With Christmas around the corner, nerves are high! Gift giving has sent many people rushing to financial institutions for a cash advance. In view of the urgency of the situation, the avenues may not suffice due to the lengthy process of loan approval. Since many need quick cash for Christmas expenses, they will opt for faster means of obtaining cash advance, which is through payday loans.
Christmas spending surveys have shown the scope at which people get payday loans since they could not afford to keep up with the festivities’ expenses using their own savings.
What is more concerning is that the majority of people are not content with the fact that they always start the following year in debt. The participants also expressed doubt in their ability to afford this coming Christmas holiday. Most people get into payday loans just because of the pressure to buy regardless of their present financial status. This is a time to have a good time with their loved ones yet they get themselves into deep financial woes, making the occasion very stressful. Here are some useful tips to take control of your finances and ease the tension:
- Compare costs. Always look out for special offers and shop at stores where there are discounted prices. Online stores do not always have the best deals.
- Start saving early. Planning ahead will help you have emergency funds for gift giving and other holiday expenses.
- Store food items. If one starts shopping for treats now and freezing them, they will have less last minute shopping before the big day.
- Include hand-made gifts. Being creative goes a long way in touching the hearts of loved ones with less spending. Home-baked cakes and crafted gifts are truly a delight.
- Avoid using credit cards. With high interest rates, avoid the extra expense and pay with cash if your finances permit.
- Look for other cash alternatives available before settling for a payday loan.