Finance

How to Save Cash and Avoid Payday Loans Altogether

How to Save Cash and Avoid Payday Loans Altogether

If you need to save money in a few months, you should try saving money instead of relying on payday loans to acquire it. The last anyone wants is to deal with debt and high interest rates. If you have already taken out a payday loan, do not fret, as you can save money to pay for it each month.

Payday loan lenders offer different repayments plans so choose the one that accommodates you. For those who are thinking to take out a payday loan should follow the following tips to save cash before a payday loan lender becomes their last resort:

·         Save Money on Utility Bills

Visit the Energy Saving Trust to use their home energy check feature. It is available on their site for users to use for free. You can save up to £250 on utility bills if you follow the site’s advice. The site’s purpose is to provide people with the best and most favourable deals on their utility bills.

You may also want to equip your home with LED light bulbs to save additional money on your electricity bill. In comparison to traditional light bulbs, you can save a lot of money using LED light bulbs. To conserve water, instruct your children, if you have any, to close the tap while brushing their teeth or shampooing their hair.

·         Save Money on Clothing Items

If you have a clothing item lying in your closet that you have yet to wear, perhaps, it is time you get rid of it. You can take your old clothes to an exchange store or you can make something new out of it. When you are out shopping for new clothes, visit charity shops or look for sales. If you have friends and family members who have outgrown a certain clothing item, ask them to give it to you. Never pick anything out of a clothing rack before looking at the price tag first.

·         Save Money on Transport

Why spend money on paying car payments and petrol when you travel by public transport? Public transport is cheaper and if you know someone taking the same route as you, you will have someone to talk to while on the bus. You can also travel by train if you do not want to take the bus. If you want to get fit while you make your way to work, you can ride a bicycle or go on foot.

·         Save Money on Fun

One of the easiest ways to save money is to plan for your vacation ahead of time. If you want to watch a movie, ask the cinema if they have a newsletter or any kind of system where they send alerts to people about decreased price viewings. You can look for festivals that do not charge an admission cost or explore a new city.

If you need money, do not apply for payday loans, but try to save money where you can.…

The Benefit of Tracking Your Spending

The Benefit of Tracking Your Spending

The median saving rate of Americans hovers at about 0 per month, and things aren’t any different in UK or any of the first world countries While this stat might appear shocking, it nevertheless paints an accurate picture of the spending habits of most of the individuals. And for most part, the reason not being able to save is simple – not keeping track of the expenses.

No one would want to go on a road trip without knowing where they are headed or what the destination is. Sadly, that is how most people handle their finances. We spend money in the account without giving any or much thought to where the money is going from the account.

Keeping track of the spending is a key component of effective money management.  Without keeping tabs on your expenses, you won’t be able to make efficient use of your limited financial resources. There are several reasons that you must keep track of your expenses.

Makes You Disciplined and Smart Spender

The act of tracking your spending makes you aware about how efficiently you are utilizing your money. It forces you to ‘think’ before spending money. In this way you become a more discipline spender and avoid wasting money on unneeded expenses. The more time you spent tracking your spending, the more ways you can think of saving more and earn more money.

2. Helps in Prioritizing Expenses

Another benefit of tracking your expenses is that it helps you to prioritize your expenses. By using budgeting tools and apps, you can get an overview of all your yearly expenses, and forces you to prioritize expenses according to their importance.

3. Assists You in Meeting Your Goals

The third important benefit of tracking your spending is that it helps you to meet your financial goals. You cannot reach your goals of saving for a dream vacation, owning a car, or building a sufficient nest egg for retirement without knowing your spending habits.

4. Prevents Financial Hardships

By keeping a clear view of your spending, you can avoid falling into a debt trap and remain financially in the green. Looking at your spending habits will make you disciplined and considerate as to how you spend your money. This will force you to spend within your means and avoid resorting to credit to meet your expense. The end result will be less financial hardship for your, and more financial freedom to achieve life goals and dreams.

5. Highlights Trouble Areas

When you keep tabs over your spending, you will be better able to identify trouble areas before they become into a crises. You will know what expenses are draining your bank account and adjust your spending habits accordingly.

On a final note, remember that the way you spend your money will determine your financial well being. If you spend on unneeded and wasteful expenses it will come to haunt you later down the road. It’s vital that you track your spending to avoid financial troubles that may wreak havoc in your life. The little effort will go a long way in ensuring that you don’t get yourself entrapped into debt trouble.…