Even though the holidays can be very stressful, you should be able to greatly improve your financial situation in the coming weeks with a little bit of planning and some self-control.
Find Fun and Free Activities
While many holiday events are incredibly pricey, there are probably countless free or inexpensive activities in your area.
Many local non-profits such as community centers and libraries host a variety of activities for residents ranging from pumpkin carving to free holiday moving screenings.
You can also start inexpensive holiday traditions with your family such as creating your own Christmas tree decorations or making fun desserts at home.
Consolidate Your Loans
There are quite a few reasons why you might want to consolidate some or all of your loans. When you consolidate your loans, you are only going to make a single payment each month.
Depending on the size and interest rate on each loan, this could potentially free up quite a bit of your money. That being said, it is important to remember that you might end up paying off the loans for a longer period of time.
Start a Debt Settlement Program
Another option that many people benefit from is entering debt settlement programs. When you enter into one of those programs, a company is going to negotiate with your creditors on your behalf. During those negotiations, they will attempt to lower the amount of each debt while reducing your interest rates. This is usually a good option for unsecured debt such as credit card debt, student loans, payday loans, old utility bills, and medical bills.
other valuable tips:
Contact Local Non-Profits About Gift Programs
You might be surprised to hear that many non-profits have excellent gift programs for low-income families. Some of those organizations will provide you with brand new gifts for your children as long as your total household income is below a certain amount. They might even offer to wrap and deliver those presents so that you can spend more time with your family and loved ones.
Once the holidays have come and gone, you should continue to keep a close eye on your finances. Digging yourself out of a financial hole could take quite some time, and you must be persistent if you don’t want to continue making progress.
Image Credit: saving christmas by Pixabay
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