Payday Loans over the Christmas period

The Christmas period is that one time of year when our finances and budgets really get put under pressure! All this “trying to save money” talk gets thrown out of the window when it comes to buying presents for our families and friends. Not only does the majority of our monthly salary get spent on presents and food in preparation for Christmas Day, but there are many more bank holidays in this short period of time than any other month of the year.

Everyone loves a bank holiday, especially because its a day off work for most people, but bank holidays around Christmas time are particularly more expensive than any other. Most people will use the festive bank holidays to hit the shop Christmas sales or visit friends and family for a meal or a drink which means spending money! Not only do we naturally spend more money on a bank holiday, as many families will be out trying to make the most of it, but the New Year bank holiday is particularly expensive and quite frankly overpriced.

Many companies have come under fire for their constant increases in costs and charges on New Years Eve/Day most commonly bars, restaurants, travel agents and taxi firms who all increase their prices by as much as 100%. To put it simply, it’s almost like Payday Pixie doubling the interest rate on a payday loan just because you applied for it on New Years Eve, seems unfair right? Sadly there is no sign of this ever stopping with New Year rates creeping up almost every year. With many families really being plunged into financial difficulty at this time of year, it’s no surprise that more and more are turning to additional finance options such as payday loans in order make it through the month.

December and January have the highest number of payday loans applications

December is also the one month of the year when us British spend the most money throughout the entire year, with estimations that the average person will spend double in December what they would in any other month! Work Christmas parties, buying presents, food and alcohol all contribute to the amount that we spend over the festive season and as a result is the most popular time for people to take out payday loans.

December is quite an unusual month in which people will tend to get paid 2 weeks earlier so that they have the finances in their bank account to shop for Christmas presents and ensure that they are able to prepare for Christmas Day. However with December’s paycheck coming 2 weeks earlier, this also means that you have to try and last an extra 2 weeks until your next paycheck, usually in late January.

Although being paid a months salary just 2 weeks after your previous paycheck on paper sounds amazing, in reality many people struggle to budget and make their paycheck last until their next payday. Research has shown that 45% of UK consumers fail to save any money at the end of their paycheck, so imagine trying to last an extra 2 weeks without pay.

The festive period all the way through to the end of January is officially the most common time for UK consumers to turn to an additional source of finances. Payday loans continue to be the number one choice as a borrowing option over this period due to the fact that you can still apply and receive your payday loan on national bank holidays, something that banks and other short term lenders simply can not do.

With many banks closing over the Christmas period and with their rigorous application process that can take up to 2 weeks more and more people are now turning to short term loan providers to borrow in smaller amounts as opposed to the minimum £2,000 amount set by many high street banks.

Christmas is a very expensive time of the year, don’t be caught short on your finances. For a payday loan you can apply with pixie 24 hours a day, 7 days per week… And we don’t even close for Christmas!

UK Payday Loans Online Apply Now - www.paydaypixie.co.uk

 


Have you got your winter budget sorted?

Planning your finances is no easy task, calculating your costs and potential savings from month to month can be very tricky and time consuming. Your monthly bills will never be the same every month, especially if you are a homeowner or renting a property. Even the slightest change in the weather can have an influence on your monthly bills and outgoings. For example with clocks recently going back one hour this means that nights get darker earlier, which is sure to have an effect on your monthly electricity bills with many people turning their lights on for an extra hour per night.

Why are Payday Loans so common at Christmas?

With the winter months also comes colder weather, naturally us Brits like to be sat inside a warm cosy house whilst outside is usually lashing down with rain or snow. Energy bills will also increase due to the colder weather with the use of central heating and gas fires.

Utility bills are always fluctuating in costs on a monthly basis, many people forget about just how much utility bills will increase by in the winter months, using your lights for an extra hour every night might not sound like much, but when you add the total up over a whole month, it can be a lot more than you expected. In addition to the increase in energy and utility bills its the unexpected costs that we really need to be careful off such as car repair bills.

With millions of people relying on their car to make a living, they have soon become an essential part of everyday life in Britain. More than a third of people admit that if they were to have no car, they would be unable to get to work and make a living to support their family. Cars have a history of unexpectedly breaking down, which will also bring unexpected bills with it. It’s these type of unexpected monthly costs that many people do not budget for and are unable to pay, leaving them with no option but to turn to alternative finance options such as UK payday loans online.

Not many people will budget for the potential of unexpected bills, I’ts almost like fearing the worst in a situation “what if this happens or what if that happens”, because its not happened yet you will almost assume that it wont happen, or it just simple wont cross your mind that it may happen. But unexpected bills will always hit you at the most inconvenient time and just as the name says, the most unexpected time.

Although it is difficult to predict how much of your monthly income you should put aside to cover potential sudden bills, even the slightest amount of savings can help you to soften the financial blow and potentially prevent you from having to turn to alternative finance options.

Winter can be a very expensive time of the year, with Christmas playing a massive part in particular. Many UK businesses will also tend to pay their staff earlier in December instead of the last Friday of the month to ensure that their staff can afford Christmas presents. The also means that there will be an extra 2 weeks in the month that you will have to try and budget for until your next payday.

January is a very popular month for many people to take out a payday loan, and the number one reason for this is due to people being paid 2 weeks earlier and not being able to stretch their paycheck from mid December all the way to the very end of January. Overspending is also a very common mishap around the Christmas season. So although being paid early before Christmas may sound great on paper, in reality many people will struggle to make it through to their next payday in late January, so always be wary of those dreaded extra 2 weeks that catch so many people out!

UK Payday Loans Online Apply Now - www.paydaypixie.co.uk