02 Apr Online Payday Loans | Saving Money
Online Payday Loans in Canada serve as a quick way to gain access to your pay check a week or two before it would normally be available. Many Canadians occasionally rely on online payday loans for financial emergencies as bank loans are more difficult and time consuming. There tends to be a negative connotation around the term “Online Payday Loan” in more recent years. This is propagated through popular media, in what appears to be an attempt to bad mouth payday loan lenders. The truth is, it’s the borrowers lack of financial organization, to begin with, which causes them to need a short-term loan. If borrowers repay their payday loans on-time they would not experience high annual percentage rates or late fees. These fees only go into affect once a borrower defaults. If you are a responsible borrower, who repays their loan on-time, you will never experience high rates of interest. In the case where an unexpected event occurs, such as a loss of employment, most lenders do have flexible re-payment plan. However, to avoid using a payday loan try some of the tips below for saving more of your income.
A. Take a shopping list with you
Entering a grocery store or large department store without a shopping list can cause you to make many spontaneous and unnecessary purchases. Regular over-spending may increase your chance of needing an online payday loan. Avoid spending over budget by sticking to a shopping list.
B. Cook in bulk
Buying fast food or ordering delivery is quite convenient when you are working around a tight schedule. However, if you cook a large batch of lasagna, casserole or Sheppard’s pie, for example, you will be less inclined to order out when you can easily heat up a slice. Cooking in bulk lasts a few days and can save you hundreds of dollars. Cooking food in larger portions can save you money and thus reduce the need for an online payday loan.
C. Stay on track with help from family and friends
When you let friends and family know about your desire to spend less frivolously they tend to remind you every time you reach for your wallet. Although, it can be annoying it’s the constant reminder that you probably need. If you can’t avoid shopping, at least be responsible. Try taking a specific amount of money with you and leave your credit cards at home.
D. Avoid purchasing products which can be replicated for a cheaper price
You can often make cheaper and more environmentally friendly cleaning products, facial scrubs, air fresheners etc. Try making your own shampoo and conditioner using all natural products to cut back on your Shoppers Drug Mart hauls. YouTube can help you with informative do it yourself tutorials.
E. Use WiFi instead of data
Almost all restaurants, shopping centres, doctors offices, schools, libraries etc have a wireless hot spot for the public to use. With so many options you’ll always be within minutes of free internet, should you need it. You can save yourself a large chunk of money by giving your mobile data a break. Resist the urge to scroll through Instagram on your daily commute unless the transit station comes equip with WiFi. People often need an online payday loan to pay their phone bills on-time to avoid re-connection fees. You can avoid the need for a payday loan if you commit to WiFi and not data.
Try some of the above suggestions to gain control of your spending habits; that way you won’t need an online payday loan at all.