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Payday Loan Payoff: Incentive to Limit Spending Habits

payday loan payoff comes from somewhere

How would you change your daily spending habits to afford your short-term payday loan payoff quickly? Figure out how much money gets wasted from each paycheck on spending, which is never tracked in a typical budget. Is the average household frugal? If this money was accounted for, would the typical payday loan customer have better luck getting their debt paid off? Do you think these same people would even need a short-term loan in the first place?

Would Changing Spending Habits Ensure A Payday Loan Payoff?

Do you often stop off at the store for a cold drink, a pack of smokes, or grab a bite to eat through one of the drive-thru lines on the way home? Where does this money come from? Are you spending cash, using your debit that comes from your bank account or charging the expense to a credit card? Where the money comes from may help you analyze your money management system. If credit cards supplement your ‘extra’ charges for charges such as these, it may help to take the next step needed and figure out which category will support the payoff. If you do not pay off creditors in full, the interest charges for these small purchases will have you spending more than their worth.


Many people cannot account for every dollar or even every penny of your hard-earned income. It may help you take out a pen and paper and begin to keep track. Use your notepad on your tablet or smartphone if you are more inclined to keep track that way. Every time you buy a pack of gum, refill your coffee, purchase an app for your phone or cover an overdraft charge on your bank account, mark the expense down. Take it a step further and write down how much interest you are paying each month. Once you see how much money goes out of your account to pay for maintaining a debt balance, you will most assuredly want to change.

Stay Positive

Look at tracking expenses as a positive way to manage your money. Take the hassle of recording every penny spent into a challenge to build a better financial future for you and your family. Get your children involved so they will learn some basic economic rules. If you don’t have the money, then you don’t spend it. Make this a strict rule and obey when there are so many third party money opportunists. Children need to learn early that spending money is not a rite of passage but an income privilege.

Man getting cash advance

Weigh The Balances Of Spending

If you were to rework your budget to fold into these extra daily costs under one of the funded categories, would you refrain from spending extra somewhere else? If you need to use a direct lender or charge on credit cards, would you work out any reallocation from other budgeted areas to make the full safe payday loan payoff? Or would you keep from having charge card balances stretched out over several months or years? It would make smart financial sense. Invest in your future and know when to say ‘no’ to expenses, and say ‘yes’ to your better future. It will lead you to financial freedom and less stress. 

Make Your Loan Payoff The Priority

When you take deliberate steps and think of limiting your expenses, you will make a difference in your budget. You will start seeing the change in your bank accounts and lowered debt. The less you spend, the less you will need those recurring payday loan fees. Think about paying off the current payday loan so that the extra money goes into your pocket. Before you purchase an item, ask yourself, “Do I need this?” or “Can I wait to buy this?” Often you can wait. Be empowered by understanding that your loan payoff is your priority.

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