In today's tight economy getting a
bank loan is not always an option. The only quick cash out there seems to be in
the form of a short term, high interest payday loan.If managed properly these
loans can serve a purpose in a time of need, though often they lead to a cycle
of fees if not paid in full quickly.
There are nightmare stories of
people in payday loan debt for years, paying only 'renewal' or 'roll over'
fees. Many still owing the same amount as the day they took out the loan.
Pretty hard to swallow. The only way to avoid the payday loan debt trap is to
plan and save. We can save in so many more areas of our lives than we consider.
The following money saving tips will hopefully help save some money and avoid
payday loan debt or get out of it quicker if it's too late.
Tips For Saving Money and Avoiding
Payday Loan Debt
In General Plan your budget. List all sources of income and your
regular expenses. Take a look to see what you can cut back on. Look for better
deals (for example - shop around for auto insurance).
Bring your lunch instead of buying
it everyday.
Pay yourself first. Each month, try
to save at least 5% of your take home pay. Increase that percentage whenever
possible. Set goals. You'll want to save more if you know exactly what you're
saving for.
Avoid impulse buys. Think about
whether you need something before you buy it. You'll be surprised how much you
can save by being disciplined.
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