With the festive spirit of the holidays rolling in, comes the seasonal anxiety of balancing Christmas lists and bank accounts.
As soon as that 13th month pay comes in, it’s easy to throw caution to the wind and ditch that meticulous budget plan you spent all year setting for yourself. Before you know it, harmless window shopping can snowball into an avalanche of debt.
Luckily, as with many problems in the modern world, there’s an app (or ten) for that. Here are four tips from the fintech experts at Cashalo on how to get through the holidays with your wallets intact.
Pay yourself first
This is the easiest and most rewarding financial habit you need to adopt. Instead of spending money immediately, set aside a portion of your income the moment you receive it. Put it aside. Forget about it. To make the process simpler, you can easily transfer funds electronically from your payroll straight to your separate savings account through your banks’ mobile-app.
Ready your list and set a budget
With a little planning and cash management, you can stretch your hard-earned peso and still meet your savings and expense goals. It helps to prepare a list of the people you plan to give presents to and have a set budget for each of them. Various apps such as “Mint” and “Wally” help you easily track your finances on the go.
Find the best online deals and rewards
Avoid the holiday traffic rush and take advantage of coupon codes, eVouchers, and live discounts up for grabs online. E-commerce stores also offer great sales during the holiday season.
Borrow responsibly, if you must
Only ever spend within your means. But if you absolutely need a little extra cash to help you through a month when your expenses are slightly higher than expected, mobile-apps such as Cashalo are a convenient and affordable solution – offering purpose-based financing with the lowest non-bank interest rates. Cashalo’s newest solution, Cashacart also makes it easy for you to buy the items you want by providing access to a digital credit line at 0% installment rates from a network of over 250 partner retail stores.
Smartphones can be really helpful tools for developing responsible spending habits, and powerful apps such as Cashalo empower you with more options to be financially prudent. Not only does it encourage you to use your money wisely, it also improves your financial well being by helping build a robust financial identity and positive credit score. Being a responsible consumer and making timely payments, unlocks even more financing options providing greater flexibility.