How to avoid the payday loan cycle
First thing when get a payday loan you need to make a budget and stick to it!
First you need to pay off the payday loan fast. reduce any unnessisary spending until you have atlest a little extra cash saved for the next rainy day.
Write your budget plan
- make a list of all your mandatory expenses rent, insurance, gas to get to work, food and utility bills etc.
- make a list of things you think you can cut or reduce. night out, beer, cigarretts, movies, toys, starbucks, etc
- write down everything you spend money on so you can see where it is going as you spend it so you don’t forget
- add up your income and the required expenses.
- take whats left and plan to save $100 or more each payday then use the rest to sort out you list of thinks you can cut
Include some savings like $100 a payday if you can
Tags: budgetting, payday loan, payday loan cycle