Build a holiday plan in 20 minutes
- List everyone and everything: gifts, travel, hosting, decorations, work events and year-end tips.
- Set a total based on what you can afford, then divide it among the list rather than the other way around.
- Check last year's statements to see what you really spent.
- Book travel early. Flexible dates and early booking usually lower fares.
Should you borrow for the holidays?
For gifts and celebrations, savings are the better tool, and trimming the list is usually wiser than borrowing. A small Loanify personal loan can make sense for necessary holiday costs, such as travel to be with a sick relative, or to replace high-interest card spending with a fixed plan that ends by spring.
If you do borrow, choose a short term so the balance is gone well before next year's holidays.
Cost example
Borrowing $800 with a Loanify loan at 24.99% APR over 6 months costs $143.22 a month, $59.31 in interest in total, and it's fully repaid before summer.
Open a separate savings account in January called 'Holidays' and transfer a small amount each payday. $25 a week is $1,300 by December, without borrowing.Lending tip from the Loanify Editorial Team
Avoid the January surprise
Add up holiday spending on credit cards as you go, not when the statement arrives. Buy-now-pay-later plans also add up quickly when several are running at once. Write each one down with its payment dates so January doesn't bring a stack of overlapping payments.
More guides
Emergency fund vs. emergency loan
Budgeting for loan repayment
Loanify loan requirements: what lenders check and why
About the Loanify Editorial Team
Our guides are researched, written and fact-checked against federal lending rules, CFPB guidance and current loan terms. Every payment example is calculated with the standard amortization formula. Read our editorial policy.