It’s here, ‘tis the season for holiday spending. Does it seem like your holiday shopping list gets longer and longer every year? If so, you’re not alone, holiday spending is on the rise, and it can completely drain your savings. Shoppers are already out in force and retailers are vying for holiday dollars with sales and other promotions. From Christmas presents and holiday travel to new outfits, holiday parties and entertaining, the expenses just keep adding up. If you’re like many of us, you never got around to setting aside dedicated holiday savings. So, what can you do to avoid being labeled as the Grinch who stole the holiday joy this year? You may want to consider a personal loan to help with your holiday expenses.
Winter wishes can come true with personal loans
Benchmark Federal Credit Union’s Personal Loan offers holiday borrowers a low fixed-interest rate and flexible terms. This type of personal loan can help put some extra jingle in your pocket to check those items off your holiday list. From gifts for the kids to decorating, hosting Christmas dinner and more. It might even help with something on your own wish list. Maybe you’re in need of a new dishwasher before that holiday entertaining begins. Whatever the item, it can become a reality with a personal loan. Credit Unions and other financial institutions typically offer two personal loan options. They include a secured or unsecured personal loan. A secured personal loan is backed by collateral, such as a savings account. The unsecured is not backed by any type of collateral. When searching for a personal loan for holiday spending, look for a low, fixed-interest rate and a term that allows for a monthly payment to fit your budget. You’ll also want to compare any fees or other costs involved in borrowing.
Planning ahead for holiday spending
Planning well in advance for an approaching holiday is always the smartest option, but it’s not always realistic. Life happens and things come up to get us off track. You may have been faced with emergency expenses or other costs that took away from your holiday savings plan. It’s never too late to develop an alternate plan of attack. This close to the holidays, a personal loan just may be your best option. It can help you access the money you need, right now when you need it most. Budgeting and planning to utilize a personal loan for your holiday shopping and other expenses can be much more financially responsible than maxing out high-interest credit cards or on taking on other high-interest retail debt. Especially when you have a strong plan for repayment.
Applying for a personal loan for the holidays
If your credit is good, you can typically apply for a personal loan quickly and easily right online. Applying for a loan at your local credit union usually means a local decision-making process that can result in a faster turnaround on your loan. Don’t let your lack of a Christmas savings plan dampen your holiday spirit. Personnel loans can be a great solution to help you cover your holiday expenses. You will still need to begin by setting a budget. How much can you afford to spend that results in a monthly payment that fits your budget? You may have to eliminate some of those items on your list or lower your gift-buying budget. Once you make your list and borrow your funds, be sure to stick to your budget and avoid impulse purchases. Track your spending as you go.
Enjoy a happier holiday season with the help of a personal loan. When January rolls around, you’ll have one monthly loan payment that is already planned into your budget. This is so much less stressful than a mountain of credit card and retail debt from excess unplanned spending. Once this holiday season is over, you can get off on the right track and start a dedicated savings plan for your 2020 holiday. It’s never too early to plan. A little out of every pay into dedicated savings can work wonders with helping you get through next year’s holiday season. Check out Benchmark Federal Credit Union’s holiday club accounts.