The holidays are so close that you can practically smell the nutmeg in the air. If it’s because you’re browsing with a glass of eggnog next to your laptop, we won’t judge. It’s hard not to pour yourself a tipple in anticipation of the big day. The festive spirit is contagious as you look forward to eating, drinking, and being merry.
Don’t be alarmed if your excitement is tinged with a bit of trepidation. Your apprehension doesn’t make you a scrooge. It makes you practical. Our waistlines and social calendars aren’t the only things affected by the season. After you tally up every hostess gift, Secret Santa exchange, grocery trip, travel expense, and eggnog top up, the holidays are expensive. It’s easy to get caught up by the Christmas spirit and spend more than you intend.
When holiday spending goes off the rails, your kids cheer. Your enthusiasm means Santa and his elves had an industrious season, and they’ll have plenty of things to unwrap under the tree. What it means for your budget, however, isn’t as jolly. Holiday overspending can put your finances into jeopardy.
If you’re anything like the average American, you’ll spend $929 on gifts alone. This figure, pulled from shopping trends in 2016, doesn’t account for the money you’ll spend on entertaining, decorations, or travelling to see loved ones. Add these expenses to your existing bills and your holiday spending can end up being an unmanageable addition to your budget.
For now, the scales may be balanced but just one emergency has the power to push you over the edge. You work less around the holidays, and all your spare cash is going towards the festivities. If something were to happen, it would take a Christmas miracle to find more money.
Lucky for you, you don’t need to know any angels named Clarence to solve your financial emergency. Direct lenders across the U.S. operate throughout the holidays to provide much-needed assistance in a crisis. Some, like the lenders at MoneyKey, are available online, so you won’t have to take time out of your hectic schedule to speak with them in person. You can apply for online installment loans whenever it suits your schedule and take advantage of the quickest way to borrow money online.
Installment loans are a reliable financial tool if you catch your overspending too late, and you have to enlist a plumber to help fix a frozen pipe this winter. It makes sure you’re able to pay for this essential repair. But in the best-case scenario, you would have limited your spending well before you put yourself in this position. You have a greater chance at avoiding overspending by using a budget because it’s a great way to monitor your holiday cash on top of your household spending, so you know exactly how close you are to overdoing it.
Where a budget’s true advantage lies in its ability to help you to set aside some extra cash for the holidays. If you start saving earlier enough in the year, you’ll be to cover the cost of the season and that plumber’s trip without worrying about applying for a loan.
The holidays are one of the rare times of year you actually get to see your family, so don’t waste it stressing over your finances. Try to stick with a budget and monitor your spending, but don’t worry if things get out of your hands. There’s a solution waiting for you online.