The Reality Of Payday Loans
Pay day loans or pay day advances were a thing of the past. Most people who worked in the formal sector had not even used this service let alone heard it. It was the hard work that they put in that counted and so they counted on promotions.
Fast forward to the second decade of the 21st century and they are now a trend. They have become a service that is widely used by at least 25% of persons in the formal sector. Why you ask? This is because the cost of living has risen and profits among companies have fallen.
Since the economic crunch of 2008, we have seen a rise in the costs of food, mortgage, telephone bills, fuel, health services and in the education sector. Pay day advances from lenders such as http://www.mypaydaylender.co.uk are widely applied for by households especially the breadwinners who have to complete paying the bills; be it electricity or the mortgage. But is there really a motivating factor as to why people are obliged to request a pay day advance?
Well I could ask, why can’t someone endure those few couple of days doing side hustles to boost their incomes? Because a pay day loan is only a benefit in the short run but when you look at the long run, it is actually a loss. Read more
So we’ve survived the Mayans’ apocalypse predictions and 2013 is looking rosy, except that is, for the dreaded bank balance. It’s especially necessary to focus on getting this in order for 2013, as banks are less and less likely to bail people out if financial problems are growing. Tackle your financial worries early and follow these 3 steps to prepare for a foreseen financial crisis.
1) Get Your Finances In Order
First things first, you need to know what you’re working with, so getting your finances in order is essentially the first order of business. Start with your bank balance now and work out your monthly and weekly expenditures. Look at your income too, what are you earning and what are you spending, this will help you work out step to, which is of course…
2) Cutting Back
No doubt you’ll have noticed some things which don’t quite tally up in the way they should, perhaps you’re spending money on a gym membership you no longer use, or the odd £20 0r £30 spent on nights out, clothes or trips that you could really do without, yes clothes are things you can live without! Why not try a month on month off trick of the mind, so you’re not actually forced to give up everything all at once, because we all know that if forced to give something up completely in one go, we’re exceedingly likely to fail – remember chocolate at lent? In the first couple months of the new year why not try going a month without buying anything material – this could mean clothes, cosmetics, jewellery, games, you name it, but you can purchase nice food and dinner out, all be it occasionally. Next month try the reverse, sparingly of course, once you’ve got the hang of this little alternating trick it becomes much easier to cut back all together in the following months – it’s the best way to wean off shopaholics for sure.
3) One Day Work
There’s always something you can do to make money if you have a bit of spare time, so why not dedicate an evening or two to mystery shopping, where you could be paid to go to a restaurant and write a short review or the food and service. There are also on-line surveys that pay cash and lots of websites where you can offer up your skills on a daily basis to make a bit of extra cash, all it takes is a bit of spare time.
You never know when a financial disaster could hit in 2013; make sure you’re prepared by reading these four tips to staying on top of your finances and avoiding a financial melt down.
Author Bio | Geoffery is a personal finance blogger in the UK. He specialises in the short term loans and finance market, he works closely with sites like Wonga (wonga.com/about-us) – a digital finance company in the UK. Read more