How Payday Loans Work: A Guide to Funding Priorities and Fun
Life is about balance, and how you handle your finances plays a vital role in that. Learn here how payday loans work for funding priorities and fun.
Did you find a great new smart TV you want? Or how about a new Apple Watch or another piece of tech? But wait: you know you can’t afford that and pay the mortgage, too.
We have the answer.
It’s always better to choose both and have it all. So why not fund both your priorities and the fun things? With a quick payday loan, you’ll have the best of both worlds in no time at all. It’s quick and easy.
We’ve included some budgeting tips along with a great explanation of how payday loans work and their pitfalls. When you can’t do it all with the money you have, try a short-term loan to afford both priorities and fun.
Budgeting Tips for Every Pay Schedule
Whether you have a paycheck that comes every week, every other week, or once a month, these budgeting tips can help. Find a little wiggle room in the monthly expenses and see if you can afford the fun things along with the obligations.
Want to take a family trip? Anywhere you want to go is possible with a little help from ideas like reducing expenses, changing up the fun activities, and learning to cook.
Reduce Expenses
One tip for budgeting is to reduce the expenses you have in one or more categories.
Look at the money you have allotted for something like clothing, and decide how much you actually need for a new outfit that month. It may be that you can drop the clothing budget until the next month.
The same is true for other categories, even ones that may seem necessary. For example, how much do you budget for gasoline each month?
Could you choose to stay home from extra activities one week and save the gas money? Of course, you still need to report to work, so you do need at least some gas. But it’s possible you can reduce that budgeted amount by a small margin.
Have Alternate Fun
If you spend a lot of time out on the town, try this month spending more time together at home. You can play board games or binge watch Netflix.
Rather than spending money on movie tickets and popcorn, opt for a Redbox movie on the couch with microwave popcorn. If you like bowling, can you go on Dollar Monday nights instead of Saturdays?
Save money on the entertainment part of your budget. Then you can allot more money to extra expenses outside of your budget, like a broken water heater.
Learn to Cook
Eating out can add up, even if you go to a place that isn’t expensive. Compared to purchasing the ingredients yourself and cooking at home, the entrée, tip, and drink add up.
Even if you don’t have a well-equipped kitchen, there are plenty of easy microwave meals to make that are healthy, too!
It may take extra time to make meals at home, even in the microwave. Here are some ways to save time in the kitchen:
- Chop all ingredients the night before
- Enlist the help of a sous-chef, or family member
- Cook meat or pasta ahead, then combine leftover to form a new meal
Whatever way you manage it, cooking at home saves you money. Reduce your food budget this month, and then you can afford to pay the bills and buy that new sweater you love.
When Budgeting Isn’t Enough – Quick Loans
When you’ve got to have that new outfit for the office, but you’ve delayed paying the mortgage as long as possible, a payday loan is a good option.
It’s most often an instant loan, and there is no credit check.
Most of these loans are small, between $100 and $1000. They’re designed to be repaid right away, so by next month, you won’t have this payment anymore.
There are some pitfalls with a quick payday loan like this. The first is that they have very high interest rates, $15 on every $100. It’s more than any other type of loan or credit card.
Borrowers should also plan to pay back the debt right away. If the payments drag on, extra fees get tacked on. You could end up paying more than the loan amount in fees if you wait too long to repay it. Only borrow a payday loan if you are able to pay it back with the next paycheck.
Wondering How Payday Loans Work?
So what are the requirements for quick loans? All you need are a few things when you apply:
- A bank account
- A pay stub
- ID
When approved, the money gets deposited the next day. You can apply for a payday loan online or in person at a financial institution.
You don’t need any collateral, and you can build your credit score if you repay on time and avoid extra fees. A payday loan is as easy as it sounds, and it will help you afford all the bills plus the fun stuff.
Fund Priorities AND Fun
Because normal is boring, why not be different? With these tips, you can afford everything you want and need. Now you know how payday loans work and how easy they are. So if budgeting doesn’t work for you, you still have options.
We can see you having fun. Are you wearing your new outfit? Are you relaxing on a beach? Whatever the priorities are, make fun one of them, too – you deserve it.
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