The festive season is slowly closing in upon us. This means that it’s time to start buying gifts, decorating the home and purchasing the mammoth amount of food and booze that will be required to get us through Christmas and the New Year. But, if you’re already short of money, then the festive period can be a bit of a nightmare. In this post, we look at financial options to help get you through the Christmas period.
Plan and Budget Expenditure Carefully
Before you start your festive spending, it’s vital that you fully understand your financial situation. In order to do this, you’ll have to plan and budget your expenditure carefully. You should look at exactly what you’re spending each month and how much you have left in your savings.
Once you’ve calculated this, you can see exactly how much you have left over to spend in the festive period. This can then be divided into presents, food and drink.
Is Overtime an Option?
If your finances don’t add up, or if you simply think you’ll be too short, it’s well worth considering asking work whether you’d be able to work overtime to boost your financial position.
Depending on the sector you work in, a number of different businesses offer overtime during the festive season in order to cope with the extra demand that Christmas brings. If there’s some overtime available, it could help you fund those extra bills or allow you to buy that extra present.
Consider a Scaled Back Option
If you can’t get overtime and the bills are starting to stack up, then it may well be worth opting for a scaled down festive season this year. This is an option advised by Martin Lewis. Presents that come from the heart matter just as much as those that are purchased. As a result, try to encourage making gifts or spending a smaller amount. Sometimes these are the best presents as they come from the heart.
Think About a Loan
If you’re unable to get overtime or cannot use scaling back as an option, then you may be able to get a guarantor loan to cover your expenses. This way, you’ll still be able to fully enjoy the festive period. You’ll just have to be aware of the repayments.
To conclude, the festive season may be expensive but, even with limited funds, there are financial options to help you. Consider all of them carefully, it’s more than likely that there’s one that’s perfect for you.