Financial Blog

Personal Finance

 

Holidays are sneaking up on us - in fact, they are just around the corner! This season brings enough stress on its own without adding financial worries to the pile. From family gatherings with relatives to crowded malls and long lines for that new video game at the top of your kid wish list, there is a lot to manage. But you deserve to enjoy your holidays. After all, you worked hard all year and deserve to enter 2019 with a joyful bang!

 

You may have considered skipping the holidays all together this year and wrapping yourself up in a blanket with a hot toddy and reruns of “It’s A Wonderful Life.” But if anyone and any year deserved to be celebrated with loved ones - it is YOU in 2018! Whether it’s the last few items on your gift-giving list, the biggest tree on the lot, or it’s your turn to host the office staff appreciation holiday party - here is a list of 5 ways you can (yes you... even if you have bad credit or no credit!) get quick and ‘fairly’ easy cash for the holidays.

 

 

 

Pawn Shops

 

Clear out that china cabinet and jewelry box. Many local pawn shops depend on this gift-giving season with your loved, well-used, valuable and ‘ready for the next family’ items. Clear off that mantle, clean out that attic, and make room for the new items waiting to be opened on Christmas morning.

 

 

Do you have an item - that you may just not be ready to part with but has some real value? You can loan the item to the Pawn Shop and pick it right back after the holidays. Yes, you read that right! Take your cherished item to a local dealer who will appraise your item and give you CASH right on the spot. Be sure to read the fine print! You will be expected to return within a specific time with the cash (plus interest for holding your item) before the deadline or your item could be sold.

 

 

Taking on a Seasonal Job

 

There are a lot of events happening, shopping going on, and vacations are taken throughout the holiday season, which means companies need to hire temporary employees - and quickly! If you could use some more cash in your wallet this holiday season - consider taking on additional employment. From playing Santa to staffing a retail store on the weekends and evenings, there are several opportunities in your local newspaper, craigslist or signs posted the main shopping district in your city.

 

 

Credit Cards

 

If you have a credit card with a low balance consider spreading the expenses out over the next two months! Purchase your gifts now in your current credit cycle and be sure to pay the balance in full before the payment deadline. This will cost you nothing in interest as long as you are not carrying a balance on the card and you pay off the entire balance of your holiday purchases before the payment deadline.

 

If the holiday gift you have in mind requires cash - for example, a local crafter who handmakes lovely gifts but only takes cash - be prepared for higher interest rates on cash advances. Most importantly, don’t forget that most, if not all, credit cards companies charge you a flat balance transfer rate (starting at 3-4%) on the total amount advanced regardless if you pay the balance off before the next payment is due.

 

 

If you don’t currently have a credit card - there are great offers for first-time credit card applicants! Especially ones affiliated with your bank. Approvals may come with a small gift card or even cash back on your first purchase. Even if you have bad credit - there are credit cards out there for you. However, be sure to read the fine print, since the interest rates may be higher and credit card applications (especially several) can make bad credit, worse!

 

 

Financial Lending Institutions

 

Yes, taking out a second mortgage is tough and way more than your holiday budget requires but you can request a small personal loan with your home lending institution. And because you already have your mortgage with them, they most likely will not even need to do a credit check! This is also similar for auto loans if your vehicle is paid off and you possess the title free and clear. 

 

 

Paycheck Advances

 

If you have a regularly scheduled paycheck, you can request an advance on the check. Just like a credit card advance - there will be some flat fees and interest if not paid by the payment date but it is a quick and easy to ensure you have the money you need to create some holiday magic.

 

 

Sometimes we’ve had a rough year and when the holidays catch us off guard - there is not enough time to pull together the extra cash to make it through the season. We spend so much time working, paying bills, and following through on our commitments that we often forget the festivities and how much they mean to us… And yes how much they can cost. If we aren’t prepared with a monthly stash or ‘Santa Saver’ then one of these 5 methods we mentioned for getting quick cash may be just what you need to get you through the season.

 

 

And as always Loan Me is here for you and we are just a phone call away. Consider these options wisely and don’t let the holidays stress you out all year with a mountain of debt. But all of us at Loan Me want you to enjoy the holidays - year round if possible! So whether you need financial assistance preparing for the holidays or digging yourself out of the holidays - we are here for you!