We’ve all heard the saying that “it’s not about the money.” Everyone wants to enjoy their day-to-day life without having to track every cent in their bank account. However, if your wallet is weighing heavily on your mind, you’ll need to assess your financial situation and learn how to manage your money. This may involve changing your spending habits, saving some funds for when things are particularly tight, or turning to payday loans to help swallow a major or unexpected expense.
Set a Budget
It’s impossible to get a handle on your financial situation without knowing where your money is going. To start with, you’ll need to make a list of your major expenses, like rent or mortgage payments, groceries, utility bills, etc. Be honest with yourself about your spending habits and remember to prioritize what to spend your money on. That said, don’t just focus on the dollar signs: it is equally important to figure out your financial goals, as this will help you remain motivated to shore up your finances. Do you want to save for retirement? Are you trying to set aside money for a vacation? Or do you have more pressing needs like getting bills paid?
Stick to Your Budget
Setting a budget is an important first step, however sticking to it is what really counts. This may mean shopping with a strict grocery list, downsizing your phone plan, moving to a smaller home, or finding a side job to avoid slipping into the red zone. That said, don’t forget that you can still have fun on a limited budget by taking advantage of free or more affordable activities. Try cooking a homemade meal with your family instead of eating out, checking out a movie from the library instead of going out to the movies, or trading your costly gym membership in favour of a recreational fitness club.
Plan for a Rainy Forecast
You may currently have a high income or a partner with a steady job, but like everything else in life, your financial situation can change unexpectedly. This is where the importance of setting up a “rainy day” fund comes in. As daunting as it may seem at first, with anything, the key to accumulating funds is to start small and gradually increase over time, as much as your financial stability allows you to do so. Start with a small amount like $20 or $50 per month for a few months, increasingly gradually as much as your income and expenses will allow for.
Know When (and Where) to Get Help
Despite your best efforts to spend responsibly and increase your savings, you may find yourself continuing to struggle financially. In this case, consider taking out a payday loan. If your circumstances have prevented you from setting money aside for emergency expenses, this might be your best short-term option. Payday loans, like those offered by Eastern Loans, are meant to help you make it through an immediate slump in cash flow, so you’ll want to figure out exactly what your needs are, as well as your ability to handle the interest that comes with taking out a loan.
To take out a payday loan, you’ll need to be at least 18 years of age and a Canadian citizen. As well, you need to meet various other requirements, including having a steady job with a minimum income of $1200/month, to ensure that you’ll be able to meet your loan repayment deadlines. Check out these FAQs to find out more about how Eastern Loans can help, or click here to apply.