Most people have already realized that when our finances are in
order, everything else around us, including our relationships
just seem so much richer.
If you are in the habit of getting payday loans or direct deposit
advances, I hope you have come to realize you are probably in
serious financial trouble. First you are getting a payday loan or
cash advance because your credit is shot. It is ultimately your
last resort in obtaining fast cash. You're not alone. The 'no
credit check' payday loan industry has grown to a 14 billion
dollar a year industry. Any industry that feeds on people's greed
and lust for more will probably flourish in the USA. We are
bombarded daily with some new thing or pleasure that we "need to
have". I'm personally guilty of it just as much as anyone else.
The payday loan industry basically goes after all those credit-
challenged people. People who have never been able to manage
their personal finances and in turn have bad credit. These are
not bad people. They are simply people who have the habit of
making bad financial decisions. Payday loan companies market
themselves by providing emergency cash and many of us can
consider almost anything an emergency. The fact of the matter is,
unlike other emergencies we have in our lives, this is one we
have created ourselves.
While writing this article I speak from experience. I owned a
payday loan store, both online and brick and mortar. I was very
involved with my customers. When a customer repeated time and
time again, we would have them use the fees to pay down their
loan. When their loan was paid in full, 9 times out of 10 they
would return to get another loan. I spent endless hours trying to
get my customer back on track. Many of these people repeated and
many learned to stay away. There were so many people getting
loans. The demand outweighed supply. We had no problem finding
payday loan customers. Most people getting a payday loan or
direct deposit cash advance have the power to get themselves back
on track.
Each article I publish, I'm putting in some good hints to help
you get back on track. The last article published I gave five
tips. The article can be reviewed at http://www.spotya.com.
Here are some new tips to get yourself back on track as well.
Remember if you can't measure it, you can't manage it.
1. Write down your monthly expenses. Now write down how much
money you take home monthly. It sounds easy and that's because it
is. Be accurate when doing it and don't lie to yourself. Don't
write down what it could be, write down what it truly is. It
would surprise you how many people either never took the time to
do this or just don't want to know. If you don't start here, you
will continue to live dealing with one financial crisis to
another financial crisis.
2. Buy a small pocket notepad. Write down everything you buy. It
should be very detailed. It should include coke, coffee, gum,
cigarettes, lunches, etc. You'd be surprised how those little
things will add up. This is only the start; you will need to
create the habit of doing this daily.
3. Evaluate each area in which you spend. If you are eating out,
write down how much you are spending. Once you see how much you
are spending, you will need to make the necessary steps to cut it
back or eliminate it for some time. For example, if you bought
one soda a day for 30 days it would cost you about $30. If you
buy your soda at the super market it would only cost about $7.
You could save about $23 just in soda. The same would apply to
coffee.
4. Evaluate your rent. Are you living in a place you can't
afford? If so, then what are your options?
5. Can I cut back on my utilities?
6. Am I stuck in a car with high payments and high interest? What
can you do to get out of it?
7. Gas is up to $3.00 per gallon, can I carpool or move closer to
my work?
8. This is a tough one even for me. Habits or addictions:
Cigarettes, chewing tobacco, alcohol, pornography, and more. This
will absolutely break us. We all need to get our addictions under
control. My addiction is chewing tobacco. Does anyone know that a
can of chewing tobacco is $6 or more? These addictions will rob
you of your health and finances. Pornography robs your soul,
finances, and relationships.
9. Most of us get into these financial jams because of our lust
for more. It's easy getting into debt but it's hard getting out
of it. Don't blame anyone for your situation; not payday lenders,
friends, society, no one. You need to take personal
responsibility for your debts.
10. Although getting out of debt is a challenge, make it fun. Get
online and find some resources. Get out your notebook and start
writing. Just get tough with yourself. You don't have to become a
tight wad; no one likes a tight wad. You will need to start
creating new habits. It takes six weeks to create a new habit.
11. Start giving. "What?? I'm broke!" Giving is a principle.
Start small, $20 a month sponsors a child, or find an
organization to give to, but do it monthly without fail. Within
my family's financial plan, giving is part of our budget. The
rewards are awesome!!
12. As I told you before I was a payday loan lender. I left that
market place and started http://www.spotya.com . We are a
California Finance Lender that has strict guidelines. A payday
loan can cost as much as $60 in fees for 30 days. Spotya! charges
$7.50 per $100 for 30 days. That's $52.50 a month in savings per
$100 borrowed, when comparing to a typical loan company. You can
use that extra money to pay down your debt. In no time at all you
can work toward your financial freedom.
13. Tell a couple friends or family members what you're doing.
Have them check in on you from time to time and make sure they
hold you accountable to your financial plan.
14. Remember, if you're not willing to make the necessary
sacrifices to get debt free, you will never be debt free.
If you never take the time to write down everything you spend,
you will never achieve your goal to become debt free. Writing
everything down empowers you to always know right where you're
at.
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