student life

How to spread the cost of expensive occasions

Written by Nigel Simpkins

Throughout the year, there are many events and occasions that we need to finance. There are the constants such as Christmas and birthdays. But there might be special occasions such as anniversaries or weddings to consider as well. This can be stressful, especially if you’re running a tight monthly budget. Below, we explore how you can spread the cost of these occasions and fund them successfully. 

Planning ahead

By planning carefully for special occasions in advance, you’ll be able to set aside or save the money you need for the event. This can help you identify more expensive months and build your long-term budget accordingly. For instance, if you know you’ll have a run of weddings coming up in the summer, you can try and live more simply during autumn to help you build your savings to cope with these events. Ultimately, by incorporating your future events into your budget, you can plan ahead and cope with expensive months.

Open a Savings Account

There are different saving accounts solutions that could offer you a great way to put cash aside in advance of the expensive occasion. Putting money aside in good time will help lessen the blow when it comes to the cost of the event and will make you feel less guilty when the time comes to do some spending. Savings accounts are a great way to save for your special event and will help you to accumulate a good amount of funds to cover the upcoming costs. You can look at different types of savings accounts to find out which will work best for you. 

Asking for help

If you find yourself in a tight spot with plenty of expensive events coming up, don’t be afraid to ask for help. Sometimes we need to ask our family and friends for a temporary loan, to avoid putting ourselves in a precarious financial position. This is because your loved ones can offer a friendly loan without interest rates or strict payback periods. It’s a conversation that will naturally feel uncomfortable. But by reaching out for help and being honest, your loved ones should be able to rally around and help you. It can be a stressful moment asking for help, but it might just be the best option for your future.

When you go through a period of expensive events, it can be hard to make your money stretch far enough. But by following the guide above, you should be all set to plan ahead and spread the cost of these expensive occasions.