This is the time of year when many people will struggle with the pressure they put on themselves for the festive season. Whether it is to buy gifts, to have a big meal, or to dress your house in the best festive decorations, many people will struggle with cash flow over December. 

There are things you can do now that will help your credit score for next year, so if you want to have a little extra for Christmas or New Year, this may help you, too. There are also ways you can get cash now if you need it and can work on your credit score for the following year. 

Credit Cards

You can use a credit card to help improve your credit score; this will take time, but having the use of a credit card now may also help you with some of your festive shopping. It is wise to check that you can afford a minimum payment for a credit card before applying, as most companies will do a check to ensure you can pay at least the minimum payment. 

There are also specific credit cards you can get with small balances that can help so you are not able to spend more than you can afford to pay back. 

Loans

You can use companies like Quick Loans, which can be found at www.my-quickloan.co.uk, or you can check if you will be approved for a loan through your bank. If your credit score is poor, you are better off going for a quick loans type agreement where your credit score does not have as much weight as whether you can afford the loan. 

These types of loans can help your credit score when used correctly and paid back within the right time frame or sooner if you can afford them. However, if you misuse short-term loans like this, you may find your credit score will get worse. This is because many people will take out too many and run themselves into debt.

If you want to use a loan to improve your credit score, take out the smallest loan you can and pay this back as contracted or sooner if you can afford it. Never take more than you can afford, and be certain you can pay this back.

Voucher Schemes

Voucher schemes would be beneficial for next year’s festive season as they allow you to put money each month towards vouchers to cover the cost of the festive season. 

Vouchers would not help your credit score in the same way a credit card or loan would, but they work similarly to a catalog as you decide how much you will have at the end of the year, and you need to pay this in throughout the year before. 

Summary

You may be looking for a way to afford this Christmas and treat yourself and your loved ones to something special, or you are looking for a way to improve your credit score because you have big plans for the next year. 

The ideas mentioned above could help you, but it is always advised never to borrow more than you can afford to pay back and to remember that time with your loved ones is more important than material things.