Believe it or not, the payday loan customer takes out an average of eight loans per year. While folks turn to multiple lenders for multiple loans, others stay tried and true to their favorite quick cash distributor.
But what would happen if those loans were no longer out there? What if you decided you didn't want to rely on short-term loans when finances get rough. Could you make a big financial change by implementing a spending freeze? Not only could you save money and avoid the need to borrow; you could make taking out payday loans part of your spending freeze. Whether it's once a week or once a month, you can save money but not feel like you are totally depriving yourself.
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This first step is to examine your monthly budget. If you don't have one, take some time to sit down and thoughtfully create one. Whether you utilize an online budgeting tool, purchase software for your computer, or take the old fashion route and use pencil and paper, you need to have an idea of where your money is going. Separate your spending into categories and pay close attention to what purchases and expenses are "needs" or "wants". This is going to be important in implementing your spending freeze. Don't forget to include expenses like a payday loan that are not re-occurring but should still be considered part of your budget.
Next, choose a time period in which you will incorporate your freeze and then decide what you will do with the money you will be saving. It's important to know where that money will go so that you don't risk leaving it to be spend somewhere else or at some other time. Perhaps you have been wanting to start an emergency fund, save for a vacation or pay down a credit card. Choose a destination for that extra cash before you implement your freeze. Once you save, make sure you allocate those monies to the appropriate places. If you have a payday loan to pay back consider a two day freeze in an effort to pay back your lender on time and avoid high interest rates and rollover fees.
If you are feeling like you need some moral support for your new found saving regime, consider asking your spouse, family member, friend or co-worker if they would like to team up with you to stash your cash. You may even encourage others to hop on the spending freeze bandwagon.
So now that you have a plan in place, consider the following ways to aid and enhance your spending freeze plans;
*Tidy up your pantry by going through and seeing what foods are sitting around waiting to be used. Plan meals based around those ingredients. You will cut down on your grocery bill and prevent the wasting of food.
*Save on entertainment and activities by finding free things to do. Don't torture yourself by thinking you have to stay home and do nothing. That will only make it harder. Invite friends over for a potluck, take a hike, enjoy a day at the beach or take a bike ride. There's lots to do without ever spending a dime.
*Don't forget to track your progress. It's important to see your hard work payoff. In this case- literally! Make a chart where you can track how much you have saved and see that you do have the will power to avoid spending.
Consider adopting permanent changes now that you know you are capable of implementing new habits. The financial peace you will feel will far outweigh what you are spending your money on.
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