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8 Steps to Budgeting When You Have a Loan Payment Each Month
Simple strategies to stay on track, especially during the holidays.
November 20, 2025
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The holidays are a magical time, but they can also be financially stressful. Between Thanksgiving dinners, Christmas shopping, travel, and rising everyday costs, your wallet may already feel stretched. And when you’re also managing a monthly loan payment, things can get tight fast.

But here’s the good news: it’s possible to stick to your budget, enjoy the season, and stay on top of your loan. You just need a clear plan, a few smart strategies, and a little patience with yourself.

Let’s break down how to create a budget that works with your loan payment, not against it, while still leaving room for a joyful (and affordable) holiday season.

1. Know Your True Monthly Budget

Budgeting can feel overwhelming, but it doesn’t have to be. At its core, it’s just figuring out how much money you have and how much you spend. However, once you factor in recurring payments and unexpected costs, it becomes a bit more complicated.

That’s why the first step, especially during the holidays, is simply knowing your numbers. Take a clear look at what’s coming in and where it’s going out. From there, you’ll have a better idea of financial literacy and how to make your money work for you.

Start with your income.
Write down your total monthly take-home pay (after taxes). If your income varies, use a conservative average (the lower end) from the last 3 months.

List your fixed expenses.
These are the bills you pay every month, no matter what:
  • Rent or mortgage
     
  • Utilities
     
  • Car payment or insurance
     
  • Loan payments
     
  • Cell phone
     
  • Internet
     
Now look at your variable expenses.
These items can change from month to month, such as:
  • Groceries
     
  • Gas
     
  • Dining out
     
  • Entertainment
     
  • Subscriptions
     
  • Holiday spending
     
Once you’ve listed everything, subtract your expenses from your income. This gives you a clearer picture of what’s left over each month, and how much flexibility you have for extras like gifts, events, or travel.


2. Prioritize Your Loan Payment First

It can be tempting to shuffle your loan payment around to make room for holiday spending. But staying current on your loan is crucial for your financial health, credit score, and peace of mind.

Here’s why:Set your loan payment as a non-negotiable. Treat it like rent or utilities; it gets paid before your variable expenses. The rest comes after.

 

3. Plan for the Holidays Early (and Realistically)

Thanksgiving and Christmas don’t have to break the bank. With some planning, you can celebrate meaningfully and stay on budget.

Here’s how:
 

Thanksgiving Tips

  • Host a potluck. Ask family or friends to each bring a dish; it saves money and makes the meal more fun.
     
  • Shop early for deals. Turkeys, sides, and baking items often go on sale in early November. Keep an eye out for coupons!
     
  • Use grocery store reward points. Many Las Vegas stores offer Thanksgiving discounts if you’ve been using your rewards card/phone number.
     

Christmas Budgeting Tips

  • Set a total holiday budget. Don’t just budget by person. Set a firm cap for all holiday-related spending, including gifts, wrapping, decorations, food, and travel.
     
  • Get creative with gifts. Handmade, experience-based, or secondhand gifts can be thoughtful and inexpensive.
     
  • Start a “cash-only” holiday rule. Once your gift budget is set, use cash or a debit card for all of those items in order to avoid overspending on credit.
     
  • Shop early to spread out spending. Even $20 a week in November can go a long way come December.


 

4. Use the 50/30/20 Rule to Stay Balanced

This simple budgeting rule can help you structure your monthly spending without getting overwhelmed:
 
  • 50% for Needs: Rent, utilities, groceries, loan payment
     
  • 30% for Wants: Holiday extras, gifts, entertainment
     
  • 20% for Savings/Debt: Emergency fund, extra loan payments, credit cards
     
If you can’t follow this ratio exactly (especially during the holidays), that’s okay. Use it as a goalpost, not a guilt trip. Even shifting a few dollars each month into the right category can help you stay grounded.

 

5. Bundle and Trim Where You Can

Looking for extra wiggle room in your monthly budget? Try bundling or canceling a few things temporarily:
  • Cancel unused subscriptions (streaming, delivery apps, etc.)
     
  • Pause gym memberships if you’re not using them (oftentimes, pausing instead of canceling your membership will save you from new membership fees to sign up again, since you’d simply be resuming your service).
     
  • Bundle insurance or phone plans for discounts
     
  • Use public transit or carpool to save on gas
     
  • Cook at home more often (especially during chilly Las Vegas nights!)
     
Even trimming $50–$100 in other areas can make your holidays more manageable without affecting your loan payments.

 

6. Avoid “Buy Now, Pay Later” Traps

Those installment-based shopping options popping up everywhere? They may seem helpful in the moment, but they can pile on debt quickly.

If you already have a personal loan you’re managing, adding more installment payments, especially for non-essential items, can hurt your long-term budget. Instead, focus on spending within your means and avoiding new debt this season.



7. Talk With Your Lender If Things Get Tight

If you find yourself struggling to keep up with your loan during the holiday season, don’t wait. Reach out to your lender.

Many direct lenders, like us at Las Vegas Finance, may be able to:
  • Adjust your payment schedule
     
  • Offer a temporary extension or hardship plan
     
  • Help you avoid late fees or credit damage
     
It’s better to communicate early than to fall behind silently. Most lenders appreciate honesty, and they want to help you succeed.

 

8. Shift Your Mindset About the Holidays

It’s easy to feel pressure to “go big” during the holidays, especially if you have kids or want to make up for a tough year. But remember: the holidays aren’t about money, they’re about memories.

You don’t need a big budget to:
  • Watch holiday movies with cocoa
  • Look at the lights around Las Vegas neighborhoods (Remember the Ethel M  Cactus Lights!)
  • Bake cookies together
  • Do a white elephant or “one gift” exchange
  • Write cards with personalized notes
  • Check your local library for holiday activities with kids
  • Watch for free activities in Las Vegas, Summerlin, and Henderson
     
Moments matter so much more than money. If your loan payment means cutting back this year, that’s not failure; that’s smart adulting! And your future self will thank you.

 

Final Thoughts: Your Budget Is a Tool, Not a Trap

Having a loan doesn’t mean you can’t enjoy the holidays. It just means you need a game plan and some grace for yourself along the way.

Remember:
  • Start with what you have, not what you wish you had
     
  • Keep your loan payment top priority
     
  • Plan your holiday spending realistically
     
  • Look for ways to simplify, not overspend
     
  • And above all, give yourself credit for trying
     

You’re not alone in figuring this out. Every budgeter, especially around the holidays, is learning as they go. And that’s okay.

Want more budgeting tips or help understanding your loan options? Check out more helpful guides at Las Vegas Finance. We’re here to help you succeed, one smart step at a time.
 


 

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