How to fix your finances before the holidays
With Thanksgiving fast approaching and Christmas just around the corner, many Americans are already making the first preparations – from buying gifts to. In reality, claimed that 50% of shoppers started holiday spending before Halloween.
If you find yourself in this group of buyers or plan to join in the coming days or weeks, you may already be analyzing your bank account to determine what you can and cannot afford.
Fortunately, there are a series of reliable ways to improve your finances before the holidays. All you have to do is choose the method that best suits your personal financial situation.
An online financial advisor can help you review your options today. Or read on to discover alternatives that might work for you.
3 Ways to Improve Your Finances Before the Holidays
Earn extra money
Even if you have a full time job, you can still earn extra money.
One of the most popular and easiest ways to do this is to respond to paid surveys. Getting started is easy. Simply create an account on a secure market research site like Brand surveys Where Swag Bucksanswer a few questions, then choose which surveys you want to take (some will also include the approximate time it takes to complete them).
You will not be(how much you earn really depends on your time investment). Still, if you have some spare time at night or on weekends, it can’t hurt, especially if you soon have small gifts to buy.
Alsoif you want to make larger sums.
Consolidate your debt
If you have an unpaid debt at a prohibitive interest rate, it may be time to consolidate what you owe and start saving money. allow borrowers to combine their debts into one simple loan with a lower interest rate.
By consolidating your debts into one loan with a lower interest rate, you can start saving money right away. But you will also save significant sums in the long run, as the loan will be adjusted into a more manageable sum.
This is especially useful for those with high interest credit cards. The average interest rate on a 24-month personal loan was 8.73%, according to recent data from the Federal Reserve. Compare that to the average credit card interest rate of 16.65% – almost double!
Refinance existing debt
Granted, mortgage refinance rates aren’t what they used to be, but there are certain scenarios where. Homeowners with high interest rates, for example, could still save money with a refinance. those with may also be able to save.
This also applies to student loans. Remember: applies only to those with federal student loans. Private student loan borrowers are not eligible.
The bottom line
With the holidays fast approaching, take advantage of the multiple ways you have to earn more money and save (hopefully at the same time). Speak to a financial advisor now who can help you find the best way forward.