How To Avoid Payday Loans

Have you found yourself wondering how to stretch your money? When money is already tight, it can seem impossible to make your paycheck stretch through the end of the month. Making your paycheck last, though, is necessary to avoiding payday loan debt, or any debt, for that matter. If you can learn how to stretch your money to make it through until your next payday, you’re on the right track to getting, and staying, out of debt.

Whether you’re trying to get out of payday loan debt or you’re just trying to get by, we’re sharing with you 10 tips to make your paycheck stretch further. Using these tips, we hope to teach you some easy ways for how to make money stretch, to get through until your next paycheck.

1. Use a budget

Make a plan for how you’re going to spend your money. Write down how much money you have coming in this month. Next, make a list of the necessities: rent, groceries, gas to get to and from work, etc. If you have money left over after all of the necessities have been paid, then you can plan for how the rest will be spent: paying off debt, new clothes for the kids, etc. Using a budget will help you stay on track and make sure you don’t overspend your paycheck before the end of the month.

If you’re halfway through the month, use these same steps with the money you have left and the expenses you have left to pay. If you go through the process and you don’t have enough money to cover everything, there’s two things you can do; decrease some of your expenses or find a way to increase your income.

2. Shop (only) the sales

Plan your spending around the sales. There’s no need to ever spend full price on anything, especially when you’re trying to stretch your money. Before going shopping, search the ads in the paper or online to find the best deals. When certain grocery items you need are on sale, stock up. When you’re trying to make your paycheck stretch, you have to be flexible and open to not necessarily buying the things you want, but instead buying the things you need that are also on sale.

3. Plan fun nights/weekends at home

You don’t have to stop having fun because money is tight. There are a ton of free ways to have fun without ever leaving your house or spending a dime. Plan fun nights or weekend activities ahead of time so you and your family have something to look forward to. Here’s a few fun ideas:

• Friday movie nights at home with movies you already have
• Spend Saturday at a local park
• Invite friends over for a game night and ask everyone to bring a game they already have

4. FIY: Fix it yourself

If money is already tight, having to pay a mechanic, plumber, or electrician to fix an unexpected issue can be really stressful. So, before you call the pros, do some research and see if it’s something you can fix yourself. Search the internet or YouTube. There’s a wealth of knowledge and online tutorials that can show you how to fix almost anything.

There are situations when paying a professional is the safest and most cost-effective route. However, paying an expert to come fix an issue for you will cost you several times what it would cost you to do it yourself. So, do your research. Find out if it’s something you can fix yourself. If not, try to find a friend who can do it and would be willing to do it for free or for a discounted price.

5. Use coupons

Never pay full price. If you’re already tight on money, using coupons can help you buy enough food to get through the end of the month without overspending. Most grocery stores also have coupon days when you can use multiple coupons to save even more money. Take advantage of these deals, and do your research. There are a ton of great online resources for learning how to coupon, like this.

6. Stick to water

Skip the soda, and coffee, and alcohol and replace them with water. We spend a lot of extra money on drinks, alone. So, if you’re trying to stretch your paycheck through the end of this month, give up the daily soda or coffee pit stop on the way to work. By replacing your daily drink, whatever it is, with water, you’ll also be keeping your body hydrated and staying on top of your health. Better health and more money? It’s a win-win!

7. Skip the restaurants

If you’re trying to stretch your paycheck through the end of the month, skip the restaurants. Eating out is expensive and costs far more than buying groceries and cooking at home. So, skip the drive-thru and the sit-down restaurant and, yes, the chinese carry-out, too. Your wallet will thank you for it later.

8. Buy items in bulk

Since you’ll be skipping the restaurants (see #7), you’re going to be spending more money on groceries. Buying in bulk can help you save on the items you use the most. So, check out your local wholesale warehouse, like Costco or Sams, and buy the things you use most (bread, eggs, beans, pasta, etc.) in bulk to save money and stretch your paycheck through the end of the month.

9. Buy only generic brands

They’re typically the same as the name-brand products, anyways, so why spend more than you have to? When it comes to grocery shopping, go with the generic brands. This is a great way to save money on groceries when you’re trying to make your money last longer.

10. Pay with cash

It’s impossible to spend more money than you have if you’re paying with cash. It’s also a lot more difficult to spend money when you’re having to hand over cash rather than swiping your debit/credit card. So, you’ll think twice about purchases that aren’t necessities. Give it a try. Pull out the rest of the cash that you have left to spend for this month and put your debit/credit card in a drawer. Paying with cash is a great way to not overspend.

Making your paycheck go further gives you the financial space to accomplish your goals, and knowing how to stretch your money is a skill you’ll use for the rest of your life. These tips can also help you ensure that you have enough money to buy the things you need, like groceries and gas to get to and from work. Give one or several of these tips a try and make the most of your money this month.

We all know how hard it is to kick a bad habit to the curb. Just try giving up tobacco, or alcohol, or sugar for one week and see how you feel by day two. Habits are sometimes about the physical effects (i.e., smoking, drinking, etc.), but they are always about the mental reward of engaging in the act.

So, quitting bad money habits can be just as difficult as giving up a food or drink you can’t go a day without. It’s not impossible, though, and we’re going to show you the easiest way to shift your money habits to get out of debt.

Psychologist and author of “Making Habits, Breaking Habits”, Jeremy Dean, says that habits are difficult to break because most of our behavior is automatic. In an article on Forbes, he says that one of the key steps to breaking a habit is to “replace the bad habit with a good habit.” So, rather than quitting your bad spending habits cold turkey, we’re going to show you how to shift your bad money habits and replace them with better alternatives.

The Habit: Impulse Buying

Impulse buying is making a purchase without any prior planning. We’ve all done it. The danger of impulse buying seems to be only when we make “big” purchases – new car, TV, etc.. However, while big, expensive items can be really dangerous to your finances, so can impulsively buying lots of smaller dollar items.

How to Shift It: Plan ahead.

The way to combat impulse purchases is by planning ahead. When you make a plan for how to spend your money, it’s a lot easier to not spend it unexpectedly or impulsively. You should make a list before going to the grocery store, create a plan for how you’ll spend your money each month (this is called a budget), and decide what purchases are OK to make and which ones are not. Also, for the holidays or for birthdays, make a plan for who you’ll be giving gifts and how much you’ll spend on each. When you plan ahead, it’s much more difficult to fall into the habit of impulse buying.

Another way to curb impulse buying is by staying clear of the places that cause you to buy things impulsively (i.e., the dollar bins, the sales section of your favorite store, etc.). If there’s a store that you can’t seem to go into without buying something, don’t go in there while you’re working on breaking this habit.

The Habit: Spending Without a Budget

How to Shift It: Create & use a budget.

Shifting this bad money habit is pretty simple: start using a budget. Contrary to popular belief, a budget doesn’t have to restrict your spending. Instead, a budget can actually give you the peace of mind to spend without guilt or regret. A budget is a plan for how you’ll spend your money. Using one will help keep you from overspending and falling further into debt.

If you’ve tried using a budget before, but had a hard time making it a habit, check out our blog post 4 Ways to Make Using a Budget a Habit. If you’re just getting started and creating a budget feels overwhelming and difficult, it doesn’t have to be. There are dozens of online budgeting tools that make creating and using a budget easy. To get started, check out our list of the best online budgeting tools to get out of debt.

The Habit: Eating Out

How to Shift It: Set aside 1 hour a week to plan and shop.

We all know how expensive eating out can be, especially when you do it often. So, why do we do it? It’s all about time. We’re busy. We barely have time to make it to the grocery store, let alone to cook a meal every night. However, with a little extra planning and a little more time, you can save a ton of money by eating out less and cooking at home more.

Set aside 1 hour every week to plan your meals and grocery shop. That’s all you need. Search for recipes online that are easy and fast to make. Cooking at home doesn’t have to mean gourmet meals every night. By putting an extra hour into planning and grocery shopping every week, you’ll drastically reduce how much and how often you’re eating out.

The Habit: Procrastinating

How to Shift It: Find accountability.

No matter how much planning you do, it can be easy to procrastinate, and procrastinating with your money can lead to all sorts of financial troubles. To kick this bad habit to the curb, you need accountability.

If your finances are combined with a significant other or a spouse, make a plan to hold each other accountable. Help keep each other on track, and schedule regular money check-ins. If your finances are separate, ask a close friend or family member that you trust to help hold you accountable, instead. Share your goals with them, talk about your budgeting plans, and ask them to check in with you regularly. Knowing that someone else is aware of your money goals is an amazing way to hold yourself accountable for reaching them.

You can also hold yourself accountable and keep yourself on track by setting goals for yourself. For example, set a goal to treat yourself when you’ve paid off a certain amount of debt or reached one of your goals. Knowing that you’re working towards a bigger goal and rewarding yourself along the way is a great way to hold yourself accountable.

The Habit: Not Saving

How to Shift It: Automate your savings.

If you want to make saving easy, automate it. Most people don’t save because by the end of the month, there’s no money left over to save. If you sign up for a program that automatically saves money for you, though, like Digit, you won’t even have to think about.

If automating your savings sounds great, but you want to save $1,000 fast to build an emergency fund, we shared some of our top tips in this post. Many people end up going into debt to cover unexpected financial emergencies. So, having money in an emergency fund to cover those unexpected expenses will help you stay out of debt and prevent you from going further into debt.

The Habit: Spending More Than You Earn

How to Shift It: Use a budget, and plan ahead.

Living below your means begins by knowing what your means actually are! Not only should you know how much you earn each month, but also how much you’re already spending every month. Then, you can create a plan for how to live within, or below, your means every month without spending more than you earn.

If you want to be intentional about how you’re spending your money and you want to stop overspending, create and use a budget. Continuing to spend more than you earn is only going to leave you with more debt. So, if you find yourself pulling out your credit card, or taking out payday loans, to cover expenses every month, try using a budget and start planning ahead.

Bad money habits could be the reason you’re stuck in a cycle of payday loan debt. So, getting out of, and staying out of, debt requires shifting those habits that have become second-nature. Shifting your bad money habits to get out of debt takes time, though. So, start with one habit and work on it. Shifting even just one financially destructive habit, though, can result in huge financial gains.

If you’re dealing with payday loan debt, try payday loan consolidation paired with breaking your bad money habits to get out of debt even faster. Call our team today to find out more about how we can help with payday loan consolidation.

If you’re paying off debt, an extra $100 can go a long way. However, if you’re already living paycheck to paycheck, finding an extra $100 can seem nearly impossible. Finding an extra $100 this month may be easier than you think, though, no matter what your income.

We’re sharing 5 ways to pay off an extra $100 of debt this month. And many of the tips we’re sharing could help you may off much more than $100. So, whether you’re looking for an extra $100 or an extra $1,000 to help while paying off debt, you’re in the right place.

1. Sell something

Almost everyone has a closet or drawer, or possibly an entire garage full, of unused stuff. And with the internet, there’s never been an easier time to sell that stuff for a lot of money. You don’t even have to wait for warmer weather to host a yard sale. With sites like craigslist and eBay, you can sell your stuff at any time of the year.

You may be shocked by just how much extra money is lying around your house in unused stuff. Between your closets, drawers, spare rooms, and the garage/attic, there’s probably dozens (or hundreds) or things you don’t use or need anymore. Whether you’re decluttering after the holidays or doing some much needed spring cleaning, anytime is a good time to get rid of things you no longer need, especially when you’re looking for extra cash to pay off debt fast.

If you’re not sure where to get started, check out our list of 19 Things You Can Sell to Get Out of Payday Loan Debt.

2. Reduce your grocery spending

The majority of people are overspending on groceries, by a lot, and with a little extra planning, could cut their monthly grocery bill in half. Reducing your grocery bill by even $100 is an easy way to put extra money towards paying off debt.

We all know how going into the grocery store without a list turns out. It never ends up well for your bank account. Impulse buying is one of the most common ways we overspend on groceries. Between impulse purchases and shopping without a plan, it’s easy to spend 2 or 3 times the amount you should be spending on groceries. And the more money you spend on groceries every month, the less money you have leftover for paying off debt.

According to this article by Living Well, Spending Less, you can drastically reduce your grocery bill by shopping the sales, eating less meat, changing the way you meal plan, and using coupons the smart way. Check out the article for more details. Another article suggests that you can save even more by changing where you shop and buying store brands. Regardless of where you start, though, start planning ahead. Planning out your meals, alone, can save a ton of money.

3. Find a part-time side-hustle

A side hustle is a part-time job that allows you to make additional money outside of your full-time position. It’s something you can easily do on the side for extra cash, like babysitting, lawn care, or house-cleaning. Thanks to the internet, there are hundreds of options online, as well, like freelance graphic design, copywriting, and more.

Regardless of what you do, a side-hustle is an easy way to make at least an extra $100 this month. Since it’s up to you how much extra work you do on the side, the income potential is really limitless. If you enjoy what you’re doing, or just like the extra cash, a side hustle can turn into a consistent source of income. And when you’re trying to pay off debt fast, any extra income is a great thing.

4. Use a budget

If you’re not already using a budget, start today. Without a budget, overspending happens without even noticing it. And overspending almost always leads to financial stress and troubles. First, though, let’s dismiss this common belief; a budget doesn’t restrict your spending. Instead, a budget allows you to spend without stress. So, yes, a budget is a good thing, whether you’re trying to get out of debt or not.

When you’re trying to pay off debt, the simple task of using a budget can help you easily find an extra $100 of income, if not more. Chances are, you already have an extra $100 in income every month, but right now, you’re spending it on non-necessities without even noticing. Using a budget will help you get your finances on track and find extra money every month to pay off your debt faster.

Creating a budget is easy and using it is even easier. To get started check out our list of the best online budgeting tools to help you get out of debt.

5. Cancel your cable

Trust us, living without cable is easier than you think. And with the average cable bill at around $100, it’s an easy way to pay off an extra $100 in debt right away. If you decide to cancel cable for good, or at least until you’ve paid off your payday loan debt, you’ll now have an extra $100 to put towards your debt every single month. That’s over $1,000 a year!

Getting rid of cable doesn’t have to mean missing all of your favorite shows, though. There are a ton of cheaper alternatives, like Netflix and Hulu, that will give you access to great shows and movies for less than $10/month. Check out this article from Money to find out how you can watch all the TV you want without paying a cable bill.

Getting out of debt takes work and time, but finding extra money each month to throw at your debt can help you get out of debt faster. If you’re dealing with payday loan debt, loan consolidation can also help make the process easier and less stressful. Our team specializes in using payday loan consolidation to help you get out of debt faster and with less stress. If interested, call our team today or submit an application for a free consultation.