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Smart Mobile Technology

Start to Stop Living Paycheck to Paycheck: Get a Payday Loan on Your Cell Phone

smartmobtech by smartmobtech
May 23, 2019
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According to research, almost 80% of U.S. workers admit living paycheck to paycheck. This particular statistic is not just sad when you think about it, but terrifying. Living from paycheck to paycheck means that you do not have a cash cushion to provide you with any financial assistance should the need arise, which is another uncomfortable thought. However, the good news is that there is such a thing as a payday loan that can get you out of a sticky situation. But, here, we are going to find out the ways in which you can avoid having to live from paycheck to paycheck. So, let’s get started.

Getting Organized

The key to better savings is knowing what you are spending your home on. Using free online tools can help you make a list of your monthly expenditure so that you can get a clear idea of where your money is going. Once that’s cleared up it will be easier to make more informed decisions regarding your finances. There are many mobile applications that can help you get your finances organized.

Separate Your “Wants” from Your “Needs”

Sometimes, something as simple as maintaining an Excel sheet of your monthly expenditure is enough to make people realize just how much money they are spending on the things they don’t really need or use. While there are many things that would be nice to have, it is important to identify the things you really need from those that aren’t really necessary. While you do not have to eliminate every item that’s deemed non-essential, it pays to know where your money is going.

Keep Your Savings Elsewhere

Many people make the mistake of simply transferring their money from a checking account to their savings account. This often means that once you have gone through your checking account, you will be taking out money from your savings account to get by or to suppress the FOMO urge. The best way to make sure that the money you want to save each month stays that way is by opening an interest-earning savings account, preferably in another bank, or opt for fixed deposits or other investments that will earn money for you.

Evaluate Your Fixed Expenses

For many people, living paycheck to paycheck means that you lock yourself into a lifestyle that is hard to maintain. For instance, as a rule of thumb, the average monthly housing expense should not be more than 28% of your monthly gross income. So, if you are outside of that range, it is going to be harder for you to put money into savings. If you find that you are spending more on your rented home then its time you looked for a cheaper option or moved to a less expensive neighborhood.

While you’re at it, take a closer look at other areas where you have to spend money every month and you are sure to find some area that you can save money in. For instance, maybe you could look for a better and more affordable mobile network, switch from cable to Netflix, or try another internet provider, or maybe you can swap your luxury car for a more economical one. There are many areas where you can reduce your repeated expenses, provided you find a better alternative.

Dabble in Backward Budgeting

The traditional budgeting goes like this, you track your monthly expenses so that you know where every dollar is being spent, then you take what little is left and put it into your savings. Sadly, that is not a very effective way of handling your savings. Another approach to better budgeting and increasing your savings is called backward budgeting.

With this approach, you first choose an amount you wish to save each month, then subtract that amount from your gross salary. What’s left is what you need to use for your monthly expenses. Most banks in the United States offer savings accounts that allow the account holder to withdraw a fixed amount every month. This makes it easier for you not to overspend since you will be withdrawing a fixed amount for your monthly expenses.

Get a Side Hustle

Nowadays, there are many ways in which you can earn more money that can be stashed in your savings. Even if you do not have a skill, there are plenty of online resources where you can learn a new skill and provide it as a service to earn extra cash. Online sources such as Freelancer and Upwork offer the perfect platform for those who want to find side hustles in just about any niche and earn money in their free time. Getting a second job or a side hustle are two of the best ways you can supercharge your savings.

Pay Off Your Debt

One of the best money-saving strategies is to make sure you pay down your credit card debt. This is one area that many people do not think about but can help you save more money. Also, contrary to popular belief, carrying a balance in your credit card report will not help you build a strong credit score. Normally, the interest rates of credit cards are either in the teens and sometimes can crest 20%. This means that when you receive the credit card bill, you should pay off the full amount on time.

Pay Off Your Loans

This same attitude should extend to paying out your loans as well, whether it’s a mortgage for a house or a car. If you have taken out a loan in the past make sure you make timely payments so that the lender does not bump up the interest rate as a fine. Also, if you are looking for a loan to get by an emergency situation then its more viable to go for a payday loan such as those offered by Bonsai Finance. That’s because you can pay back the amount of the payday loan with your next paycheck, rather than having it hang over your head like a double-edged sword for months or years. The bottom line is, not having to pay off any loans, or the ability to get quick money and pay it off quickly means more money in your pocket that you can save.

The best thing about a payday loan is that you can apply for on using your cell phone. That’s right. No need to physically make the trip to a brick and mortar office and meet with an agent. With your cell phone, you can fill out the payday loan form and find out if you are eligible for the payday loan in a matter of minutes.

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