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As we come to the close of another year, people all around the world are preparing to settle down for the holidays with their loved ones. As a time of reflection, this part of the year gives us a chance take stock and regroup. It can also be a particularly stressful time financially, especially for those who do not have a regular income or who feel their salary doesn’t quite stretch far enough to cover everything they need. This is where personal loans can be helpful, allowing you to meet the costs of daily living with ease and also providing a much needed boost at times of financial pressure such as Christmas, New Years and Birthdays. Before we go in to the new year, it can be a good idea to take some of our vacation time to make a plan for the upcoming 12 months. Here’s our guide on how to prepare for the new year with personal loans.

Take stock of what you may need

Consider which areas of your daily life need serious attention. Things like vehicles, furniture, kitchen equipment and electronic devices are all considered essentials when it comes to modern living. Making a simple list of everything you use each day can be a good start, then consider grading your items according to quality. If your laptop has ports that aren’t working or is taking longer than it should to boot up, it’s clearly time for an upgrade. Similarly, if your car has broken down and made you late for one appointment too many, it makes sense to think about upgrading, or at least paying for repairs. When you have an idea of exactly what you need, you can move to the next step.


Think carefully about the things you really need and the things you can happily wait for. The chances are that you won’t be able to pay for everything you need all at once, so you will need to prioritise the items or potential expenditures that mean the most to you. Consider the absolute necessities first. Anything that severely impacts on your day to day living, such as transport, should be take care of first. Buying a brand new TV when your car is about to break down and give up the ghost entirely is a perfect example of the kind of irresponsible borrowing that no lender in the Philippines would ever encourage.

Identify Potentially Costly Events

Think about the year ahead and all of the potentially costly events that you can expect. Holidays, parties, medical treatments, larger purchases and gifts should all be factored in when considering a personal loan. Borrowing enough to cover all of the potentially costly events in a year makes far more sense than waiting until you realise your salary doesn’t quite cover everything. This is where forward planning is paramount. It can be as simple as sitting down with a pen and a calendar, or use a digital device if you’re that way inclined. Mark down everything you can think of, from the dates the car is due to get serviced through to your next dental appointment. If you are using a personal loan to prepare for the year ahead, all of life’s eventualities should be considered so you can avoid getting caught short.

Investment in Your Self

As we enter the third decade of the 21st century, self development is one of the biggest buzzwords around, and for good reason. More people than ever are turning to meditation, mindfulness, yoga and other beneficial practices in order to boost their mental and physical health. Similarly, many people are enjoying the thrill of continuing education or learning a new skill. Personal loans in the Philippines can be approved for practically any reasonable purpose and self development is generally seen as one of the best uses of this type of finance. If you are considering a new course of education or perhaps enrolling at a local gym, a personal loan can give you the boost in disposable cash that you need. Just remember to account for your repayments and always ensure that you are borrowing well within your means.

Travel and Exploration

The world is a big place and although the Philippines is one of the most beautiful and picturesque parts of the globe, travelling can be one of the most enjoyable ways to enjoy using a personal loan. Providing you have made arrangements to meet repayments, you can plan an extended vacation or a series of shorter trips well in advance using a loan. The sooner you book, the cheaper your flights and accommodation will be, so if you’re thinking of doing something this summer, the colder nights of Christmas could be the time to start scoping those discount deals. If you’re considering something a little more adventurous, personal loans for camper vans or other recreational vehicles are also a potential option. This can be a significant investment at first, but providing you can get used to the alternative lifestyle, you can enjoy living for a fraction of the cost you would expect to pay in even the cheapest hostel.

Debt Consolidation

If you find that you’re paying off debts in several places at once, it can be helpful to use the new year as a new start. Amalgamating all of your debts in to one monthly payment is something people to do make things a little easier when it comes to daily money management. When you know that you’ve paid off all of the loans, credit cards and other credit you owe, you are free to use the rest of your income for other things. It’s not suitable for everybody, but using a personal loan to consolidate your debt is still a popular option amongst borrowers in the Philippines and further afield.


Ultimately, using personal loans to prepare for the new year requires good decision making and planning skills. You will also need to take the time to sit down and think about the potential costs you are likely to run in to well in advance.

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