short term personal loan

Some of us might start experiencing financial strain with the gradual approach of the holiday season. Holidays are typically characterized by fun, frivolity, and mindless splurging. Although it is okay to spend a little more during the festive season, be careful to not overdo the same. Some individuals get carried away and end up booking last-minute, luxury vacations after applying for a short term personal loan. Applying for short term loans online without having a suitable budget or repayment plan in place can lead you straight into a debt trap. However, if you follow a few simple rules, you can easily budget your holiday expenditures, while also having a good time. Here are 7 tips that will keep your financial holiday woes at bay!

1. Set Expectations
It is important to be realistic in terms of your finances and how much you can afford in order to fulfil your desires and accomplish your goals. If you set pragmatic expectations, you will be able to spend judiciously in ways that can facilitate ample returns.

2. Set Budgetary Constraints
While no one wishes to hear the word, “budget” when it comes to holiday shopping, it is crucial to chart one out, at least for that particular month. While planning to buy gifts for your friends and loved ones, you can set a budgetary limit for every gift item in advance. This will give you the time and opportunity to covet quality gifts through sales and bargaining. Similarly, if you wish to embark upon a trip to Kasol, plan way in advance to avail cheaper travel tickets and hotel prices, as they tend to inflate before and during the holiday season.

3. Get Organised
Establish your list of recipients and the amount of money you require for each expenditure category, such as house rent, food and travel expenses and miscellaneous needs. Maintain a log of all expenditures – planned and sudden – and calculate how much you can save for the festive season well in advance. Also, be sure to pay your credit card bills on time.

4. Resist the Urge to Splurge
We know how difficult it is to resist the temptation of buying a new laptop or booking a luxury hotel suite for a day or two, as the holidays approach. However, the ultimate gift you can give yourself this holiday season is to spend within a reasonable limit. If you are flippant in terms of money and decide to go all out, it will not only burn a hole in your pocket but also end up giving you bad credit.

5. Get Creative
Get creative with your gifts – gifts do not have to be expensive to bring a smile to the faces of your loved ones. A moderately-priced bottle of red wine, a hand-written diary of heartfelt poetry, or a double batch of delicious, homemade chocolate cookies make lovely holiday presents! Moreover, handmade or personalized gifts always hold more value, as they are imbued with warmth and love.

6. Create an Emergency Fund
An emergency cash fund is a certain amount of money you set aside for unexpected expenses. Start with a small amount, which you can gradually expand with time, and use for sudden holiday expenses or contingency situations. You can do so by opening a savings account and setting up a monthly automatic transfer until you meet your fund goal. In case you receive a bonus or tax refund, save that money in your account.

7. Host Secret Santas
Hosting a Secret Santa is a great way to save money for a large gathering of friends or family. Here, you are expected to buy a single gift for a particular individual, and you can do so within a predetermined budget. This way, you do not have to buy gifts for everyone, and no one will feel snubbed. At the Secret Santa party, recipients can open their respective gifts, and try and guess who it is from, hence adding to the fun.

Remember that holidays are special due to the valuable memories we make, and these memories do not have to be dependent upon a hefty financial amount. In conclusion, set expectations, save money, and be merry!