Do Not Use Payday Loans Unless You Have To
Payday loans should only be used as emergency loans
. These loans are expensive and difficult to pay off, so it is much better for you to try to avoid them altogether. There are a number of easy things you can do to prevent yourself from ever needing a payday loan in the first place.
First you will want to take a look at your spending versus your income. You should not be spending more than you make, no matter what the limit on your credit cards. It is good practice to try to put away some money with every paycheck.
You also want to look at how you are spending your money. Do you buy coffee every day? You could make that $5 coffee at home for a few cents. People always say they do not have time to make coffee, but if you factor in the time it takes to get to the coffee shop, and how long you wait in the store, you could probably save time and money by making the cup of coffee at home.
Try to curb your impulse buying. Sometimes you feel like you want something, only to buy it and find that you chang your mind soon afterwards. It is called buyer's remorse. Delay the purchase, if you still want the item next week, then buy it. Also remember the old adage: when it doubt, do without.
If you are really strapped for cash, you might want to consider selling something you own on eBay. If you have a lot of stuff you can bear to part with, you might want to have a garage sale. You will probably get a better price for collectibles. Selling unwanted items not only frees up space in your home, but also can help to bring in extra cash.
Coupons are another way to help you make your money go further. Many businesses send coupons through the mail. Restaurants will often offer half price coupons for dinners on their slower nights. You can also find coupons for things like haircuts and plumbing services. You should not be embarrassed to use coupons. Why pay more for the same item? And do not forget to clip coupons for the grocery store. They can really add up, especially if your grocer offers double or triple coupons.
Another way to cut your expenses is to review your home services. Is the basic cable package good enough, or do you really need all the movie channels? How about your cel phone - do you need a monthly "unlimited" plan? Most people do not come close to using an unlimited plan and there are always cheaper options.
You also want to avoid the "I deserve it" trap. You deserve to live a life free of debt collectors hounding you. Just because a television commercial tells you that you need to have the latest, greatest, newest (insert product here) does not mean you really do. If your cel phone is still working, why do you need to get a new one? Often, you can get a free phone when you renew your contract with the cellular service provider.
Take care of the things you own. Do not skip basic maintenance because you would rather buy a big screen TV. It will cost you more if your car ultimately breaks down. The same goes for your own basic medical care. Do not skip annual visits to your doctor and dentist.
A fun experiment to try is to promise yourself to buy only staples for a month. By doing this, you will be able to see how much money you throw away on frivolous things. You may feel a little deprived at first, but after a short time, you will be able to weed out what you really want from want you think you need.
A very important habit to develop is the habit of saving. If you do not like the word "saving," try thinking of it as paying yourself first. Make a plan to put a certain amount of money into your savings account each week. Keep this money separate from your other money. Do not pay bills from this account. Even if you put away as little as $5 or $10 a week, you are savings will add up over time. As a general rule of thumb, it is a good idea to have saved up between 3 and 6 months salary in case of emergency.
Finally, the best thing you can do is to be a smart consumer. If you really want to have something, save up for it, or buy it only if you have the cash. If you cannot afford something, save up for it. Do not go into debt to purchase a new big screen plasma TV. Your financial health is more important. Developing good savings habits, and being smart about your spending will prevent you from needing to get a costly payday loan.
by: David G. Pasternak.
Student Loans No Cosigner: Better than the Best Loans!! Personal Secured Loans: Quick finance for everyone Loans For Single Mothers Here are the Basics of Mortgages and Reverse Mortgages Loan Commercial- Important Guideline About Commercial Mortgage Loan Same day Payday Loans-Money for your troublesome situation The Secret About Buying a Property Without a Bank Loan That Will Change Your Life Unsecured Loans For Unemployed-remove Your Financial Distress Florida Mortgage Help: Assistance Against Property Foreclosure And A Relief For Both Lenders And Bor How A Lawsuit Loan Can Help You Get Justice Payday Loans-easy And Cost Effective Financial Option Find A Second Mortgage Loan That Can Work For You How To Get A Great Deal On An Arizona Refinancing And Mortgage