When it comes to saving money, a little know-how, some commitment, and practice all make the task easier as time goes on. Setting your child up with the opportunity to start saving money from a young age is an awesome way to ensure that they are prepared to make smart saving and investing decisions once they start working as an adult in the real world. Assigning paid tasks around the house and using jars as “bank accounts” for saving and spending is an effective foundation to start with. Here, you’ll learn tips, tricks, and techniques that can be implemented as your little one ages to accommodate their learning abilities and maximize their chance of saving success in the future.
Teaching Your Little one to Save Like a Pro
3 Instances When Payday Loans Might Be Right For You
Claudia Bravo
Few things are worse than trying to pay your bills when you know you don't have enough in the bank to cover your expenses. After carefully stretching your cash and trying to work with your creditors, it might become apparent that you need a loan. Fortunately, businesses specializing in payday lending offer an easy way to get the money you need. Here are three instances when payday loans might be right for you:
1: You Need Cash Quickly
If you need money to make your payments and take care of debts, you might be tempted to head to the bank and start filling out loan paperwork. Unfortunately, working with your lender might entail a thorough credit check, loads of printed paystubs, tax information, and embarrassing conversations about your spending habits. Fortunately, if you want to avoid the hassle, payday loans might be the way to go.
Unlike other lenders, payday loan companies usually only need a few pieces of information to approve or deny your loan. In addition to information about your normal monthly salary, they might ask how much you want to borrow and when you think you would be able to pay it back. Believe it or not, securing a payday loan takes under an hour and you can walk away with cash in hand.
Because payday loans are easy to get, some people use them to help them to cover tough billing due dates every month. For example, if you have a utility bill with a due date that you can't change, that payday loan might help you to take care of your water or power bill until you get your end-of-the-month paycheck.
2: You Know Your Financial Situation Will Improve
Keep in mind that since payday loans typically carry a high interest rate percentage, they aren't right for people who aren't sure whether or not their financial situation will improve. For example, using payday loans monthly to cover bills might not work well if your employer doesn't make payments regularly or if your check totals vary significantly from month to month.
However, if you know that you will be getting paid and you have a rough idea of what to expect from that check, payday loans are an easy way to take care of business. Payday lenders are typically very flexible with borrowers when people set up the initial terms of the loan. For example, your lender will let you decide how much you want to borrow, when you think you will pay it back, and when monthly payments will come due.
Before you set the terms of your payday loan, think carefully about the industry averages. Research has shown that most payday loans are under $500 and the loan typically comes due your next payday. If you need to borrow more money than that or you aren't sure when you would be able to pay it back, it might be smart to consider other types of loans. However if you need a small amount to hold you over until your next check comes in the mail, payday lending might save the day.
3: You Want a Safe, Family-Free Way to Borrow Money
If you are interested in borrowing money from a safe place, you might be thinking about turning to your parents for cash. Unfortunately, family members can be difficult to work with—especially if they disagree with how you spend your money. However, if you are worried about payday lending being safe, you shouldn't be.
Believe it or not, many states have strict regulations regarding payday lending. For example, if you live in New York, payday lenders aren't allowed to charge you more than 25% interest. Other states, like Oregon, set specific timelines and fees associated with payday lending. For example, Oregon law states that lenders can only charge 36% interest plus $10 per $100 borrowed during the typical one-month loan term. Before you stress about using a payday lender, take the time to research the laws in your state.
By understanding the benefits of payday loans, you might be able to borrow the money that you need—so that you don't have to stress about your expenses. Contact a local professional, such as Payday Express, for more information.
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