Dec 11, 2020
It’s always nice to have a few extra dollars around the holidays. You can use it to buy extra presents for the children, take a week off with your spouse, or just pay some of those back bills that have been piling up. Starting the new year debt-free is a great feeling.
This year, with the financial unmanageability caused by Covid-19, there won’t be a whole lot of “extra” money available. Many folks will turn to lenders to get through the holidays with lodging and food. But before taking out money, make sure you have a repayment strategy in mind.
6 Ways to Think About Repayment
When taking out an instant online loan, there are several repayment options that might be available to you. Depending on which one makes sense for your needs, you can ask if lenders are willing to work with you on the following repayment structures:
Budgeting and Planning for the New Year
The holidays are a good time to reevaluate your financial situation and create a budget for 2021. If you find yourself cash-strapped this year, look for ways you can fine-tune your spending and decrease your overall debt in the next twelve months.
Open a savings account. Putting aside small amounts each pay period, even just $5 or $10, can help you build up a nice nest egg over time. Think of it as your “spare change” account. Keep your deposits small and try not to withdraw unless absolutely necessary.
Notice: Information provided in this article is for informational purposes only. Consult your financial advisor about your financial circumstances.
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