season to be spending, after all!
According to CNBC, Americans reached a whopping $889 billion of overall holiday spending in 2021. In addition, a study conducted by Deloitte states that Americans are expected to spend an average of $1,455 each this Christmas season, with some consumers spending nearly three times as much.
Follow these financial planning tips for the Christmas season:
Save As Early As Possible
When it comes to holiday festivities, it’s not about how much you spend, it’s about how much you can afford to spend. To ensure that you have sufficient funds come the festive season, you can set aside some money monthly, bi-monthly, or even weekly leading up to Christmas. A few dollars from each paycheck can go a long way. Make sure that the cash goes directly into a separate savings account so that it remains untouched.
Buy Presents Early
Speaking of early, it’s best that you also make Christmas gift purchases at the earliest time possible. Gifts account for a big portion of holiday expenses and buying them well before the season can greatly reduce your spending during the Christmas season.
Make a list of the people you intend to gift then purchase their presents throughout the year. Don’t forget to look out for both store and online sales so that you get good bargains. By the time Christmas comes, you will have completed your list and don’t have to buy any presents!
Write It Down
An important part of managing your financial goals is to write down everything you plan to do for Christmas. Will you be traveling? Will you be hosting a party? Will you be donating to the local shelter?
Creating a checklist of things you’d like to do or items you plan to buy and their associated financials will help simplify your accounting and will allow you to manage your finances better.
Make Travel Plans In Advance
Over 115 million Americans travel during the holiday season. The closer to Christmas you book your flights or accommodations, the more expensive they will be. Airlines, hotels, train stations, car rentals, and the rest of the travel industry tend to charge higher rates during the holiday season, so to save money, take care of your travel plans at the earliest convenient time.
Watch Your Credit Card Transactions
According to a survey by Money Geek, about 65% of holiday spending was paid for using credit cards in 2021. Almost 3 months after the festivities, 40% of Americans still hadn’t paid off their holiday debt from the previous year.
Credit cards can be useful to use for holiday expenses but it’s easy to get carried away. Be sure to watch your spending so you don’t max it out and go into debt!
A Small Loan Can Help
If you weren’t able to prepare your finances for the upcoming holiday season, no worries - you can implement our tips starting next year. A good option would be to start a title, signature installment, or payday loan with us if you need fast cash to spend over the holidays.
Here’s a step-by-step guide for starting a loan with us at Nevada Title and Payday Loans, Inc.:
- Fill out our online request form. One of our representatives will call you to assist you with the rest of the process. You may also call one of our stores directly.
- During the call, our representative will confirm the details you provided and remind you of the necessary requirements.
- If you’re choosing a title loan, just drive up to one of our fifteen locations and bring the requirements. Our representative will perform a quick inspection of your vehicle to determine the amount you qualify for. If you’re going for a signature installment or payday loan, our representative will look at your required items to establish the amount of cash you qualify for. You can get up to $500 for a payday loan and $1500 for a signature installment loan in as little as half an hour.
Submit Your Inquiry Now
Managing your financial goals to prepare for the holidays is important so that you can fully enjoy the festive season. But if something suddenly comes up and you need some quick cash to cover some holiday expenses, consider getting a loan with us today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.