A Short Money How-To

August 13, 2007 at 12:58 pm 2 comments

Mastering all things money isn’t as simple as it sounds. Sure, saving a lot and spending a little is ideal, but that isn’t always realistic. As a general rule of thumb: make money, save money, and avoid payday loans if at all possible. But sometimes, a financial emergency happens, and what then?

 

The best way to avoid resorting to a loan is to save, save, save. With every paycheck and other source of income that comes your way, a portion should be put into a savings account (preferably one that accumulates interest over time). This way you have prepared for the unexpected, at least to some degree. Sometimes though, an unexpected expense goes beyond your realm of control, and there really are no other options. Now and only now should a payday loan come into consideration.  

 

Payday loans should only be considered in desperate times; like when an unexpected cost goes beyond your financial capability. Even then, money should only be borrowed if you are responsible enough to pay it back in a timely matter, and don’t make borrowing into a constant pattern. While payday loans can be life savors, using them for the wrong reasons can end up hurting you rather than helping you. The moral of the story: always weigh your options, and think ahead with your money.

Advertisements

Entry filed under: General.

Paul Merriman’s 500 Years Estate Plan Scottrade

2 Comments Add your own

  • 1. April  |  October 26, 2007 at 2:00 pm

    Payday loans are very expensive, predatory loan products, and generally should not be considered even in desperate times. In many cases, for example, using a cash advance credit card is always much cheaper than taking out a payday loan. Those who take out payday loans pay astronomical APRs (average APR is 470%) to use these loans and many are kept in a perpetual trap of payday loan debt. A helpful site is http://www.paydayloaninfo.org/facts.cfm.

    Reply
  • 2. tomcraft  |  March 24, 2008 at 5:26 pm

    We are, most commonly known as “The Wealthy Affiliates”. We have spent the last 6 years making a full-time living online, and since 2005 we have been teaching people like yourself how to become a success story online. Our motto has always been “your success is our success” and this has never been more true.

    Reply

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Deals

ING Saving Account - Use these links to get
-$25 Sign On Bonus
-$25 Sign On Bonus

To Do List


* Retirement: 401K, IRA, Roth IRA
* Investment
* Research life and disability insurance
* Buy a car
* Credit Check

Recent Posts

Blog Stats

  • 56,998 hits

%d bloggers like this: