It’s been a difficult year for most of us.
After months of restrictions, many people may be tempted to throw caution to the wind over the festive period and splash out to spread a little Christmas cheer among their loved ones.
But how are you planning to pay for it all?
From decorations to gifts and food, the cost of Christmas can add up quickly and lots of families can really feel the financial pinch at this time of year.
Did you know that a typical UK household spends more than £800 extra in December compared to an average month?
Knowing how to plan Christmas on a budget may help ease some of your concerns, so here are some tips that you may find helpful.
Stick to your spending limit
It might sound simple, but make a list of the people you’re buying presents for to help you set a budget in advance.
Set a spending limit - and stick to it.
Perhaps you should consider asking your wider family and/or social group to also agree to a spending limit.
It can be fun to see what gifts people create on a budget - and remember, it’s the thought that counts.
You could also arrange a ‘Secret Santa’ system so that each person only has to buy one present.
And avoid buying something just for the sake of buying; think about whether you or the person you’re buying it for really need it.
Food and drink
It’s likely to be a little easier this year, with Coronavirus restrictions in place, to assess how many people you need to cater for without going overboard.
With many families opting to stay safe and keep Christmas Day celebrations to a minimum, it’s still best to plan ahead and only buy what will realistically be eaten.
As with gifts, make a plan and stick to it when you go shopping.
Find coupons and vouchers, visit more affordable supermarkets and shop well in advance where possible.
Some people like to spread the cost by taking out a Christmas loan to help them relax and enjoy the festive period without worry.
If you feel you need some extra help to cover the costs of Christmas
, doing thorough research will help you determine whether a Christmas cash loan is right for you.
Think about whether there are other ways you could potentially manage without taking out a Christmas loan.
If you decide to proceed, only borrow a small amount you know you can afford to repay; research which are the best deals before deciding to apply and always fully read and understand the terms and conditions of your Christmas loan - including fees and interest rates.
If you have a poor credit history, Christmas loans for bad credit are available from some firms. But you may find you are initially only offered a small poor credit loan with higher interest rates than average, which makes borrowing more expensive.
This is because you are deemed a higher risk.
If it’s affordable and you can stick to your payment plan, a Christmas cash loan could you help you budget for the Christmas period successfully.
If you're thinking about taking out a Christmas cash loan, Morses Club may be able to help. Morses Club specialise in small cash loans to help with unexpected expenses. Our loans aren’t right for everyone, and you should only borrow what you can afford to pay back. If you would like to find out if a Morses Club cash loan is right for you, read our FAQs for more information.