3 Easy Ways to Pay for Holiday Expenses
The holiday season can be expensive. Between gift giving, holiday parties and travelling to see friends and family, it adds up quickly. If you haven’t planned ahead, then these expenses can really put a dent in your emergency fund or take a toll on your credit card balances.
But there are ways to increase your income during the holiday season or even spread your payments out over time to avoid going into debt. Here are a few great ways to help cover those added holiday expenses.
The first, and most important, step is to create your holiday budget today. You need to know upfront how much the season will cost you. Create a budget for your gift-giving as well as your travel expenses so you have a full picture of what you need to cover.
- Get a part-time job
If you’ve got a long list of gifts you need to purchase, or even if you’re making them yourself and need to purchase supplies, and you don’t have enough cash on hand to pay for them, try earning a little extra money.
Many retail stores will be looking for seasonal help. Even if you just work a few nights a week and a weekend day, you can easily make the extra money you need to pay for your gifts. Try applying for a position in a store where you can purchase many of the gifts and/or supplies you need, that way you can take advantage of the employee discount as well as earn money to pay for it all.
- Opt for layaway
Layaway is kind of like paying for something on credit because you are paying in installments, but it isn’t actually a loan, so it won’t hurt your credit score or increase your credit card balance. The store will hold the item you want and you can pay it off a little at a time. You only need to put money down for two things: the down payment on your purchase and the layaway fee. Then you’ll pay off your item in installments, and when you’re done, it’s yours. You will need to plan, and shop, ahead to pay for your items this way so that you can have them paid off before the holiday arrives.
- Clean out Your Attic
And closets and storage sheds. If you have items that you no longer use but are in good shape, you can easily sell them on eBay, Craigslist and even local Facebook groups in your area. Your junk is someone else’s treasure. There are different sites for selling electronics, furniture, clothes and almost anything else you’d like to get rid of.
A little pre-planning now will net you all the extra cash you need to cover your holiday expenses, and maybe even come out ahead.
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