I spent my 20s mismanaging my money, and came to regret all of those impulse purchases placed on credit cards when my credit score plummeted due to missing a few payments. I didn't learn how much this would affect my life until I was denied for both an auto loan and mortgage in the same year due to my bad credit score. I spent the next few years cleaning up my credit report and putting every extra penny I had toward old debts. Having to put my impulse spending on halt was difficult at first, but it was a great learning experience and I now realize how rewarding saving and investing money really can be. I have put a lot of research into good money management techniques, so I decided to start a blog to share what I have learned with anyone who needs help!
A payday advance can really save your neck when it's time to pay important bills, but you're coming up short with the finances. It's nerve-racking and leaves you feeling as if you'll never get ahead. Check out the following ways in which you can improve your situation, with a little time and effort:
1. Check Your Credit Profile
You'll need to make sure this information is in order, even if you don't need it for a payday loan. Sometimes, creditors get information wrong, and consumers aren't even aware of it unless they're denied a loan or credit card. Erroneous information on your credit report can be very costly, so make sure yours is correct and that you're aware of which companies you owe money to.
2. Start Paying Down The Debt You Owe
Because debt with interest costs you more in the long run, it's wise to start chipping away at this type of debt, first. Unless you have old bills that demand your attention first, to situate your credit, make an effort to reduce your debt, improving your credit profile and easing the pressure you're constantly under.
3. Examine Where You're Spending Too Much
Unfortunately, people who are always under stress about money can tend to misspend what they do have. Spending is a way to release some of that tension and to temporarily feel like you're really the one in control. Don't deceive yourself in this manner and instead, apply as much self-discipline as you can muster to spending only where it's an absolute must, such as on food, bills and transportation to work.
4. Always Pay The Bills First
Start each payday off by doing the right thing for yourself, both in the long and short terms: Put most of your money towards bills and debt. Although this can be a boring and discouraging way to live, it's only temporary. Keep up with your good spending and saving habits and before long, you'll gain more and more of your financial freedoms back.
5. Open A Savings Account
There's a lot to be said for a "rainy day" savings account, where you're in the position to just leave the money sitting in a bank until you're in dire need for it. Although payday loans can get you out of a pinch quickly, having a stash of cash, even a modest one, will serve you well in the long run, especially when an unexpected expense comes up. Make sure your new savings account earns interest or at the very least, doesn't charge you frivolous fees that eat away at your hard-earned money.
After you situate yourself financially, you shouldn't experience the panic associated with coming up short when bills are due and thus, not need to rely on payday advance loans to survive. While it's good to know you can always avail yourself of a payday loan if necessary, it's far more comforting to stand on your own two feet.
Share23 March 2017
