Where does your money go? Paycheck comes in and bill payments go out. Who is in control? Most folks would like to say that they are in charge of their money, but if they do not know where their paycheck went, that idea might just be wrong. Do you know what you use your credit cards for? Do you know how much you owe towards them? How many short-term payday loans have you used to get by throughout the last year? If you are one of the many who are living in debt, you may be in denial as to who is in charge of your income.
One of the best ways to discover where your money goes is to track your expenses. Add up all your monthly bills and expenses and subtract from your total take-home income. How much is left over? Can you account for what is missing from your wallet or back? Where are the leaks? If you don’t track down every purchase throughout the month, you may be spending money which should otherwise be set aside for payments. Some of the biggest culprits are trips to convenience stores, added trips to the grocery store; drive-through lines as well handouts to family members. Your children’s allowance should be accounted for within the budget. Once you can get a real look at where your money goes you will be able to start plugging the leaks.
You may have to take a reality check and make changes to some spending habits. Are there particular days of the week that money leaks faster than others? Would a grocery list help limit trips to the market as well as cut down on eating out? If you pack your lunch and snacks for road trips would you be able to pay down some of your debt instead? These changes may keep you from needing to use credit cards or online payday loan lenders when the end of the month comes around. If you think about it, omitting third party money from your monthly expense account will save you even more. You will limit how much interest you pay each month and have more of your income to use as you see fit. It is then that you will gain control of your hard earned money. Right now, your cash is being funneled into the creditors’ and lenders’ pockets. Can you see the problem now?
Have you ever had to compromise your financial goals and objectives in order to deal with an emergency? Financiers are always talking about what is right and wrong when it comes to managing money, but what happens when their advice makes no sense to your situation? Don’t use retirement money, don’t get trapped in credit card debt and don’t ever use online direct payday loan lenders to make ends meet are warnings that are often rejected.
You may never think you would ever do any of the above until your finances fall into a spot that calls for drastic measures. It is nice to think that we all could possibly have a wealthy family member or close family friend to bail us out of this and that. It would also be nice if everybody started saving as soon as they got their first job. But alas, a typical household has to depend on their income to support the budget and mistakes of the past as well as the never ending supply of unexpected costs which keeps money out of the savings account.
Maybe you have dipped into your retirement account to help your finances. It would be great if it the money is returned soon after, but most people would not be able to save up enough put it back. This cash does not come overnight and it carries with it some tax liabilities. It must be claimed as income and if it puts you into a higher tax bracket; your money problems are not over.
“I’ll just charge it” is a popular option. Just look at the staggering credit card debt numbers for households in this country and many others as well. These plastic cards are accepted all over and in some cases is the only option. Cash cannot even be used in as many places. The problem with this debt is how it gets managed. The minimum payments are appreciated and make the debt affordable but it also does very little in getting rid of it. The revolving accounts also allow people to continue to use the money over and over oftentimes maxing the card out to make the minimum payment more than the user had originally budgeted for. If there was only one credit card per household then the debt wouldn’t be so bad, but in fact, multiple cards are often filled creating a strain on any attempts to pay for extras, emergencies or put money into the savings account.
There are a lot of people who look to an online payday lender fast cash to get them out of a sticky money problem. Unexpected expenses can often throw a budget off its track, especially when payday is still a few days away. When your money management has left you less than credit worthy, alternative money may be your only opportunity to correct a finance problem. It is important to understand what you are up against with short-term loan lenders.
*You will find all kinds of lenders but they will not all have the best ‘customer focused’ practices. Find a good one before you apply.
Hard times often call for tough measures. Payday loan help is more expensive than typical options, but when there are no options left to use, the best method is to search for a safe online payday loan lender to service their loans.
*Piggy-backing short-term loans as well as getting multiple loans at the same time are never a cost effective idea.
Because the interest is higher than typical money transactions, obtaining a loan is more expensive if left out past original due date. It is important to learn a company’s policies and payment options before you send in the application. Do your homework and find a company with a good reputation. Social media now makes it easier. Search the company on Facebook, G+, Twitter or Pinterest to what they offer.
* When it comes to applications, there are some important things to know before you apply. It’s also important to be completely honest on your application. Good lenders will use this information to qualify you for an affordable loan.
Your income matters. How much you bring home each month is what you live on. It pays the rent, buys a car, keeps utilities running and feeds the bellies of your family, pets and gas tanks. If your income does not cover your basic needs you will need help. Some people will find a roommate to share living costs, others will find a second income and too many will use credit card or fast direct payday lenders to make money matters work.
Using third party money to support basic living needs is never a smart money decision unless there is some sort of emergency which calls for drastic temporary measures. Get the utilities paid and put food on the table, but if you cannot do these things without help, you have to make changes to your lifestyle. If you don’t, your credit cards will soon be filled and payday loan lenders will be rejecting your applications. Yes, even payday lenders reject applications, at least the responsible ones.
Many payday companies will have set qualifications which must be met in order to be approved for a short-term loan. Credit card companies will qualify you based on your credit score and history. Since fast cash advances are no credit check loans, there must be other ways to regulate who is approved and who is not.
* What state do you live in? Online payday lenders will want to know where you are calling from before they will work with you. Some states have laws which prohibit most lenders from servicing residents. Other possible reasons are state regulations on interest and loan caps discourage direct lenders from being licenses in the given state.
*How much income do you bring home each month? Your take-home income is going to be the base for calculating how much money you are approved for. Just because you ask for $500 it doesn’t mean you will get it. A responsible lender will make sure that your income can cover the loan as well as have a bulk of it left over to cover other expenses.