The holidays can be stressful because there are so many extra expenses that you don’t usually have. There are gifts to buy, parties to go to, and large meals to prepare. You can save up some money throughout the year to help you through the holidays, but your whole plan is ruined if you are hit with a significant unexpected expense. Often it is at the worst times that your car breaks down or your refrigerator needs to be replaced. When those unexpected expenses come up, you have to address them, which means taking money away from your holiday celebrations.
Here are a couple of ways to handle significant expenses during the holidays.
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1. Get a private loan.
While taking on debt may not be the ideal solution, it may be your only solution. Companies like Northwest Private Lending offer private cash loans that will allow you to pay for the things you need to pay for at the moment and pay the money back over time. Working with a private lender usually offers more opportunities than working with a traditional lender.
It is often difficult for people to get approved for a conventional, bridge, or flip loan through a traditional lender due to their strict requirements. However, job history and credit scores are not always indicators of a good borrower. Many people pay all of their bills on time but can’t get the credit needed to build their credit because traditional lenders won’t give them the opportunity.
2. Cut back on holiday expenses.
If there are significant, unavoidable expenses, you can also cut back on the holiday expenses. There are plenty of gifts you can give that won’t cost a great deal of money. For example, you could opt for giving unique Christmas ornaments to everyone this year. You can have personalized Christmas ornaments made through a company like Shutterfly for each of your friends and family members. It’s a low-cost option but is also personal and meaningful. You can make it an annual tradition, so it is something they look forward to.
3. Sell things you no longer use.
Many people shop websites like eBay and Facebook Marketplace for gifts and personal items through the holiday season. You can capitalize on that by selling the things you no longer need or use. Selling online is as simple as taking clear photos and writing an accurate description. You can post the items with a shipping option, so you don’t even need to meet with people to make the exchange. You can use the money you get from selling what you no longer need to pay for the things you do need.
4. Get a side gig.
If you are already working, you likely don’t have time for a second job. However, there are plenty of opportunities for what is called gig work. This is work that you plan around your schedule. You can sign up with a company to deliver groceries or restaurant food. It works through an app, and you only sign on and accept work when you can work. You can babysit, walk dogs, mow lawns … there is no limit to the side work you can take on for extra cash.
The holidays can be a stressful time financially due to the increased expenses. However, there are ways to increase your income temporarily or decrease your expenses as needed. While the solution may not be what you want to do, it can get you through a difficult time without ruining your holiday season. The important thing to remember is that the holidays are about spending time with family and friends and should never come down to how much money you can spend on other people.