6 Ways to Pay for the Holidays

Christmas is just around the corner and even if you’re incredibly frugal, the joyous season is still going to cost you mostly likely a couple hundred dollars at least. If you have a few kids this could be your cost in gifts alone. If your household is hosting Christmas dinner or any type of family gathering then this can all really add up quickly. Here are some ways you can get the extra cash in order to pay for it all:

1. Put in more hours at work
If you work in shifts or are paid hourly, then see if you can put in some extra time for a bigger paycheck. Most of your co-workers will not want to work over or near Thanksgiving, so this is usually a viable option, albeit it a sacrifice. If you’re on salary then read on.

2. Clean house with eBay and Craigslist
This is not only a great way to make extra money, but it’s also a great way to organize your house and make room for the new gifts and toys you and your family members will receive this year. You’d be surprised at how valuable some of your old “junk” is since someone; somewhere out there will want to buy it and you can find that someone on eBay and Craigslist. Always opt for Craigslist sales when possible since you can avoid high eBay fees this way, just watch for scams. Depending on how much stuff you have lying around, you may be able to rake in several hundred dollars or more.

3. Cash in the coins
If you have loose change just hanging around now is the time to get out the penny rollers. One relatively modest in size jar of change is usually worth between $50 and $100, which is nothing to scoff at.

4.Refinance your house and roll in the escrow costs
At today’s historically low mortgage rates, if you have not already done so, refinance your home now. When you refinance, you’ll “skip” a mortgage payment (in reality that month the refinance loan closes is just another month longer you’ll be paying off your house – but it feels like a free month in the interim!). Also, if you choose to roll in the escrow costs (insurance and taxes) you could also receive a check of what usually ends up being over $1,000 shortly after you close. You need good credit to do this.

5. Apply for a no or very low interest credit card
Around this time of year many credit card companies make promotional offers and some are pretty impressive. If you apply for a card and get no interest for 6 months you can buy all your gifts now and make a plan to pay off the balance in full within 6 months and you escape all interest charges. Again, this will require good credit.

6. Payday loan
If you have bad credit and are in a bind for gifts this year, consider a payday loan. All you need is a job and a pay-stub to qualify. However, prepare to pay back to loan within the given time frame, otherwise you’ll be subject high late fees and other penalties.