It’s the most wonderful time of year — and often the most challenging for managing your holiday cash. From presents to parties, the holiday season can be a tricky time to navigate your finances. Debt, unexpected expenses, and unavoidable emergencies can damper your spirits and drain your holiday cash.

A skillful financial touch is essential to avoid significant setbacks this year. With the season fast approaching, here’s how you can manage your holiday cash flow and find success.

7 Ideas For Managing Your Holiday Cash Flow

1. Consider Your History

The average person spends upwards of $1,000 during the holiday season. If you hope to have more control over your holiday cash this year, the first step should be to analyze how you’ve spent holiday cash in the past.

Are there patterns to your spending? Are you spending too much on one specific category, such as gifts and travel, or do you often underestimate how much you will spend? Your past financial behavior is a good indicator of your present financial behavior.

The great news is that if it’s bad financial management, you can change it.

2. Budget For The Unknowns

With near certainty, people overspend for the holidays or encounter unanticipated expenses. The only way to prepare is to set aside a holiday emergency fund and contribute to it as early as possible. Budgeting for an emergency can help you plan for potential pitfalls.

This could make all the difference between a happy holiday and a financially devastating one.

3. Integrate Alternatives

The biggest expense during the holidays is usually gifts. You can be the most frugal and creative shopper and still spend more holiday cash than you intended.

Keep in mind that there are always ways to cut back on expenses during the holidays. Since holiday cash is precious, try making more gifts instead of buying them at a store. If you’re hosting a holiday dinner or party, try a potluck.

Set a budget for gifts, take that amount out in cash, and refrain from using a credit card as much as possible.

4. Keep Track Of Expenses

Managing holiday cash flow doesn’t stop with creating a budget. It’s equally important to track all expenses during the holidays, both expected and unexpected. This will help you stay on track with your set holiday budget and prevent you from overspending in a way that will impact your financial future.

If you struggle with overspending, commit to tracking your expenses during the holidays. It will go a long way.

5. Don’t Ignore The Bills

With the stress and busyness of the holidays, it can be easy to put aside certain bills that you usually wouldn’t ignore. While there are added expenses during this time of year, resist the temptation to stop paying bills on time.

Ignoring bills can have an immediate impact on your credit score. To manage your holiday cash well, consider using automatic bill pay or an app that alerts you when a bill payment is coming up.

6. And Don’t Start New Ones

While it’s not always a financial mistake to take out lines of credit, it’s best to refrain from taking on new credit during the holidays when finances are already stretched thin. A credit card should never be pursued to help with holiday expenses.

Instead, readjust your budget until your expenditures are more manageable.

7. Ask For Help

Family, friends, and especially partners and spouses can become financial partners by ensuring you stay on track with your budget.

There’s nothing to be ashamed of if you realize you need a little help managing holiday cash. On the contrary, it shows just how responsible you want to be with your cash flow.

Get Assistance With An Installment Loan

If your holiday cash flow is threatened by an unexpected expense, such as last-minute travel or an urgent home repair, an installment loan is an option for relief. With an installment loan, you qualify for a loan that is paid back over time in set amounts or installments.

It’s designed just for financial emergencies, and at Carolina Title Loans, Inc., you may qualify for an installment loan of up to $1,500 and be approved in as little as 30 minutes.

Here's how it works:

1. Fill out the short form on our homepage.
2. A loan representative will call you to review the required items and walk you through the next easy steps.
3. Once approved, you will receive the loan cash you need either the same day or the next business day.

Apply For An Installment Loan Today

Holiday cash has the unfortunate habit of disappearing quickly, which can be highly detrimental if you encounter a financial emergency during the holiday season. Thankfully, an installment loan is an option for help.

To get started, fill out the online form, visit one of our locations, or give us a quick phone call today.

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