The festive season is notorious for being an extremely expensive time of year. Even if you’ve scaled back on the number of people you purchase gifts for, it’s still going to be pricier than a typical month. Even the entertaining tends to add up since you’re purchasing extra food and drinks that you normally wouldn’t need. With that said, people often budget in advance to ensure they’ve got enough money to cover all these added costs. So, what happens if on top of the Christmasspending you’re suddenly faced with an unexpected expense?
Unexpected expenses are just that, unexpected. At the best of times they can be tricky to figure out and pay for, but during the Christmas holidays you’ve got all that extra money going out the door. So, how can you deal with unexpected expenses during the festive season without letting the stress get to you? Let’s take a look at some tips you can use.
Charge the Expense to a Credit Card If Possible
While racking up credit card debt is never a great plan, in some cases there is just no other option. Should this be the route you pick, you must create a budget wherein you can pay off the expense as soon as possible. This will prevent you from paying a fortune in interest charges.
If you don’t have enough space on your credit card to charge the expense, you can always call the credit card company and see if you qualify for a rate increase.
Look into Paying in Instalments
Depending on the expense itself, you may be able to pay it off in instalments. This can get you through the expensive holiday hump, and into the new year when your budget isn’t quite as tight. If you can pay in instalments, ask if you can pay it off in full at any point. This will give you the freedom to make extra payments and get it cleared that much faster.
Take Extra Hours at Work or Apply for a Temporary Part-Time Job
This probably isn’t the answer you may be looking for, but if you’re trying to cover the cost of an unexpected expense,extra income would certainly do the trick. If you work shifts, or you can take extra hours at work this is a great plan – just for the short-term.
If there is no availability of extra hours at work, you could look at a part-time gig or even freelance work just to act as that supplementary income to cover your expenses.
Direct Payday Loans – a Quick and Easy Short-Term Solution
One option that could prove to be useful is to look into a direct payday loan, such as what you’ll find through Pay Day UK. You can apply for anywhere between £50 to £5,000 and get an instant quote online without having to deal with a credit check and fees. If it’s a small loan, you can get the money as soon as the same-day.
Payday UK works with some of the top direct payday lenders in the UK, which means you’re going to get the best deal possible. These loans are ideal for those who only need to borrow for a short term and can pay back the full amount within the specified amount of time.
Sell Some Items Online to Make Extra Cash
It could be that you do in fact have enough money to cover the expense if you just sell off some items you no longer want or need. Take a look through your belongings – is there anything that is in good shape that you could part with? Thanks to the many online buy and sell groups, selling stuff has never been easier or quicker. That little extra cash could be all you need.
Cut Back on the Christmas Spending
Sure, it may not have been the plan to cut back on the Christmas spending, but now that you’ve got an unexpected expense to deal with, this may be the only viable option. That could mean spending less on each person, speaking to friends and family about skipping a gift exchange this year, or just cutting down on the amount of people you buy for.
Keep in mind that if you do any entertaining, the meals and drinks get pretty expensive too, so you could always change up how you entertain. Instead of hosting a meal, maybe you can just do appetisers and drinks. Another option is to make it like a pot luck dinner where everyone brings one dish.
Don’t Let the Stress of an Unexpected Expense Get to You
While unexpected expenses are never a welcome experience,it’s important to stay realistic and practical in that position. There are solutions, and there are ways to pay for it without letting the stress take over.
