Spending money for the holidays can be challenging, but not if you adjust your budget in advance and have Fast Auto Loans, Inc. as your backup plan. With just a few easy steps, you could update your budget and begin preparing for holiday expenses starting today!

This simple guide will walk you through a step-by-step process to adjust your budget, so it helps prepare for the holiday season. You’ll also learn why it’s essential to have a backup plan and how a title loan or registration loan can help!

How Do You Update Your Budget To Prepare For Holiday Expenses?

No matter how early it is in the year, you can update your budget to prepare for holiday expenses in just a few easy steps. Here’s what you’ll need to do:

 

Step 1: List Your Expected Holiday Expenses

The first thing you must do is list down all of your expected holiday expenses. That shouldn’t be too challenging, as most holiday expenses are similar yearly. Remember that the costs for some items might be higher than in the previous year, thanks to inflation and changing trends.

Still, all you need for now is an estimate to get started. So, look back to your expenses from previous years and estimate how much you’ll need in total. Having an estimated total for your holiday expenses will help you make more effective financial decisions as you update your budget.

Step 2: Calculate How Much Time You Have

Now that you’ve estimated how much money you’ll need for the holidays calculate how much time you have left until the season arrives. That way, you’ll know how much time you have to set money aside and save to pay those expenses.

Step 3: Set Short-Term Targets

Now that you know how much things will cost and how long until you pay for them, you can start setting short-term targets. Suppose you have plenty of time between now and the holiday season. In that case, you can spread out your savings and only need to set aside a small amount each month.

If the holiday season is close, perhaps in 3 months or less, you’ll need more aggressive savings goals. Whatever the case, you can now decide which parts of your monthly budget to reduce or eliminate to meet your short-term goals and save enough money for the holidays.

Step 4: Plan For Unexpected Costs And Emergencies

You must always include some margin for unexpected costs and emergencies whenever you plan for the holidays. Despite how similar your holiday spending might be every year, things can change, and surprises can pop up requiring additional money.

For example, the costs for some of your favorite holiday food items might increase this year. You might only discover this when it comes to shopping, so it’s best to have some additional funds just in case.

Besides that, emergencies can derail your whole holiday plan if you cannot resolve them quickly. You or your family members might fall sick or suffer injuries, requiring money for costly medical bills. You can reduce your burden by setting aside additional money for those unexpected costs and emergencies during the holidays.

Step 5: Have A Backup Plan

Even with the best budgeting and most detailed preparations, you can still run out of money. Some expenses and emergencies are so expensive that the money you set aside won’t be enough to deal with it all.

That’s why the final step of this process is to devise a backup plan. That plan should allow you to access emergency money quickly with as little fuss as possible.

You could access emergency funds using a title loan or registration loan if you have a car. These are two examples of quick and easy loans with simple requirements to qualify, but each has unique differences. Here's what sets them apart.

A title loan requires you to use your lien-free or ‘clear’ car title as collateral to borrow up to $15,000. Besides the title, you’ll only need your driver’s license to get one of these loans.

However, having a lien-free title means owning the vehicle outright. If that’s not the case for your car, you can choose to get a registration loan instead. This type of loan requires a valid Arizona driver’s license and an Arizona motor vehicle registration in your name.

You’ll also need a valid Social Security Number and an active checking account in your name to proceed and borrow up to $900 this way. Whichever option you choose could be your backup plan if you need additional funds during the holiday season.

 

It’s Easy To Get Started Now!

It’s never too early to adjust your budget for the upcoming holidays. So, start by implementing the steps above and setting your short-term goals. Remember that you can use Fast Auto Loans, Inc. as your backup plan if you need quick and easy money to help with urgent payments.

Just fill out the easy online form with your information whenever you’re ready. Doing that will ensure a representative gets your contact information and can contact you soon. They’ll guide you every step of the way!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.