Short term cash loans can be extremely tempting (and handy) if you find yourself short on cash just before payday, despite your willingness to avoid cash loans, but if you’re having to apply for cash loans online regularly, then you may not be managing your financial affairs as well as you should.
In this article, we’ll be looking at ways to manage your money better so, when it comes to taking out unsecured cash loans, you’ll only do it when it’s absolutely necessary.
Avoid cash loans by analysing your spending habits
If you’re continually having to take out quick cash loans, firstly, ask yourself, why is it happening? In most cases, you’ll discover that it’s probably because you’re overspending without realising it. If you don’t already have a monthly budget regarding your income and outgoings, then it’s time to put one in place.
One way to avoid cash loans is to start by examining where your money goes. Do this experiment for a week. Write down everything you spend cash on down to the smallest item. There are Smartphone apps that can help you both track your spending and create the best budget for your personal financial circumstances.
You may discover that you spend more personal currency than you think on small items that you probably could do without. This is the low lying fruit that you can easily remove from your budget. You’ll find too that there are probably a lot of spending habits you can modify to stop spending so much. Cut out takeaway coffees, for example, or start taking a packed lunch to work instead of that expensive sandwich from the local deli. When it comes to commuting to work, is it possible to walk or cycle instead of driving or using public transport? Not only could you save hundreds over the course of the year, you could be giving your health a boost without those costly monthly gym fees.
Trim the bills, save money and avoid cash loans
Look at your regular bills. If you’ve been with the same suppliers for your phone, electricity, gas, internet or TV for a while, you could find that you save a small fortune by moving to a competitor. In all likelihood, you’ll even enjoy an introductory discount for six to 12 months, which could add up to a considerable saving over the course of the entire year. Look at your bank fees too. While some banks charge per transaction, some charge a single monthly fee. Based on your usage, it could be worth checking out if your bank has a more suitable current account for your needs, or even moving to another financial institution altogether. These days making the switch is much easier than it used to be in the past. And if you can find an account with an overdraft facility, that could help you avoid cash loans altogether.
One of the biggest strains on the household budget can be groceries, but it’s also one of the areas you can make the greatest savings. After all, you have more control over how and where you spend your hard earned cash shopping. Plan your meals for the week ahead and always make and take a shopping list with you. That way, you’re less likely to impulse buy. Planning your weekly shop in advance will also mean you to use more expensive convenience stores less during the week. Before going to the shops, visit store websites to check for special offers and BOGOF (Buy-One-Get-One-Free) offers and create a weekly menu around the best buys. You should see a huge drop in the cost of your weekly grocery shop as a result. Don’t forget to buy ingredients for packed lunches during the week.
Emergency cash loans UK help you plan for the unexpected
Of course, there will be times when due to an unexpected expense or an emergency repair bill that you simply won’t have enough money at the end of the month. In this event, quick cash loans can be a lifesaver. And, as long as you put the tips here into practice, you should have no problem making the payments the following month.
The important thing to avoid is getting so far behind with your budgeting that you end up in a vicious circle where you rely on cash loans to make up the shortfall from the previous months. Left unchecked, this could lead to cash loans bad credit, which could prevent you getting an unsecured loan when you really need one.
Ultimately, ending your reliance on cash loans is all about controlling your spending.