Posts Tagged ‘avoid payday loan problems’

Alternative To Payday Loan Problems – 14 Strategies To Create A Healthy Emergency Fund – Part 3

Here’s the last part (read and ) in the series of articles on how you can successfully create and maintain a healthy emergency fund and use the same to avoid payday loan problems. There is an old saying “prevention is better than cure”. The best way to deal with debt problems is to never get into debts at the first place. Following are the remaining five strategies to create that financial cushion.

Step 10 – Do Not Underestimate The Value Of Those Few Coins

You must learn how to save your change. For example, a nice strategy is to empty your pocket and put all those coins into a saving jar every evening when you get home from work. You will see a decent heap of coins at the end of the month. Take this money out and put it into your saving bank account.

Step 11 – Do Not Spend The Amount Of Money You Earn Occasionally

There are times when you may earn more than your regular monthly income. For example, it can be a tax refund or a Christmas bonus. You are strongly recommended not to plan how you are going to spend this money. There is no need to make adjustments to your budget plan just because you have got some occasional earnings. Put that money directly into your emergency fund and forget that. This strategy (whenever it happens) can really boost your savings substantially.

Step 12 – Consider Refinancing

The trends in the market change very quickly. You are strongly recommended to always keep an eye on those changing trends. The idea is to look out for an opportunity that should allow you to refinance your existing home mortgage or car loan on lower rates and on much favorable terms. The lending market is a highly competitive one. If you do a thorough research, you will definitely find out a lender that is willing to offer you a refinance program at much lower rates. If you happen to find any such program, go for it. This type of refinancing can save you a lot of money. But again, you will be able to enjoy that saving only if you put the money you save every month into your savings account and forget about it until there is a serious need.

Step 13 – Save On Insurance Policies

While you are working on your strategies to create an emergency fund as an , you may also consider saving on insurance premiums. You can save a lot of money on insurance premiums by switching to another insurance provider that is willing to offer you better coverage at a lower rate.

Step 14 – Earn More

Last, but not the least, you can also consider making the best use of your skills and qualifications to make money from it. You can consider working as a freelancer. There are several websites that offer freelance work in writing, editing, translation, web designing, web development, telemarketing, and an array of other areas. If you do not find a suitable freelance job, you can consider working overtime or getting a second job on the side. If you look around thoroughly and ask for suggestions from your friends and colleagues, you can even find a part-time work for weekends only. The idea is not to spend that extra income, but to keep that in your emergency fund.

If you follow these 14 strategies thoroughly, you will always have a big emergency fund, which will give you strong sense of financial security. Step 4, in particular, is crucial; you must always try to leave a minimum balance on your savings account. With the kind of financial security like this, you will never have to get into risky paydayloan debt.

Custom Search

Basic Things You Must Know About Bankruptcy Dismissal

When you file a petition for bankruptcy and the court rejects your petition on certain grounds, it is legally termed as bankruptcy dismissal. Dismissal means your case is officially closed and that the court will make no further rulings on your case. Some of the most common reasons why a petition is...

Credit Repair

Building Credit With No Credit

When it comes to building credit with no credit, there are several online canadian pharmacy factors that you need to take into account. Just because you do not have any credit history at present, it does not mean you will never have one. No one is born with a readymade credit history. You have to gi...

Credit Repair

A Loan To Defeat All Loans Debt Relief Loan
Payday loans fax-free payday loans and instant online payday loans are everywhere be it on the Internet newspapers or television. Today when the economy is in turmoil these loans look like the saving gra... Read more

Tips On How To Consolidate Payday Loan Debt
You may need to consolidate payday loan debt when you are caught in the middle of a financial crisis arising out of your inability to repay multiple loans. Debt consolidation loan allows you to consolidate all... Read more

Do Not Put Up With Debt Collectors Harassment
There was an emergency and the need arose to take a payday loan. It seemed to be the fastest and the best option available then. However now the debt collectors harassment is horrendous. The fact that using t... Read more

Consolidate Payday Advances To Save Yourself
Payday advances are loans taken against a persons paycheck. They have a way of digging into your paycheck month after month. They usually have exorbitant interest rates though the sites offering the services... Read more

Can I Consolidate Payday Loans
Can I consolidate payday loans is a question you are sure to ask yourself when faced with a trying financial situation. When payment of loans becomes difficult it is possible to consolidate and replace many... Read more

What are the pros and cons of debt consolidation?