Studies show that people would rather take out online payday loans rather than cut back on expenses. As often as savings accounts are mentioned and suggested, many people would rather live their accustomed lifestyle. What if we change the terminology? Instead of calling a savings account by its original name, let’s try to view it as an “emergency fund.”
Payday Loans Online Provide Access to Emergency Cash
If emergency access to cash is the attractive part of online payday loans, how much effort would it be to “collect” (trying to avoid the “save” word) a small amount of money to use instead of turning to the low-cost payday loans.
Collections Before Payday Loans
Begin with a jar or a pretty vase taking up space in the storage closet. Collect your loose change each day and begin filling up the container. Heading for a coffee shop? Set yourself a mindset that will get you to avoid stopping and place the money on your morning java into the container. Determined to get your coffee? Combine the amount spent on this “want” and place an equal amount into the jar. Apply this rule towards eating out, the shoes you just had to have because they were on sale, or the pizza you brought home for dinner. Dumping money in a jar for an emergency fund may not be such a difficult job. You may find yourself cutting back as your wallet empties itself into it just for thinking about spending the extra cash.
Don’t Say That “S” Word (shhhhh…SAVE)
Collecting things is fun! Many people make hobbies out of collecting random items. There are even special shelving units purchased to display the collections. Your beautiful vase filled with money displayed on the mantel is a great reminder to you to keep collecting. Once the container is filled to the brim, take the money to the bank. Open a “you-know-what” account and start building your emergency cash. You will get the hang of it, especially when it begins to look significant.
Don’t Forget to Treat Yourself
The whole idea may sound silly, but if you have ever raised children, you know that reverse psychology does work. Cutting back on those extras will become second nature to refrain from spending double the amount. Perhaps it may even carry over into the grocery list as smarter choices are made to keep meals at home instead of eating out. Once you can build your collection up to a few hundred dollars, don’t stop. Keep your collection going. Involve your family so that they can think about setting a collections goal. Once the container is filled, the family gets a treat, an inexpensive treat. Oftentimes, the struggle is more fun when shared.
Collect Your Own Payday Loan Amount
Who knows, your emergency cash collection could continue to grow into more than just a direct payday loan amount. These loans are small, usually only a few hundred dollars even with the fees. Having a collection of your own to fall back on will keep fee charges away. Put back what you borrowed as fast as you can to keep the collection solid for the next time you have an emergency cash need.
Beware of Payday Lending, Be Smart
Spotya! cares about the success of people’s finances. We want to empower you in responsible finances. The idea of having a self-made payday loan fund will take business away, but will bring more financial successes to what was a potential customer. Keep yourself out of debt one collection at a time. Ultimately, when you stay away from payday loans, credit cards and borrowing, you are on the right track to financial freedom.
Every once in a while, there will be times when you have no other options. It seems like it’s one financial burden or emergency after another, and you have to turn to online payday loans. When you require a low-cost payday advance, make sure you do your research and ask a lot of questions. Customer service representatives should be ready to answer your call and all your questions. Be comfortable with whom you do business.