En Route To Financial Freedom: 3 Tips On How To Spend Payday Loans Wisely During The Christmas Season
Money is tight for most Americans. In fact, the poorest group of Americans spend approximately 98% of their income, leaving them with only about $367 to spend for the year. The lack of funds can be a huge burden for many Americans, especially during the holiday seasons. This is especially troubling since the average American plans to spend an average of $830 on Christmas gifts this year. For those who are tight on money, getting a payday loan may not be a bad idea; however, it's easy to spend it all without a second thought. Here are 3 tips on how to manage and spend payday loans this Christmas season.
Create a Budget That Includes All Bills That Need to Be Paid
Before shelling out hundreds of dollars on Christmas presents for your family and friends, sit down and create a budget without touching any of the money that you've received from the loan. You want to make sure you include all of the bills that need to be paid during this holiday season. This includes rent, electricity and gas, hydro, the minimum on credit cards and other expenses that are deemed necessary. This basically means that you have to pay these bills; otherwise, you'll face late charge and other penalties, which will just eat into your spending money.
Set aside money from the payday loan to cover these bills. If necessary, transfer the money into a savings account or put it in an envelope in your safe to make sure that you don't spend a single dime.
Make Most of the Presents You'll Be Gifting
You'd be surprised at just how many people love handmade gifts more than store bought ones. Even if you're not the craftiest gal around, you can still probably manage to make something sentimental and sweet if you put some thought into it, and the the best part is that you won't have to spend a fortune. Make sure to capitalize on your skills. For example, if you know someone who absolutely loves cats, you can always bake them cat-shaped cookies.
If you're out of ideas, look online for inspiration. There are many websites that will give you step-by-step instructions on how to make personalized presents for your family and friends that not only look amazing, but are also easy and inexpensive to make.
Look Around for Deals and Coupons
If you absolutely must get something from the store, take advantage of the many deals and bargains that are offered during the holiday season. Make sure you go through every flyer that comes your way, and don't hesitate to look online for virtual coupons as well. You'd be surprised at how many deals are out there — especially if you're willing to compromise on small things, like the brand or the color.
Some payday loan companies have partnered up with other businesses that will offer you an even better deal if you take out a payday loan. For example, the businesses that they partnered up with may give you more incentives for shopping with them — like a larger discount or free items. Surprisingly, year after year, not a lot of people take advantage of these deals.
If you are taking out a payday loan this holiday season, make sure you don't overspend. Track your expenses and find cheaper alternatives that are available in order to stretch out the loan and make it last as long as possible, so that you won't be low on funds until the end of the month. You'll be happy and proud that you did when New Year comes around since you'll be off to a better financial start.
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