Revising Your Budget To Prevent Holiday Debt
Did you know that one in three Americans goes into holiday debt? Many rely on credit cards, buy-now-pay-later programs, or personal loans to cover holiday expenses. But starting the new year with debt isn’t ideal.
The good news? You can budget to prevent holiday debt by making a few adjustments. Below, we’ll explore four practical ways to stay debt-free this holiday season and discuss how title loans can help in unexpected financial emergencies.
4 Ways To Prevent Holiday Debt
1. Commit to a Cash-Only Holiday Budget
One sure way to avoid holiday debt is to go with a cash-only plan. That means no credit cards and no debit cards. It's easy to overspend when you use plastic. A good method is to take the cash out you plan to spend on each category and put it in separate labeled envelopes like "gifts" or "party food." Once the money is gone, you are done with spending for that category.
2. Adjust Expectations & Spend Within Your Means
Everyone wants to create the perfect holiday and will spend a lot of money to try to achieve that. However, money doesn't make the perfect holiday. You may need to lower your gifting amounts and reduce some of your entertainment or food expenses to stay within your budget.
3. Use a Free Holiday Budgeting App
A ton of free holiday budgeting apps are available and you can download any of them to help you revise your budget. The great thing about these apps is that some come with a list of possible holiday expenses you may not have thought. Some also offer creative alternatives to spending within your budget.
4. Track & Write Down Your Expenses
A key component to revising your budget is to catalog all your holiday expenses so you don't come up short. This may seem a bit cumbersome but it alerts you to a budget shortfall before it becomes a problem.
Some people will then use their holiday money to pay for an unexpected expense and use credit cards or other pay-later programs for Christmas expenses. That's confusing and makes the problem worse.
Those who have no credit cards and don't qualify for pay-later programs will find their Christmas ruined for them and their families, but it doesn't have to be that way. There are ways to fund unexpected expenses.
What If Unexpected Holiday Expenses Arise?
Even with a well-planned holiday budget, unexpected costs can arise. Whether it's:
- Car repairs while traveling
- Home repairs due to holiday guests
- Last-minute gift expenses
These unplanned expenses can derail your budget.
While a traditional bank loan might be difficult to secure during the holidays, alternative financing, such as title loans, can be a fast and reliable solution.
How Title Loans Can Help During the Holidays
A title loan allows you to borrow money using your vehicle as collateral. This type of loan is ideal for covering unexpected expenses while keeping you on track with your holiday budget.
Title Loan Benefits:
- Quick approval – Get cash in as little as 30 minutes
- Loan amounts up to $15,000 (based on vehicle value)
- Bad credit? No problem! Many lenders accept low or no credit
To qualify for a title loan, you’ll need:
- A lien-free vehicle title
- A valid driver’s license or state ID
- The vehicle available for inspection
Need help? We connect borrowers with trusted lenders across the country.
Find a Title Loan Near You & Get Started Today
Traditional Funding
Getting a traditional personal loan during the holidays from a bank or credit union is nearly impossible, especially in this economy. Regulations are stricter with most financial institutions requiring a decent credit score to be considered.
Alternative Financing
On the other hand, alternative financing has options but finding a reputable lender on short notice during the holidays may be stressful. That's when Title and Payday Loans become a handy resource. We have private lenders serving people across the country and we can connect you with one in your area.
All of the lenders in our network are licensed in your state and have an outstanding reputation. And the title and payday loans that are offered are highly competitive. Title loans have a maximum limit of up to $15,000 and payday loans in some cases up to $1,200 in maximum borrowing amounts.
The private lenders on TitleAndPaydayLoans.com offer a simple loan process and fast decisions where you can get your money either the same day or the following business day. Those with bad credit or no credit are also welcome to seek these alternatives.
Both types of loans will require a driver's license or another form of state identification. Some lenders require proof of income or a checking account for certain loans. If you are seeking a title loan, you will need a clean vehicle title and the vehicle available for an inspection to qualify.
Applying for a Title Loan is Simple
The easiest way to get started is to fill out the online inquiry form. A lender from your area will then call you to discuss your needs and guide you on to the next step. That step usually requires a trip to your local store to provide the requirements, complete the paperwork, and undergo a quick vehicle inspection, if you are seeking a title loan. The in-store process is quick and can take as little as 30 minutes.
Apply for a Title Loan & Prevent Holiday Debt
Stay Debt-Free This Holiday Season
Fill out the form to see what a lender near you can offer. Title and Payday Loans has many vendors who can serve your alternative lending needs. That way you can keep to your Christmas budget and avoid creating holiday debt. Yet, you can still have a nice holiday without the stress of struggling to pay for something unexpected. Submit the form now!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
