New Year is the time to celebrate new hopes. It’s time to look within and make vows for better health, wealth and relationships in the coming life. Globally people wait for festival season preceding the advent of a fresh lifestyle beginning the first day of January.

If you too have availed a short term unsecured loan to celebrate Christmas and welcome New Year with the loved ones, it’s important to have a fool proof plan to stay afloat through all the seasons. For those who are yet to decide upon short term unsecured personal loans, shall carefully assess their loan repayment capacity. They may consider using free broking advice of a loan broker.

Brokers can evaluate apt loan amount and duration according to your needs. However before you avail a loan, make sure you do not borrow for more than what you need. The biggest mistake we make during festival period is to splurge. Spending a little more with family and friends should not be an issue as long as you are willing to make efforts to save/earn for those expenses. Borrowing more to spend additional amount could add to financial stress later on.

It is important to evaluate your situation carefully and have a repayment plan. Make sure the loan instalment is affordable one and small expenses do not challenge your repayment schedule. It is always rewarding to borrowing with a backup plan.

Some quick tips to stay afloat with festival loans before New Year:

Save Everyday

While enjoying every day with family and friends around, one of the best ways to build a reserve fund for timely loan repayments is to save every day. You can use a jar and keep contributing a bill everyday to it. You just need to ensure saving everyday while your celebrations are on.

Most of us fail to realise how effortless it could be to save every day. Just by cutting down a single coffee or a dine-out per week or month can save you enough for loan repayment. You can use the amount for additional expenses, repayment or pre payment of loan.

Save Fuel costs

While you are on a holiday for celebrations, you can make a resolution to save the fuel costs. Reduce the use of your car and you would save enough on fuel costs. If you resort to cycling/walking for small distances you would eventually build your health. The additional festival calories would be cut simultaneously reducing the need to join Gym later on.

Use free resources

There are lots of free tutorials and guides online to help you celebrate festival without making any hole in your pocket. You can download the list of family games and leverage time to make your party memorable. By cutting down expenses, you would also cut down the shortage of funds and have splendid time with your loved ones.

Repay on time

Using all these tips you can save enough to stay afloat and repay on time. With each successful repayment you would build good history. As you close the loan account on time, who knows you get preapproved for your next loan!