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Each and every year it gets to the end of November and money starts to look tighter than Santa’s belt. Chances are that you knew you should have saved up to buy Christmas presents, but you didn’t. You’re unfortunately just going to try to cut back and make it fit.
While you may be able to save a few dollars using this strategy, you probably won’t be able meet your full Christmas budget. According to the American Research Group, survey of 1,100 adults nationwide, the average response was a planned spending amount of $854.
Bracing for an Emergency:
One of the hardest things about trying to stretch your dollar over the Christmas season is the disheartening possibility of a genuine financial emergency coming along. It can really ruin your Christmas when you’ve spent the last of your money on the family and then the worst happens. Your car breaks down, your washing machine explodes, the cat breaks its leg, etc. There are so many crises that can occur, and if you don’t have some cash put aside for them then it can really break your festive spirit.
That’s why it’s important for your family to have an emergency fund. That way there would be another be money set aside for these types of emergencies rather than using your Christmas budget to cover the unforeseen costs.
Setting Up a Christmas Budget:
Everyone has the ability to save money for Christmas. For just a few dollars a week and a little bit of discipline, you could save your way towards a reasonable Christmas budget.
For example, let’s assume you’re one of the people who will spend the average $854 this year for Christmas. In order to reach this goal, you’d simply have to set aside $16.42 per week. Lots of local banks and credit unions have holiday clubs setup for helping individuals with their Christmas budget.
However, all things considered, coming up with less than $20 per week may be stretch. Maybe they are loaded with debt or lots of expenses. Or perhaps they struggle with the discipline to set aside their money regularly.
If you do find yourself in a predicament without the funds to pay for it, there are short term solutions available to get you through to the New Year and your next pay check. Short term loan providers like www.wonga.co.za can be a genuine help when you need money quickly.
Short term loans are for emergency use only – do NOT think you can take one out a few days before Christmas to pay for your presents, as this really isn’t the right way to deal with something that you’re going to have to pay back. The best thing to do is not to blow your Christmas budget in the first place. It might be a time for merriment, but you won’t feel too jolly if you let yourself get in debt if you don’t need to.
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