How To Do Better Budgeting
If you find that you always have more month than money, you may be convinced that you need more money. That may very well be true, but better budgeting might also be called for. Especially if you are a regular customer of expensive payday loans, you definitely need to re-evaluate how you handle money. LoanNow can help.
Needs versus Wants:
Most people think of the word budget as a restriction or even a punishment. Nothing could be further from the truth. Better budgeting enables you to allocate your money as efficiently as possible. In many cases, a sound budget allows you to enjoy little extras and even big splurges without risking your financial well being.
Basic needs such as food and shelter naturally take priority in your budget. But that doesn’t mean cutting out things you enjoy altogether. Just like diets that are overly restrictive, budgets that never allow for anything other than necessities often generate resentment that leads to overspending. A better budgeting strategy is to include small extras such as an occasional meal out or having friends over for popcorn and DVDs.
An Emergency Fund:
Stuff happens. Extreme weather events, catastrophic illness or job losses are often completely unavoidable. Without an emergency fund, you may be one skipped paycheck away from real financial hardship. If you find it difficult to save, a better budgeting strategy is to consider your emergency fund as one of your bills. Make “payments” into the fund with every paycheck, or at least monthly, until you’ve accumulated as much as you need.
Using Credit Wisely:
If you have bad credit a better budgeting strategy can help you get your credit profile back into shape. Pay off as many derogatory items as possible. If there are extenuating circumstances that have caused or contributed to your bad credit – such as serious illness, you are entitled to write a 100-word statement that must be included whenever your credit report is submitted to third parties. Many merchants take these statements into account when making credit-granting decisions.
Finding Additional Funds:
If you’ve taken all the necessary steps toward developing better budgeting skills and you still find yourself short on funds every month, then you need to consider ways to generate more income. Perhaps you can take a second job or turn a hobby into an income-generating sideline. If you’re married and have kids, perhaps your spouse or children can look for part-time jobs.
If you’re facing a genuine financial emergency, a loan is a viable option. But payday loans – with their high interest rates and short repayment periods are financial traps. LoanNow is a much better budgeting option. We process applications just as fast as payday lenders, and we evaluate your entire financial picture, not just your FICO score. But our repayment terms feature manageable monthly installments, not payment in full after just a week or two. Let LoanNow help solve your budgeting problems!