Review Your Budget To Prioritize Spending During The Holidays  

A Forbes Advisor survey in November uncovered that 36% of the population think they'll spend more during 2023's holidays than last year's, with $875 being the average spend. This may seem huge, but decorations, gifts, food, and everything quickly add up.

So, with that in mind, we will take you through six essential steps to help you review your budget to ensure you prioritize spending correctly this festive season. We're even advising you on what to do if unexpected situations occur! Keep reading to discover how Missouri Title Loans, Inc. can help you budget this holiday season!

How To Change Your Budget To Prioritize Spending For the Holidays

1. Choose Five Categories To Be Your Priority

Regardless of how many times you wish for it, unlimited money won't happen. Therefore, you should choose five categories to focus your spending on this season and let the rest be background noise. Here are a few of the most popular categories that will likely make up your five priorities:

• Gifts — It's a time for giving, so you'll likely spend the most on family and friends. You can immediately save a lot of money in this area by making your presents.
• Holiday travel — You'll probably spend some time visiting loved ones who don't reside so close to home. Unfortunately, travel isn't cheap, so you must account for bag fees, airplane tickets, gas, tolls, hotel stays, and more.
• Food — Some food items are a staple at this time of year. Ensure they find a place in your budget, especially if you're hosting the all-important meal.
• Entertainment — Whether it's parties you want to attend or those you wish to host, it'll cost money. 
• Decor — This category holds everything from your annual Christmas tree purchase to party outfits, baubles, wreaths, centerpieces, and everything in between.

2. Rank Those Five Categories

With your five categories chosen, you need to rank them from most important to least important. This is the foundation for adjusting your budget — allocate money to number one first and work down the list. For example, if gift buying is your priority, you must trim your food or entertainment budget. It's simply about planning for the things that matter to you.

3. Use The $1 Gift Buying Rule

A great way to save money on gifts is to stick to the $1 rule — only buy something if it is $1 or less per use. For instance, if a toy costs $15, consider whether the fit recipient will use it 15 times. If they wouldn't, consider purchasing something else for them. 

4. Hold Yourself Accountable With A Budget Partner

You can find someone you can trust to be your budget accountability partner. You set a goal for your spending and inform them about how you're doing, allowing them to provide their outsider's perspective.

5. Don't Let An Emergency Foil Your Plan

Sometimes, life likes to get in your way by throwing unforeseen scenarios into the mix. And when it happens during the holidays, it can feel like your entire world will implode. But you don't need to let emergencies get in the way of your holiday spirit (or spending). 

If you don't have room in your newly revised budget to deal with unexpected situations, a title or installment loan from Missouri Title Loans, Inc. is a secure option to deal with the issue. Whether facing a utility bill higher than you initially thought, a sudden medical bill, or a broken furnace, one of our loans can fill the monetary gap.

How Does The Loan Process Work?

You can apply for a title loan online with little more than your phone and access to the internet. However, it would be best to have a driver's license (or another state-issued identification), a vehicle (only cars, vans, or trucks), and a lien-free vehicle title to gain approval. The borrowing limit is $15,000 — perfect for significant crises.

In contrast, you must apply for an installment loan in your local Missouri Title Loans, Inc. branch. You must have proof of income, a checking account statement, and a driver's license (or a different type of state-issued identification). The borrowing limit is $1,500 — perfect for more minor emergencies.

Apply For A Loan From Missouri Title Loans, Inc. Today!

To ensure your holiday season goes as smoothly as possible, please follow our steps above to rework your budget. This extra financial reprieve provided by your newly created plan will be a welcome change from the typical havoc associated with Christmas.

That said, a loan from Missouri Title Loans, Inc. is a convenient option if you happen upon a scenario you need to prepare to handle. You can set the application process in motion by filling out the form on our website. It only takes five minutes, and there's no need to have an excellent credit score to gain approval. We welcome everyone in their time of need.

 

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