Save money before borrowing from a payday lender

Saving money might avoid you the hassle of borrowing from friends, family or a payday lender. Payday loans should only be used in case of extreme necessity and if there is no other alternative solution. So, I’ve put together a series of tips that can help you save a little bit and that might do the trick till the end of the month.


First of all, stop buying crap you don’t need

Stop spending money when you know you just can’t afford it just to look good in front of your friends. If they cannot understand you are having some difficulties, well they are probably not the right friends! If you like shopping, if you usually eat out a lot, just forget about it. You’ll get back to those activities when you make it through those tough times. Your closet is probably full of clothes and accessories you haven’t been wearing for a while. Time to tidy up things a little and to re-discover your own stuff.




Eat at home

That will save you loads of cash and you can instead prepare some very simple home food such as pasta and butter. You can add some variation and fantasy by adding ketchup or cheese, and change once in a while with rice.

If you tend to drink alcohol or smoke (whatever it is you smoke), well sorry but it’s time to stop. No excuses, you can’t afford it. Just do it now!


Cut down on home utilities

Obviously having your own place can be costly and saving a little here and there can save you the small necessary amount.

Slow down your heating and instead wear warmer clothes at home.

Water is also an important thing to save (not only for the planet…) as warming it up is quite costly. Bath is forbidden and take quick showers, not too hot. Reduce the flow and stop it when you’re spreading the soap or shampoo.

Switch off the lights when you leave a room, try to use the dishwasher or washing machine when you can fill it completely to avoid doing half-full (or empty) sessions.


Transport

Try to find the cheapest way to get to your destination. If you can walk, use your feet. You can rest when you’re old and you’ll remember those ‘good’ times smiling.

Avoid the car and instead prefer public transportation if you have to. Avoid buying single tickets and get a weekly/monthly pass if you plan to use it regularly.


Sell your old stuff

If you have kids whose toys are no longer used, try to sell them. Anything that’s in your home and is no longer used, get rid of it. Once again, check your closet, your boxes, jewels…

There are several options: online via Ebay, or other similar websites. Just around the corner there might also be a second hand store ready to buy your things for cash.


Your last resort should be the payday loan lenders but before…

Before borrowing from anyone, make accurate calculations. You should know how much you will spend, how much you have now and how much you will get for pay day (or benefits if you get any).

Write down everything and calculate how much you need to cover your essential needs (pub drinking or getting the latest Zara dress is not included, remember?). Now you have your amount, go ask for some money out there.

Before applying for a payday loan, why don’t you ask your family: parents, brothers or sisters if you have any, a cousin you have good relationship with… you can trust them and they might lend you money for nothing in return. Who cares about pride? It’s family, they won’t tell The Sun about it!

If they are reluctant, give them one of your precious jewels or something they might be interested in (maybe one of them collects stamps or coins…) as a guarantee.

Have any best friend? Well, why don’t you ask? I agree it’s not good to mix friendship and money but they can help. You can also propose something as a guarantee. If they don’t want, do not insist and say you understand.


Which payday lender?

Well, if you reached that point, it’s about time to see the different available options. Choose very carefully which payday lender you borrow money from and make sure you are able to repay on the due date otherwise additional charges will be added and you don’t want that!

Go first for the famous big names: Wonga, Payday UK, QuickQuid… since they are quite public, they must comply fully with all regulations and even do more. Apply (look for a promo code), and if you are approved use the money very wisely to get out of that tricky situation. The only thing you MUST do is pay back on time! If you don’t, get in touch with them as soon as you know you won’t be able to repay on time (even before) and try to negotiate. Say you’ll have the money in a few days and you can pay everything if they drop the additional charges but never rollover your loan, that’s how you start the debt spiral.

If you can’t repay your loan, that means you have debts and you need advice. Go to debt charities, they will help you, for example http://www.stepchange.org


That’s about it, if you have other good tips to share, feel free to add them in the comments.
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