Christmas Planning on Tight Budget

Poor credit score indicates faltered credit management. It reflects lack of planning and execution of financial goals while drawing and managing loans and credit cards. You need not to accept bad credit rating as a permanent damage to your credit history. You need not hold back your plans for revered Christmas celebrations. With right guidance and steps, you can improve your credit situation.

To understand what I mean you can take an example here. Suppose you are on a morning walk and an angry herd of bulls comes running towards you. Neither can you escape the situation (as the velocity of the opponent is invincible) nor can you fight them all along. The best way out of this warlike situation would be to deal with the beast one by one. You just cannot fight all of them together. And you cannot accept the defeat with inaction.

Good credit or bad credit—one cannot forfeit planning Christmas with family and friends. There ought to be a systematic plan for the same. Considering cash crunch and poor credit rating as a monster in case, let’s find out how to win a budget Christmas party without touching your credit score.
 
1. Define Goal. Be firm and work for it.
Before taking any step, you should note down on a paper what all you want in your Christmas party. It is always good to walk on practical side of things and know clearly what makes you happy. You need to clearly know what and who you strictly want in your party. Writing down things will give you a clear goal. Be firm and tell yourself that you can achieve this.

2. Assess your credit situation
After knowing your goals, it is important to have a SWOT analysis of your financial situation. SWOT analysis is basically assessing your strengths, weaknesses, opportunities, and threats so as to plan your goals in the most effective manner. It will help you know how practical it is to achieve your party goals.

3. Make Budget
The assessment of your financial situation would help you know how much you need for the annual celebration. Do not forget to include expenses involving food, drinks, music, decoration and gifts. After estimating the required funds for the party divide the expenses in 3 categories-- Saving, Sharing and Borrowing.

Take for example: You require £1000 for a party involving 10 adults and 8 Kids. Herein you can draw funds from all three resources. You can save some, accept some and draw some.

Let’s say, 30 days are left to Christmas. You can decide to cut down your coffee, alcohol and cigarettes for next one month. You can also save enough on fuel of your car by pooling with friends for or using alternatives such as bicycle. These small lifestyle changes for 30 days would effortlessly save you £200 at the end of the month. Likewise by a mere contribution of £50 each guest can contribute to the party. It will bring £450 on board. For remaining £350 you can apply for Christmas Loans online.

4. Plan Debts
In the above example a small loans for Christmas would not add much of the liability to your account. You can contact FCA registered loan brokers and seek advice online. You need not visit any brick and mortar shop for the advice. Free loan advice is readily available in the UK. Make sure you plan the repayments before signing dotted lines. This will help you repay loan on time. You can also continue frugal living for one more month and repay the loan at earliest. This will help you build good history and boost your score.

For those who find it hard to locate a lender with their current scores should not forget to research and use advice of an FCA registered loan broker. With firm determination and prudent financial steps, you would certainly have one of the best Christmas celebrations despite the tight budget.