If you are considering taking a payday loan from a company like Payday Express to cover emergency expenses and already live paycheck-to-paycheck, it's important for you to stick with a budget so you will be able to repay the loan on time. That way, you can avoid paying fees to have the loan renewed at a later date. Here's what you need to know.
Be on time by changing due dates
Make all your payments on time, for everything. That way, you can avoid paying late fees and any additional finance charges your creditors may tack onto your debt. If the majority of your bills are due at the same time, speak with your creditors to see if any of them would be willing to change your due dates so your bills will be evenly spaced throughout the month. This can help keep you from juggling which bills to pay on time and which bills to pay late.
Use coupons religiously
Taken seriously, using coupons can save a boatload of money. It's become so widely popular, in fact, that there are people who offer classes in extreme couponing and a television show about it. If you'd like to learn some tips and tricks to getting the most out of couponing, contact your local library or community center for more information about couponing clubs in your area. You can also find a lot of coupons online, but it may be a good idea to print online coupons at your local library if your printer ink is expensive.
Do a debt consolidation
Consolidate your high interest rate credit cards and loans into a debt consolidation plan. Consolidating your debt doesn't mean that you'll eliminate the debt. What it does mean, however, is that you can make your monthly payments easier to pay off, especially if the debt consolidation plan has an interest rate that is much lower than your other debt. For example, if you have a credit card that you've made late payments on, the interest rate could be as high as 29.99%. With interest that high it would make it nearly impossible to pay off the debt otherwise.
Go high in budget estimations
You'll need to develop a budget or rework your existing one. But the most important thing about your budget is to stick with it. To have a better chance of sticking to your budget, it's crucial that you go with higher estimations of what you spend so you aren't inadvertently making things more difficult. Be realistic with your budgeting plan. It's important is to estimate high on things that have fluctuations in pricing, such as gas and heating oil. That way, a higher-than-normal price won't significantly impact your budget.
Entertain yourself & your family for free
Instead of spending money on entertainment, like going to the movies and dining out, spend some time entertaining yourself and your family for free. Take a hike or go on a bike ride if you are fit enough to enjoy these types of activities. Take a trip to the library to borrow some books and movies or to go online. Play verbal games, such as asking trivia questions, with your family and friends. You may be surprised at how much verbal games increase listening and thinking skills, especially in young children.
Talk with your bank
Since your payday loan repayments will be taken directly out of your checking account, talk with your bank about placing a limit on your ATM card so you don't go underneath the repayment amount. Also, talk with your bank for more information about the types of accounts they offer to help people with their finances. They may have accounts and/or sub-accounts you can open to help you stock away an emergency fund, which can help you in the future when the next financial emergency comes up.