Finanical Safety

Payday loan help is a great financial safety net if it is used sparingly in emergency situations. It can mean the difference between paying your bills and preserving good credit and financial disaster, in some cases. Ideally, though, you want to get yourself to the point where you no longer have to depend on payday loan help to make ends meet. Here are some common-sense tips to help you.

Tips to Help You Manage Financial Emergencies

-Tip 1-
Start a $500 emergency fund. Begin saving toward an emergency fund that you can use as a cushion for those financial jams that sneak up on you between paychecks. Even though this may be a stretch for you to save if you are struggling to make ends meet, it will help you in the long-run. Income ebbs and flows, as do expenses. You need to be prepared to buffer those financial vicissitudes with a nest egg, of sorts. Start small-for example, have a goal of depositing $10 per paycheck into your emergency fund. Over time, you will be able to grow your nest egg and give yourself more financial leeway. This way, you will not have to rely chronically on payday loan help to get by.

-Tip 2-
Build a budget. Budgets are so important because they tell you how much money you have coming in and exactly where that money goes. If you don't already have an established budget, begin by tracking every cent of your expenses for one month. Write down what you spend in a notebook or keep receipts to record it later. Make sure you include ATM withdrawals, checks, and bills that are automatically taken out of your account each month. Once you figure out where your money goes, pinpoint areas where you could save. Set limits on each area of your spending and stick to it.

-Tip 3-
Think about credit counseling. If you've tried to manage your finances on your own with little or no success, you might think about professional intervention. Credit counseling is provided by non-profit companies to people in financial distress to help them establish a budget, manage debt, and/or improve credit. These services are usually very reasonable in price and are available in almost every area. They can do anything from offer advice on your spending to negotiate on your behalf with your creditors. This can be a great alternative to payday loan help in the long-term.

-Tip 4-
Try to manage your cash-flow problem without borrowing. Often, cash flow gaps can be handled without borrowing a dime. You just have to get creative in your approach to the problem. For example, before you are late on a payment you know you can't make on time, talk to your creditor and explain your situation. You might be surprised at how flexible they can be when you let them know ahead of time. You might be able to get an extension or work out a payment plan. Alternatively, try asking your employer for an advance on your paycheck. Usually, employers will not charge you interest for this courtesy, so you get the money you need without extra costs.

-Tip 5- Exhaust all other sources of cash. Think about other ways you can get money. Do you have a family member or friend who could front you the cash until your paycheck comes in? What about working some overtime at work or picking up another job short-term? Obviously, you would also want to exhaust any savings you have before deciding to borrow money. Also think about assistance programs through local charities, your church, or community programs meant to help people in financial crisis.

For the answers to some of the most commonly asked questions about payday loan help, see our FAQ page.

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