Review Your Budget To Incorporate Your Holiday Expenses

The merriment season is wonderful but it also comes with holiday expenses that can be overwhelming and stressful. That makes it important to plan as much as possible to incorporate those holiday expenses into your budget. 

Let's take a look at the guide below to find out how to deal with holiday expenses and unexpected expenses when you are on a budget.

A Breakdown Of Holiday Expenses

Statistics show that 130 million U.S. residents will travel during this time and will spend an average of $1,947 for a typical family of four. Other states show that Americans spend around $231 on holiday food and decorations and most are expecting to spend around $750 on gifts. They usually spend another $118 on other items for friends and family. 

Polling suggests that most people cut back on other items to pay for holiday expenses and many dip into their savings accounts. The other popular options are to use a credit card, pay with cash on hand, or use a "buy now, pay later" program. 

Outline Your Priorities

Holiday expenses can get out of control unless you outline your priorities. Decide what would make for the best memories and concentrate on funding those things rather than trying to cover everything. 

You can prepare your holiday budget once you outline your priorities. Under each category, put how much you spent last year and add 5 percent for inflation. Decide what can be cut and what needs to stay. 

Add up the total after you make your cuts. Divide it by four to six weeks and that's the amount you need to take out of your check. 

Ways To Fund Your Holidays

This year saw many people buying holiday gifts during the latter part of summer to spread out costs. Layaway programs can help get gifts so you can get what everyone wants before it sells out. Pay on it weekly, as long as you can pay it off before Christmas.

Some banks have Christmas savings where you stash money in weekly specifically for the holidays. 

Other Alternatives

Private lenders like Utah Title Loans, Inc. have options that many people, including those with bad credit, can use for unexpected holiday expenses. This lender offers title loans, payday loans, and signature installment loans.

Each type of loan has its features and qualifying factors so it pays to look at those differences to find the one that suits you. 

Title Loans

Title loans come in a range of $300 to $15,000. For this loan, you will need a driver's license or state-issued identification, your vehicle with you, and a clean title to your vehicle. You can meet the loan officer at a location of your choice to complete the paperwork for this loan. You keep your vehicle while the lender holds your title until it's paid off. 

Payday Loans

Payday loans range from $100 to $500 and are repaid with your next paycheck. Items required for that loan are a driver's license or state identification, your most recent pay stub, and a blank check from an active checking account with you as the primary account holder. 

Signature Installment Loans

A signature installment loan can be up to $1,500. The primary difference between it and a payday loan is this loan is broken out in equal monthly installments until it's repaid. That's why you can borrow more on it. Those seeking this loan will need a driver's license or state ID, your most recent pay stub, and a checking account statement from an open account in your name. 

Which One Is Best For You?

One way to get more information about any of these options is to fill out the online inquiry form. A loan representative from the nearest store will call you to discuss your options. They will help schedule an appointment with a loan officer either at the store or at a location that suits you, depending on the loan. 

A loan representative will verify all your documents for the loan you are seeking. They will inspect your vehicle to get your loan amount if you are seeking a title loan. You can keep your vehicle while they hold your title to secure the loan. 

The paperwork for each of these options is simple and the loan representative will guide you through it. You will get a decision while you wait and sometimes the entire process can be done in as little as a half-hour. 

Money can be accessed either the same day or the following business day for those who are approved. 

Submit The Online Form

The online form is an easy way to get started finding out which options may be best for your unexpected holiday expenses. Utah Title Loans, Inc. representatives can help answer all your questions so you can make a final decision on what's best for you and your situation. 

Paying for an unexpected expense during the holidays isn't fun but it can be easy. This private lender is there to help you through all your surprise holiday expenses. Fill out the online inquiry form today!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.