Help! I need more cash for this Christmas

Loans 2 Go help you to save money this Christmas…

Christmas is rapidly approaching and many of us are beginning to panic. 

Firstly because there just seems so much to do. Even if you were determined to get organised early this year, chances are it has not gone according to plan, right? Well, you still have some time on your side so why not check out our earlier article Is it too early for the C word to plan how you can organise yourself over the next month?

But the second reason that many of us are stressing is money. We just don’t have enough for Christmas.

If this is you, take a deep breath. It’s time to work out what to do. At this stage many of us just want to go into denial and pretend it will all go away. But it won’t, and the risk is that if you don’t face up to the situation then you could start 2020 up to your eyes in debt, which is not the best of starts to a brand new year.

So here are three ways that you might be able to save money and solve your cash crisis this Christmas.

Cut down your Christmas spending

It’s funny how our natural instinct when faced with a cash shortage situation is to get more money. But the alternative is to spend less money! In the article we referred to earlier, we recommend setting a budget for your Christmas spending. It is so easy to overspend but it can be avoided if we are strict. 

So rather than panicking because you think that you won’t have enough money, make a list of everything you have to buy and how much you think it will all cost. Then go through your list again and see which items you can either reduce spending on or cut out altogether. Some possible ways to do this are:

• If you are hosting Christmas ask family members to bring food items (perhaps instead of presents for the adults) so that you don’t have to provide everything yourself.
• If you have a lot of family presents to buy why not see if people would consider a Secret Santa instead? If everyone buys one good quality gift for an adult family member it will cost a lot less than trying to buy smaller gifts for everyone, and the gift will probably be appreciated a lot more.
• Look at alternative sources of gifts rather than automatically buying them brand new. For example try eBay, other online selling sites and charity shops. Or do something more personalised – for example have a go at making your own gifts, or offer your time to do something for the person instead of a physical gift.
• See if you can team together with family or friends either to bulk buy gifts or swap things between you. They may have something that they never use that would be the ideal gift for someone on your present list.
• Use newspaper instead of gift wrap for wrapping presents; it’s much cheaper and also environmentally friendly. With a little bit of ribbon it can look pretty stylish too!

Go all out to get more cash

Christmas is not far away but there are still things that you can do to get more money before the big day. 

• Is there any extra temporary work that you could take on? Many shops, bars, restaurants and entertainment / party companies are still looking for seasonal staff. Even if you only do this for a very short time it could be worth your while.
• Be creative about making your own employment opportunities. There may be extra demand over the festive season for babysitting, house-sitting, cleaning and a variety of DIY jobs – so look for local opportunities to offer your services if you have the relevant experience (and can provide references where needed).
• As you get your home ready for Christmas why not sell some of your unwanted goods. This not only creates much-needed space in your home but can also be a quick way of raising extra cash. Some of the items you no longer need or use may be just what someone else is looking for. So think about listing items on eBay or other online sites, or advertising them locally.
• Also have a good look around your home to see if there are any other unexpected sources of cash there. For example is there any foreign currency left over from a previous holiday that you have never got round to exchanging back? Or any unwanted goods waiting to be returned to shops? Do you have any unused gift vouchers which you could use either as gifts or to buy gifts for others? Also check store and supermarket loyalty cards to see if there are any credit balances that you could use.

Take out a loan

If you are not able to raise the cash you need in time for Christmas then another option would be to take out a small loan. But as we explained earlier, you need to be very careful not to overspend and take on more debt than you are able to manage. Otherwise you will start 2020 having to play catch up.

So if you do decide to take out a loan, it is still advisable to curtail your spending as much as you can and also to seek out ways of making extra money so that you can pay off that loan as soon as possible.

At Loans 2 Go we offer a range of short-term personal loans and would be happy to help you work out which way forward is best for you. You can apply online or call us on 0330 400 0403 to discuss further.

We hope that this article has given you some ideas as to how to save money for Christmas. Check back here soon for more financial and lifestyle tips from Loans 2 Go.