The Cost of Christmas – access quick cash to get through January

Where to find quick cash to get through January!

January is always a lean month. In the aftermath of Christmas it can be quite a shock to count the cost and wonder how we are going to make ends meet for the next few weeks and even months. Access to quick cash seems but a dream! Every year we resolve to get ourselves sorted and not get into this mess again, yet every year we manage to do just that!

So why not really make things different in 2017? The time for New Year’s resolutions may already have come and gone but it is never too late to make changes. We recommend you take a three-pronged approach to your finances this year. You may be familiar with the Charles Dickens story A Christmas Carol in which the central character Scrooge encounters three ghosts:

Christmas Past, Christmas Present and Christmas Future. These three ghosts ultimately transform him from a miserly character to a generous one.

Let’s try and do something similar with your finances! You need to look at Money Past, Money Present and Money Future.

Money Past
Make a list of everything you have and everything you owe. This is not the time for recrimination so don’t beat yourself up about this. View it as a fresh start. But you do need a realistic picture of your financial situation. Don’t ignore things or try to bury your head in the sand: looking things square in the face is half the battle in starting to tackle them.

Remember to include anything you have bought on credit cards or other types of Buy Now Pay Later schemes that may not yet be showing on your statements. You need to have a comprehensive list of on the one hand any money you have anywhere and on the other everything that you need to pay off.

Money Present
You need to get through January and the following couple of months without things getting any worse. Prepare a budget of how much money you need each month just to get by. Include all your expenses such as rent or mortgage, bills, food, transport and anything else you need to pay regularly. Then see if there is anything left to start paying off your debts.

If things are tight you may want to consider raising some quick cash by taking out a new personal or logbook loan to boost your finances and pay off some of the most urgent demands. You do need to be careful not to get into more debt overall. But it can be better to have one affordable loan that you use to pay off everything else and

then pay that back gradually over the year, rather than constantly have the stress of trying to juggle money around to make lots of different payments each month.

Money Future
It is easy to get wrapped up in the present and let the future take care of itself. But it is really important to think and plan ahead to stop yourself getting into financial trouble again. Seasonal expenses happen every year; now is the time to start planning for next Christmas – or indeed any other expensive time that you know is coming up next year. You will feel a real sense of achievement if you start saving money. Even just a little each month will make a difference longer term.

Commit to saving a small amount each month and keep that commitment. Treat it as a bill just like any other. Don’t be tempted to borrow it back to pay for something else, you will only regret that later on. The best thing to do is open a different savings account somewhere and put it into there so that it is separate from your other money and not too easy to get to.

Start to be creative about adding to your savings. Perhaps you can take on a little extra work from time to time, cut down on something you currently spend too much on, or make an effort to sell items regularly on eBay. Whatever you do over and above your normal day to day life to make some quick cash, put it into your savings account and you will soon see the amount start to grow.

We hope that by taking a good look at Money Past, Money Present and Money Future you will be able to transform your finances during 2017. Happy New Year from all of us at Logbook Loans!