You might need a new plan for keeping your money safe.

As you probably know, there are a whole crop of web sites out there that will help you manage your finances. ESPlannerBasic is the latest new online financial management tool.

ESPlannerBasic is the free trial version of the online money management tools offered at www.esplanner.com. The homepage of the site says “No one wants to splurge today and starve tomorrow, nor do the opposite.”

ESPlannerBasic not for everyone

The site advertises that ESPlannerBasic, and the advanced, for-purchase versions of their program, will help you plan a lifetime of saving and spending. That made me want to laugh. There is no way I could make a financial plan right now that would be valid for the rest of my life, or even the rest of this year.

As I continued my research of ESPlannerBasic, though, I realized this service does not target twenty-somethings who often need emergency loans but are still considering racking up another 20 grand in debt for grad school.

No, ESPlannerBasic is for people in a more stable situation.

Retire-what?

Most of the articles I’ve seen about ESPlannerBasic tout it as a good tool to help you plan for retirement. At ESPlanner.com, it says:

ESPlannerBASIC, economics-based software, calculates how much you should spend, save, and insure each year to achieve a stable living standard — now and through retirement.

So, if you are in a position to start planning for retirement, ESPlannerBasic could be a great tool for you.

Where can I get some of this ‘extra money’?

As far as I understand it, ESPlannerBasic helps you manage your “extra money.” This mysterious “extra money” is apparently something that some people have after they pay all of their bills and buy gas and groceries. The site says:

The software incorporates all your economic resources as well as “off-the-top” expenditures on housing, taxes, college, etc. It then develops annual discretionary spending, saving, and life insurance recommendations.

So, if you want to make the most of your “discretionary” funds, you might want to give ESPlannerBasic a try.

Family friendly

ESPlannerBasic goes a step farther than many online money management tools. I doesn’t assume that the user will be keeping the same job and expenses for the rest of his or her life, but it does assume that the Social Security system will be the same when the user starts collecting it.

ESPlannerBASIC is a financial tool that can help you raise your spending power and make lifestyle decisions. It shows the living-standard impacts of changing jobs, contributing to retirement accounts, having children, down-sizing your home, retiring early, waiting to collect Social Security, and much more.

Ask the economists

The web site that offers ESPlannerBasic says “The results are designed to help you develop a stable living standard without putting you into debt.” So maybe it’s actually to late for me to use it, not too early.

Long story short, you should probably not take financial advice from me, but Laurence Kotlikoff, Professor of Economics at Boston University, and other economists might have some better insights. That group developed ESPlannerBasic, and many testimonials on the site report good results. Check it out.

There is a widespread misconception that the need for a payday loan arises out of poor financial planning. The fact remains that the best and the most meticulous of your plans can be undone when faced with tough times. As Mike Tyson once said, “Everybody has a plan, until they get punched in the face.” Of course, this is not to say that you do not need well thought out and long term financial planning. The underlying point here is that payday loans will take the punches for you when all your plans fail.

How to plan your finances

Building and managing your personal finances requires a dedicated effort towards planning. Following are some ways in which you could effectively manage your finances in daily life:

• Look out for the best deals whenever you plan on buying something, be it car insurance, or an iPod. Spending a little extra time and energy on searching for better deals could save you a lot at the end of the day.
• Think twice before you buy anything on credit. Ask yourself if you really need this item now. Maybe putting off this purchase by a couple of months would save you some bucks.
• In case you really need that item urgently, just remember that credit card fees, account overdraft charges and penalties etc. are simply exorbitant and affect your credit score. A payday loan would be handy in such scenarios, knowing that it is cheaper and independent of your credit score.
• Plan a weekly or monthly budget that puts adequate emphasis on saving and then stick to it. Living for the moment doesn’t mean that you lose the long term perspective and start spending thoughtlessly. Even a payday loan does not give you the license to spend recklessly.
• Don’t put all your eggs in the same basket. Branch out your investments, both geographically and qualitatively. E.g. a nice branched out portfolio could include stocks cutting across various industries and domains, real estate, fixed term deposits, 401k savings, bonds etc.
• Do not procrastinate, you are never too young (or too old, for that matter) to start saving. One of the biggest reasons why we are facing the credit crunch is because decades of prosperity and growth have played havoc with our spending habits. We are spending more than we save and hence the result. This must change.

Role of Payday Loans

As I said at the beginning, well planned personal finances are not a sure shot guarantee against recession. In tough times when you need some cash quickly, a payday loan could be your savior. Online payday loans are easy and quick and do not typically require faxing. All you need to do is to fill an online form and your application could be approved in 20 minutes. The money could be yours in as quickly as 2 hours. These faxless payday loans make great sense for many reasons: Firstly they are quick, so you get the money when you need it and not a day after. Secondly, they are cheaper than other options like credit cards and account overdraft. Finally, if you plan a payday loan well, i.e. take only the amount that you need and spend it on things that you need urgently, then you can be sure that your next paycheck will take care of this loan.

So to conclude, proper financial planning and payday loans are together your best chance to come unscathed out of the recession.

It’s easy to panic. All you have to do is hype yourself up about your crumbling investments and sinking savings and when you have a light sweat on your brow and you can feel your heart working overtime, go to bed and try to sleep. You are now safely inside the panic station.

The trick, according to the mavens and to common-sense, is to remain objective about your financial decisions and make sure that you have a plan B, one that will protect and grow your wealth, no matter what’s happening out there on the streets and in the marketplace. You also need to be strong and well-disciplined to prevent weakening in the face of financial bombshells.

Your 10 point financial action plan:

1. Take action
   Even if your finances are not in trouble, take action to ensure that they stay out of trouble. If your finances are in a bad state, take action to improve matters.
2. Reduce your monthly expenses
   Are you spending more than you earn? Act now. Take a Payday Loan to get you over this bump so you can think clearly and plan wisely. Create a monthly budget and prioritize your expenses.
   Reduce luxuries – put off the new car or that expensive holiday.
3. Pay your bills
   If you don’t pay you will eventually be blacklisted and lose access to credit. If you can’t pay them, arrange a repayment plan with the companies you need to repay.
4. Reduce debt
   List your debts and the interest rate for each. Don’t forget store credit cards.Rank your debts from highest interest rate to lowest.
   Pay off your debt that has the highest interest first.
   If you are still stuck with debts, arrange with your bank to restructure repayments.
5. Plan to cope with financial hardships
   When finances are tight, people are inclined to cancel insurance and “hope for the best.” But if catastrophe strikes and you have no coverage, your finances may never recover.Keep your disability insurance up to date.
   Rather than canceling short-term insurance, increase the excess or look for better quotes.
6. Build up a savings reserve
   This will mean that you won’t have to tap into your long-term investments if you face unexpected expenses. Consider a money market fund, where your capital is guaranteed and you receive high interest rates.
7. Make yourself indispensable at work
   Add new skills and look for opportunities to take on more responsibilities at work.Do whatever you can to avoid retrenchment. This is not a good time to go out on your own.
   There may be complex tax issues at this time. Get advice from your financial adviser before making any decisions about your pension and benefits.
8. Don’t forget your long-term investment goals
   Don’t let the short term recession wreck your long term investment goals.
9. Don’t make hasty or uninformed decisions
   Remember: your financial situation is different than that of your friends and neighbors. What may be good for them may be unsuitable for you.
10. Speak to your financial adviser
    Don’t make any decisions which affect your long-term financial well-being without getting good advice.

Even the rich need fast money sometimes

Most people need to borrow funds at some stage in their life. Even people with million dollar incomes need fast money sometimes. The amount Average Joe needs and the amount millionaires need is vastly different. This isn’t because the rich are better than the poor, it’s simply that they have bigger incomes and can afford to pay more back. Nobody should feel bad if they need emergency funds. In fact, taking action to get out of debt and reorganize your finances is the wisest move you can make.

Major Banks are using short term finance bail outs

Banks are borrowing in the billions to keep their livelihoods afloat. Borrowing money is not the enemy here. Be certain you can afford the repayment schedule of a short term loan and use the money to get bills paid on time so they don’t reflect badly on your credit record. Alternatively, these small loans can help rebuild impaired credit ratings. Debt seems to be a part of life these days, but you can make it work in your favor.

Short term finance can mean long term solutions

It’s important to look at the big picture when borrowing for the short term. Certainly, fast money will bail you out in the immediate future. This eases pressure and helps you sleep better at night. Don’t think of the quick fix only, think of the long term benefits like the big companies do.

If you are employed, think about how a series of short term borrowings can work for you to achieve your goals over the next twelve months. Are you working towards a new car, new furniture, or some renovations perhaps? Work first towards dealing with the most urgent matters and then plan ahead for the next step. This way you can manage the repayments easily.

Short term lending will stimulate the economy

Borrowers should feel good about securing loans to pay their commitments and free up their cash in the long term. It is a kneejerk reaction to stop spending and try to save money during an economic downturn. Everyone wants to hang onto what they have for a rainy day.

However, for those with the means, that rainy day may well be here. Getting as much money flow into the local economy as possible will keep businesses going. This means jobs are kept, and created. If you have the ability to repay, or even have some savings, consider a short term installment loan to make purchases in your local area. This will boost small business and help restore confidence in the market.

Use loans to improve your living standards

Even though the housing market is down, putting money into your home is still a solid long term investment. Increasing the value gives you more equity, and should you ever need to put your home on the market you’ll be sure to get the best price possible. Apart from emergency funds, short term loans can benefit ordinary folk in many ways.

Big business knows this and that is why they are always seemingly in debt. But in the long term they will benefit. They are using any available short term funding to their advantage. Regular people can do the same on a smaller scale for their personal finance. If you know you can afford the repayments, a series of short term loans could be one of the best moves you can make toward financial freedom.

In today’s economy, many people are using payday loans to make ends meet. No matter how good you are at budgeting, sometimes emergencies come up. Everyone has had to deal with a broken-down car, a doctor’s bill or a spouse’s layoff. Faxless payday loans are a quick and easy way to get the money needed.

Is a payday loan for you?

It’s important to understand that payday loans are not for every financial need. They are meant to be quick solutions to emergency financial requirements. Using them outside that purpose can be damaging.

The reason for this is that your next paycheck will go to repaying the loan. That means you won’t be getting your next paycheck because it will be deducted by your payday loan company. If you aren’t ready to handle the pay-back, then maybe a payday loan isn’t for you.

On the other hand if you truly just need emergency money, and pay back is possible to budget for, then it may be the perfect solution. You are given the money up front and automatically repay it when your next pay period comes in. Simple payday loans systems are very helpful if used the right way.

Requirements for payday loans

There are a lot of misunderstandings with payday loan requirements. Some people think bad credit will keep them from getting any type of loan. This is false. Payday loans, because of their structure, rarely depend on credit histories. The requirements normally are an active bank account, a good 6-month work history and some references. If you can provide these, you are well on your way to getting a payday loan.

Another thing to be aware of is that your loan amount will depend on your current pay. Borrowing way beyond your limits isn’t possible. This is another safeguard that works for you. Since you can’t over-borrow, like you can with other loans, your ability to repay the loan is not threatened.

Misunderstandings about payday loans

As mentioned earlier, the main misunderstanding of getting payday loans is that good credit is needed. These types of loans are paid back within a few weeks, so credit checks aren’t necessary. Another misunderstanding is that high interest rates cost consumers outrageous sums of money. This also is untrue because interest plays its way into repayment when the lending time is extended. A payday loan is so short that there isn’t a ballooning, cumulating fee to deal with.

Finally, people tend to hear the word “loan” and think there will be huge amounts of paperwork and reading to sift through prior to signing. In the case of the payday loan, this is also wrong. Simple payday loans are clear, concise and quick. That’s what makes them so popular in our economy.

Your payday loan representative will explain in detail the process, but there isn’t a lot of room for misunderstanding. What you see is what you get with payday loans. The company gives you upfront money, you agree to pay it back on a specified date, and they cash your post-dated check on your next pay date.

The result of payday loans

Payday loans are a great way to overcome financial emergencies. The upfront money, given with the minimal amount of hassle, can save you from a broken-down car, a sick family member or a temporary lack of funds. As long as you know the rules and how the process works, your experience using payday loans should be hassle-free and quick. Enjoy the peace of mind.

Unsecured personal loans can be a fantastic way to quickly solve some of your financial snags. With a reliable company, you can get the money you need quickly, and use it for what you need.

Is collateral required?

An unsecured loan is a loan that does not require collateral. Many loaning agencies require individuals to put up collateral to ensure the repayment of the loan. With large loans, this could mean a car, or even your house. This is a scary thought for many people, and rightfully so.

What happens if I default on a secured loan?

If a person defaults on a secured loan, the bank that made the loan can seize their home or car, whatever was put up as collateral, and sell it. Unsecured personal loans do not require any such steps, and eliminates the chance of having property seized.

Why do people get unsecured loans?

People get unsecured loans for many reasons. Some of the most common reasons include home repairs, vehicle repairs, medical bills, and education bills. Other reasons include debt consolidation. Many people are overwhelmed by the number of bills they receive, and find it easier to keep track of one large bill instead of a bunch of small ones.

A loan to replace a loan?

Another reason someone might opt for a loan like this is to replace a loan with a high interest payment. This is a good strategy. Most people do not realize how much interest they pay on a loan. If someone gets an unsecured loan with a low interest rate, and uses it to pay off a high-interest loan, they have a smaller bill each month. This can help if you need a smaller monthly bill, and it can work even better if you continue to pay the original amount every month. This pays the principle down faster, and you get out of debt sooner.

What are some other perks of unsecured loans?

An unsecured personal loan can be a very flexible option for people to look into. Small amounts of money can be borrowed, or very large sums can be gotten. This makes it a great option because you can borrow what you need.

Should I get an adjustable interest rate?

You can get a sense of confidence when you have a loan like this. Some loans have adjustable interest rates, and these can really hurt over the long run. Adjustable rates change over time, and even if you get a great rate at the beginning of your loan, it could end up being much higher later on.

Fixed interest rates

With most loan institutions, an unsecured loan will have a fixed interest rate, and fixed monthly payments. This is comforting because you always know exactly what your monthly payment will be.  Payment is the same every month. Fixed interest keeps you from worrying that payment will change. This makes for easy budgeting.

Check with your lender first

While some loan institutions will make you keep the loan for the entire life of it, there are many who will allow you to pay down additional principal whenever you like. This lets you pay even less interest on your loan.

Turn a short term loan into a longer term loan

Another tactic people can use with an unsecured loan is to pay off a loan that has a short term and high payments, and turn it into a longer term with lower payments. This is not always better, but for some people this can take some of the strain off of making their monthly payments.

Is an unsecured loan right for you?

Only you can decide if this kind of loan will place you in a better financial situation. The best thing to do is to educate yourself on the types of loans you are thinking about getting, and weigh them against each other. But unsecured personal loans can help provide the money you need and the comfort you want.

Investing can seem confusing and tricky when markets are operating normally. Now that the stock market, real estate and the financial system as a whole are so shaky, it is even more difficult to figure out what to do.

Luckily some experts out there have advice for young people who are lucky enough to not only have an income but to have money to invest as well.

Figure out your objective

Financial experts agree that what you should do with your money depends largely on your long-term goals. You might be focused on paying student loans and want to remain mobile for a few years. Or you might want to stay put and invest in real estate while it’s cheap.

Whatever your situation is, advisers have a few tips that apply to everyone.

Cool cash

Whether you’re using extra money to invest or to pay off debt, make sure you are also putting some away. It might seem like it makes more financial sense to pay off a loan that is costing you interest. However, it is imperative to keep an emergency cash fund on hand. That way you won’t end up owing more interest on quick loans or credit cards. If you want to pay off your debt, avoiding getting into more debt is critical.

Financial advisers say the minimum you should have on hand is a month’s worth of expenses. Ideally, you should have three to six months of expenses saved, if you can afford it.

Investing in real estate

Low housing prices right now make purchasing a home tempting. But there are a couple of things you must take into consideration. First, credit is extremely tight right now and it will be difficult to secure a mortgage. Also, banks are requiring higher down payments than the 5 or 10 percent down payments they commonly accepted in years past.

Finance experts agree that having an emergency cash fund is the most important step toward financial stability. Spending your emergency savings on a down payment defeats the purpose. Also, if your job situation is at all tenuous, as it is for many right now, taking on such a large debt could be very dangerous.

Risky business

A CNN money expert makes the assertion that young people can afford to invest almost all their money in equities because they have time to make up for any losses. However, different factors should affect how much risk you take with  your investments.

Just as with buying a house, job security must factor into your investments. You may be planning to invest long term, but what if you lose your job? Will you have to pull your investments to pay for everyday expenses if you get laid off? That’s not to say you shouldn’t invest, but unless your job is very secure, you may want to start off with lower risk investments. You can always redistribute your portfolio when the markets get better or if you get promoted or otherwise receive a sign that your job is secure.

How much heat can you take?

Also, you must assess your ability to deal with a fluctuating market. Some investors think they can handle watching their portfolio fluctuate.  However, many end up cashing out their investments early because they get too nervous about losing money on their investments. If you are the kind of person who will be checking your investments frequently and adding up dollars and cents, you probably shouldn’t invest in equities, which are very risky.

So what’s a payday loan all about? When you urgently need money to pay for a broken heater or a busted car, you may not have the luxury of time or a decent credit history to take a loan out from a bank. What you need is cash right now, and you can’t afford to wait until payday to pay the bill. That’s where a payday loan steps in: you sign a post-dated check to a creditor; he or she waits until the date on your next payday, and then cashes the check. It’s as simple as that.

Payday Loans: The Requirements

A payday loan is quick and easy. Typically, all you need to show is proof that you’re 18, you’ve got a job, and you’ve got a bank account. That’s it.  No excessive questioning, no lengthy process. If approved, you’ll get the money you urgently need in a matter of hours, heck sometimes even minutes.

Now that you understand a little more about payday loans, here’s a question: do you know how to be a responsible borrower and maximize your payday loan?

Facing the Music

Let’s face it: interest rates for payday loans aren’t exactly the lowest around. Don’t expect to get anywhere if you plan to pull off payday loans every single time a bill comes your way. You’ve got to learn how to maximize a payday loan in order for it to work for you. Here are a couple of things you don’t want to do when you’re getting a payday loan:

• Excessive spending
  The reason most people end up with a debt problem is because they think they need something when they actually do not. Payday loans aren’t exactly the best answer to a compulsive need to buy stuff. You’re just going to spiral deeper and deeper into debt if you can’t control excessive spending.

• Vicious Cycling
  Speaking of spirals, a vicious cycle happens when you borrow money to pay off your debts, in effect increasing the debts instead of resolving them. Payday loans will help tide you over emergency situations, but they definitely won’t help you solve your debt problems. If you’ve got a debt, settle it first before getting another one. This will make paying off your loans much easier.

• Fire-and-Forget loaning
  Another reason why people rack up debt problems, even with minimal interest rates, is because they forget all about them. How much more for the interest rates of payday loans? They won’t ‘magically’ disappear if you don’t think about them. Reality will catch up to you, whether you like it or not.

Dancing to the Music

Maximizing a payday loan means knowing how to use one to solve a problem without tripping over trying to pay off the loan. They’re designed specifically for emergency situations, like covering for an insurance deductible or paying for a broken pipe’s repairs. Here are two things you’ve got to keep in mind when you want to make a payday loan:

• Solve urgent needs
  Quick and easy payday loans are designed for one thing in mind: emergency situations. A payday loan creditor will help you with these emergency situations, but don’t forget the price for a loan that doesn’t require a background or credit history check: increased interest rates. That’s why you shouldn’t depend on payday loans to cover for your monthly bills and expenses.

• Responsible borrowing
  Payday loan interest rates will kill you if you don’t plan on how to pay for a loan. You’ve got to learn how to borrow responsibly: pay your dues on time and you’ll find that payday loans will be a very handy option to help tide you over for emergency problems. And for the love of life, don’t ever, ever forget that you’ve got to pay a loan!

A Final Word

Never forget: a payday loan is designed to help get you out of a financial fix quickly and conveniently. It’s not meant to support monthly bills or other expenses that come on a regular basis. Learn how to responsibly manage your finances, and you’ll be able to make a payday loan work for your benefit!

Payday loans are handy and can be easily used for your benefit to free yourself from credit card debt.

No matter how hard we may try, we can end up finding ourselves in a tough situation to clear our credit card payments and more importantly the mounting debt.

If you know about payday loans, then you need not worry, you may be easily able to overcome this financial crisis.

Credit card companies hurt us in the long run

Most credit card companies give an option to its customers to not pay the total amount of their credit card debt on the payment due date; this makes the customer feel happy and sometimes they eventually end up in a worse situation.

Cycle of debt

When customers choose the option of delaying payments, they may start accumulating more debt. Credit companies take advantage of this situation and take money from the customer in the form of interest. This will never help you in managing your finances. The only way to tackle it is to stop using this option and make every effort to stay away from credit card debt.

Take charge of your finances

First of all, let’s start off by taking an oath that before the credit card payment day comes, you will pay your entire credit card balance in full. You might feel, how can I pay the credit card bill when I don’t have enough money? Who will lend me this money?  The answer to your question is quite simple. Do you know that payday loans will help you to get out of this mess?

Rescue is on the way

Payday loans are one of the most simple and easiest ways of obtaining loans that meet your needs. Many times when you are falling short of money and have trouble paying the full balance on your credit card, you find yourself paying the minimum amount which the company advises you to make. Most of us fall for it.

When you are stuck in such a scenario, go for a cash advance which is nothing but a loan given to you based on your income. This will help you make your payment in full which helps avoid your credit getting damaged and you interest rates going through the roof.

What happens next?

When you get a cash advance on your income, you will find yourself taking control of your expenditures, partly because you know you will not get your whole income in the coming month as you will be paying back the cash advance.  This will gradually and definitely change the way you use your credit card for your expenditures.

How fast can I get my loan?

Suppose today is the last day to pay your credit card payment in full. You do not have enough money to pay off the balance today.  You will in two weeks when you get paid again.  You do not want to pay a late fee or any more interest to this credit card company. Then make sure you apply for a payday loan right now. It takes just a few minutes to find out if you’ve been approved for the loan and, if approved, you can accept the money transferred to your bank account, sometimes within a couple of hours.

Then pay off your credit card in full, today, before they charge you one more cent. The best part is to get your loan approved you do not have to go through the process of credit checks. Now, you know how you can triumph over the nasty credit card payment issues.

Payday loans are sometimes necessary. An unexpected financial event can take place, leaving you strapped for extra cash. Instead of applying for payday loans to pay off the unforeseen expense, a lot of people end up paying more on overdraft fees and other penalty charges.

Payday loans are short-term, designed as a last resort for those who are in financial dire straits. Although payday loans are a great option when you are short on money, time and resources, there are ways to prepare for any unexpected events that may occur in the future. Difficult times are moving people towards payday loans and on the search for ways to make and save more money.

Preventative Measures to Make

Amidst the current economic crisis, we can’t afford to waste any money. The economy is still at its worst and there appears to be no sign of things getting better any time soon. However, we should not allow ourselves to shrink back and avert from the horizon. There are essential steps to make in order to secure your current and future financial stability.

Overspending is one of the biggest mistakes people make. Before you venture out into the world of market, plan out a budget and create a shopping list that fits well within that budget. This will help you avoid making purchases on impulse. Stick to what you need. Of course it can be hard to pass up a great deal, especially with all these crazy close-out sales going on. But learning to calm your urges as soon as they ascend will instill a lasting sense of financial freedom no discount sale can offer. Stick with simplicity.

Spending Enough to Buy Starbucks

Another huge expense is coffee. Yes you caffeine junkies, I said coffee. Starbucks is one of the most popular coffee companies in the nation. Despite the declining economic conditions, the company still manages to scrape in some hundreds of millions of dollars in net earnings. Even with a deteriorating economy, consumers are still willing to pay $4 for a latte. But that $4 you spend on a daily basis can accumulate to an enormous amount of money that could be going into your savings fund. What should you do you ask? It’s actually quite simple. Invest in a coffee maker and make your own coffee at home.

Having Dignity in Saving

There is no shame to apply for payday loans or even by clipping coupons. Times like these, finding ways to create an extra money flow is absolutely important. Comparing prices of products in different grocery stores, buying store brands, and buying in bulk are some of the best ways you can save money. Create homemade meals around staples such as beans, rice, and pasta. You can put together a delicious feast the family will enjoy and still have extra cash in your pocket.

Get Back on Track With a Payday Loan

There are many things you can do to save money. By practicing these money saving techniques, your chances of needing payday loans in the future will be slim to none. However, there may be times when life’s surprising affairs will cause you to stumble and fall short on your finances; applying for payday loans may be your best option.

If you can’t pay your mortgage try a payday loan. (Image via Wikipedia)

I suppose it’s something handed down by old-fashioned, strait-laced parents; something that goes like, ‘respectable people don’t borrow money or a payday loan’. My question in response is: Not even in times like these?

Normal times

In normal times I would agree that taking a loan is usually a last resort, except of course when it is for legitimate reasons. And there are many legitimate reasons in today’s society: a mortgage, setting up or buying a business, a car. Those are long term loans and most people have them. The more sensitive loan is a short-term loan and this is the loan that seems to cause embarrassment.

Abnormal times

In today’s world, short term loans have become part of daily life. Many people cannot make it through to the end of the month until the next salary check arrives, so they avail themselves of one of the popular short term loan facilities, like the Payday Loan, which is exactly what it sounds like. Others take short term loans for a fixed period such as 3, 6 or 12 months. I overheard two of my grandchildren negotiating over a 3 day loan – ‘I’ll pay you back in 3 days – as soon as I get my allowance on Monday.’

Special times

So why do we all live on the edge of a short term loan? Most of us don’t, but things happen. For instance, I can tell you now that come October, I’ll be looking for a short term loan. I bought my last car in October. So every year on the car’s anniversary I am hit with license fees and insurance. My salary simply cannot stand the strain. I start off by trying to negotiate terms to pay off the insurance which is the heaviest of the payments. Sometimes I succeed, and am told that I can pay it over 6 months, but in other years I have failed. That’s when I run for a short term or Payday Loan. I am not embarrassed in the slightest.

Extra-special times

The room next to my study is used as a painting studio. It has a sofa, an easel, a side table full of pictures of the kids when they were small and a makeshift trestle table piled high with paints, brushes, containers of all shapes and sizes, you name it. The walls are covered with sketches, many yellow and cracked from hanging there for years, posters, notes and bits of paper stuck up with anything from hooks to bits of tape.

The problem is the family objections – as far as I can understand they expect to see a modern hi-tech artist’s studio done up in gleaming stainless steel and with no paints or brushes in sight. I have bad news for them – there is no such place.  If I decide to appease the family, and do something about the room, even the minimum, I would have to take out a payday loan to cover the costs of a couple of tables, some pin boards on the walls and a coat of paint.

Hard financial times-what would you do?

In these hard financial times, I need to decide whether a payday loan is something I should take out to fix up my artist’s studio, or should I, and my family, put up with it the way it is?  It all depends on the urgency to me.  I think I will wait on this one, knowing I’m going to need that payday loan come October.

MODERN TIMES

“MOM! I need a cell phone!”   Things certainly are different from when I was a teenager. It would be called the ‘dark ages’ if you asked my kids. It was before cell phones, the internet, and mp3 players. Yep, I guess from their perspective times were archaic.  How did I get to volleyball practice without phoning my parents? I could have been kidnapped! Well, that may sound ridiculous, but so are my teenagers. If they’re not in a growth spurt and needing new pants every five minutes (which they wear sooo low that I wonder what is holding them up!), then they are in the middle of some drama that I could not possibly understand. Oy vey!

CONSUMING MASS QUANTITIES OF FOOD

Anyone out there ever seen Coneheads? Remember the breakfast scene?  That would be a scene played out in my kitchen after school.  They all file in the back door (an avalanche of back packs) with their friends in tow. I know that they are ravenous, and I try to plan for that.  However, when they are in that state (like a pride of lions crowding over a slab of meat), anything goes. I will come home from work to find that along with the frozen burritos having been consumed, that they ate all the pickles, cottage cheese, and a box of Cheerios. Now, that doesn’t even make any sense.  But neither do my teenagers. Knowing that my grocery budget is blown, I will pick up the phone and get quick payday loans to get me through. They can eat their weight in chicken chimichangas.  Don’t ask me how I know.

SAVE YOUR DRAMA FOR YOUR MAMA

There is a lot of pressure on our kids these days, but how much of that is a bad thing? For example, are there any of you parents out there who’s a ‘rescuer’?  That used to be me (once upon a time).  I couldn’t stand the thought of my ‘baby’ suffering in any way.  Never mind the fact that he may be hitting puberty and is almost 6 ft. tall!  If my girls were late to school (overslept, makeup woes, clothing dilemmas), they would bound up the stairs to declare “I need you to call the office for me mommy. You work sooo hard!  Gee mom, are you getting thinner?”  Yep!  They played me like a harp.   But now, they are accountable for their own choices, including the expensive ones.  Need a cell phone or an iPod?  Here, let me show you what a snow shovel looks like (I understand that they are hard to find these days!) and go see if you can make a few pennies.  Now, they have begun to have an appreciation for how hard it is to earn that dollar and consequently, they are not so quick to part with it.  I want them to have some idea of financial responsibility before they leave home.

SOFT PLACE TO LAND

Knowing that adulthood is looming like a semi truck in my rearview mirror, I would like for my teenagers to begin to take some ownership of their choices in life.  We all make mistakes and home should be a safe haven, but it also should equip them for the road ahead. Hopefully this is done before they leave the nest. However, if they find when they get out in the real world that they need a little extra cash, I’ll let them know that they can get help through payday loans.  It’s worked for mom.

My equipment basically means my protective gear. My helmet is about 10 years old and has a couple of holes through it where some ambitious sniper tried to make a trophy out of me. My flak jacket is older than the helmet. I can’t remember where it came from, but it was during heavy fighting and a soldier threw it at me and yelled for me to put it on. I’ve been wearing it ever since.

What’s in that big bag?

My work goes like this. I sit at home, or if its summer, I lie outside at the pool and wait for the phone to ring. “They’re fighting in the Congo! Get there as fast as you can. Usual rates!” yells the editor. I run inside, grab my ready packed war-bag with a selection of passports in the side-pocket and make tracks to the airport.

Inside the bag is an assortment of clothing for any kind of weather, my protective equipment, a couple of cell-phones, a couple of tape recorders, notebooks, pens, compass, keep-awake pills, sleeping pills, vitamin pills, disinfectant pills, antibiotic pills and a host of other pills to see me through day-to-day operations, a small camera, a flashlight and a shortwave radio so I can hear when the war is over. I also carry two laptops in the bag. Both are fitted with these air-phone things that allow me to send and receive emails from almost anywhere. Both laptops are pretty battered and need replacing soon. In fact that will be the first thing I do when I get the Payday Loan.

Where is the war?

The war is just about anywhere you can think of. Anywhere is Africa, parts of South America, the Middle East and Asia. The fighting is brutal and savage everywhere, and for me, the greatest challenge is writing about it and describing it for far-away readers. Every army, from the most rag-tag to the most modern, has state-of-the-art fighting equipment and this is the reason I am asking for a payday loan. My old protective equipment is utterly useless against most of the stuff flying around. If I am going to stay in this dangerous, but very profitable line of business, I need to have the best, up-to-date protection. I guess I should upgrade my life insurance as well.

Where are you now?

I am always on the go. At this moment I am freezing in Kabul in Afghanistan. 2 weeks ago I was in Beirut, great city with wonderful restaurants. Last week I was in Baghdad and tomorrow I will be in Gaza. There’s always a lot going on in this part of the world and sometimes I think I should be clever and come and live in the Middle East, closer to the action.

Where should we send the Payday Loan money?

I’ll list all my bank accounts and you choose the one most convenient for you to deposit the payday loan money. I can pick it up anywhere. Did I tell you that I don’t have a fixed a payday date – I hope that doesn’t disqualify me!

2008 is finally behind us, and for those of us who have been struggling financially, perhaps even borrowing payday loans from time to time, are relieved that 2009 has finally come around, bringing the hope of prosperity with it.

You may have found yourself in a quandary when it came time to set your New Year’s resolutions. Usually we make resolutions targeted toward family and personal goals, but this year many are wondering what we can to do to earn the extra cash we need to make it through another year of economic turmoil. After all, we have been promised another 18 months of it.

Where Do You Stand This Year?

If you have lost your job, your first priority, obviously, is  finding work. That may prove to be quite difficult with more than 2.5 million others who have lost their jobs as well. Setting yourself apart from others is the key to employment this year as employers have the pick of the litter.

If you still have your job, you should be thankful that you do, and be more proactive at work, making yourself more valuable as an employee.

You can do this by taking on additional tasks or roles within your company. Employers are struggling, too, so this will make you a more valuable asset when decisions are made to cut some fat from the company. Your willingness to contribute to the success of the company will set you apart from the rest of your coworkers and the abundant pool of talent that is out of work and available for hire.

Financial Conservation in the New Year

Regardless of your situation, 2009 should have found you thinking more carefully about how to cut back or be more conservative when it comes to your finances.

In the event that you were to get laid off from your job, what measures do you have in place to support yourself and your family while finding work? Setting aside emergency cash while you are still working is a worthwhile investment for what may happen.

Unfortunately, third party financial help through a short-term payday loans may not be of use to you in times such as unemployment because many require proof of employment in order to utilize their short-term loan services. So that means it’s up to you to prepare now for what may be some difficult times ahead.

Taking Account of Your Personal Finances

In part II of the this article series on “Financial Preservation in 2009″, we will discuss a few strategies that you can use to to avoid being one of the many victims of today’s economy, but first it may be wise to take into account your current financial situation in regard to the debts you owe, your future employment outlook and your accounts and balances.

After doing so join us on the payday loans money blog for part two. We look forward to helping you brave the new year with the tools you need to come out on top.

Planning your meals provides more benefits than you may realize.

In the first part of the payday loans money blog post entitled “Grocery Shopping for Big Savings” we discussed buying in bulk, buying food for your household once a month, adequate food storage and comparison shopping.

In part II, we will discus the advantages of planning meals around cheaper staples as well as the benefits of joining a local food co-op if available in your area.

Planning Meals Around Cheaper Staples

Saving money on groceries by buying cheaper foods doesn’t mean that you have to live on a Third World diet. With careful planning and a little research, you can buy cheaper foods and make better dishes.

Here are some good examples of these types of foods and the dishes they can make:

Egg noodles

• Tuna casserole
• Chicken Noodle Soup
• Fettuccine

Pasta

• Traditional Pasta
• Baked Pasta Parmesan
• Lasagna
• Macaroni and Cheese

Rice

• Stir fry
• Fried Rice
• Spanish Rice
• Rice Pudding
• Chicken Rice
• Chicken and Rice Soup
• Rice Pilaf
• Spicy Beef And Rice

Beans

• Bean Burritos
• Baked Beans
• Bean Soup
• Boston Baked Beans
• Beans and Rice

Beans, rice, pasta and egg noodles are some of the cheapest foods you can buy, especially when buying in bulk. The above shows the variety of dishes you can make utilizing these staples, and don’ t they sound tasty?

A 25-pound bag of rice or egg noodles is cheap, and goes a long way in feeding you and your family. The more dishes you can create utilizing cheaper staples, the more extra cash you will save, and the less likely you will need a payday loans at the end of the month to cover expenses.

Joining A Food Co-op?

A Food Co-op has some wonderful advantages you can profit from, both financially and physically. A co-op is the combined efforts of a large group of people to buy consumer goods at discount prices.

Sometimes buying in bulk by yourself just isn’t a feasible option because you have difficulty coming up with the available funds to buy a month’s worth of groceries at one time.

With a food co-op you have the combined resources of multiple individuals working together to purchase food items in bulk. Often times deliveries will be made to your home once a week, saving you time and money at the store.

You will still need to carefully plan out your meals so you can put in an accurate order for goods that won’t leave you needing something until your next shipment.

Organic Food Co-ops

Food co-ops come in many varieties, so it will be primarily up to you to search your area to discover what the co-ops in your locale can provide for you.

The last few years have seen the popular emergence of organic food co-ops. These co-ops allow consumers to buy organic goods for prices equal to or less than the same goods available at retail grocery stores. The added advantage is that you are treating your body healthier by avoiding a lot of the chemicals and pesticides in store-bought produce.

Time Share Co-ops

For families, time share co-ops allow members to donate portions of their time in exchange for goods. This is especially valuable for parents who want to teach children the value of work or the simple fact that food doesn’t grow in the kitchen.

It takes hard work and money to fill the refrigerator and kitchen cabinets, so having the kids contribute a little time to the co-op and therefore the household, will help teach them a little bit about life as well as an appreciation for what they come to expect instead of earn.

Regardless of the type of food co-op you choose, joining one will allow you to save extra money each month that you can apply toward other financial matters such as an emergency fund for those unwelcome little surprises that pop up from time to time.

Good luck in your money-saving endeavors!

Posted courtesy of personalmoneystore.com, your payday loans source.

Being frugal will allow you to accomplish your present and future financial goals while allowing you to enjoy yourself today as well.

Organizing your finances may seem like a difficult, if not impossible, task. Consumers have more expenses today then ever before due to the variety of payment options that are available. From credit cards to payday loans, these finance options have found consumers who have used these tools irresponsibly, slipping further and further into debt.

Making Sense of Your Finances

The purpose of organizing your finances is to realize the following:

1. How much money you make on a monthly basis.
2. How and what you spend your money on.
3. To identify ways in which you can save extra cash
4. To plan effectively for your intermediate and future financial goals.

Don’t confuse being money conscience with being over frugal. Being frugal can be taken to great extremes.  While that may be alright for some, you can be frugal without putting a vice on your pocket book. Many, such as myself and perhaps you as well, may like to go out on the town and splurge once in awhile.

By organizing your finances, you will be able to better save and allocate extra money to do both the things that you would like to do today, and the things you would like to do and or accomplish tomorrow.

Creating a Baseline for Financial Progress

Before we really dive into the strategies of financial planning, the first thing we need to do is create a baseline to compare our future financial progress to.

Calculating Net Worth

The best financial indicator of financial progress is your net worth. Net worth is simply what you are worth financially. You calculate net worth by taking the total cash value of all your assets, or the things that you own, followed by the deduction of all your liabilities or the things that you owe.

Difference Between Assets and Liabilities

To put a clearer distinction on the difference between assets and liabilities, we will outline a few of each to help you determine the difference.

As mentioned above assets are the things that you own. However, what you own and what you owe can get a little confusing sometimes.

A home is a perfect example and is considered an asset, but it is also a liability. When creating a financial baseline by determining your net worth, you need to record the equitable portion of your home’s value as an asset and the rest of which you owe, as a liability.

For example, if my house was worth $200,000 and I still owed $80,000 on the home’s mortgage, I would declare $120,000 as an asset, because selling the home tomorrow would yield the equitable portion of the mortgage that has been acquired through both appreciation over time as well as individual monthly payments.

Cars should be done the same way. With cars you will want to get the blue book value and compare that to what you may still owe on the auto loan.

Other Assets to Include

Other things that would be considered assets would be the current values in your checking and savings accounts, 401k’s or other retirement accounts. If you have any stocks, bonds or mutual funds you will want to be sure to include those in your asset allocation as well.

Other Liabilities to Include

Liabilities are a little more straightforward.  Anything that you owe is considered a liability. Outstanding personal loans, payday loans, auto loans and credit card balances are all examples of liabilities.

The Final Calculation

Now that you have determined what your assets and liabilities are as well as the values of each, you will want to subtract the total value of your liabilities from the total value of your assets. The difference will be your net worth.

Below is an illustrated example :

Assets

Home Value (equitable portion) $120,000

Car (equitable portion) $1,500

401k $5,500

Savings Account $960

Total Asset Value = $127,960

Liabilities

Mortgage $80,000

Car Loan $4,250

Payday Loan $425

Student Loans $8750

Credit Card Balances $11,100

Total Liability Value = $104,525

Total Net worth = $23,425

Don’t be discouraged if your net worth equals a low or even negative value.  The purpose here is simply to establish a base line that we can compare ourselves to later to see our financial progress over time.

This concludes Part I of this series. Determine your baseline or net worth and then come back to the blog for Part 2 of the “Frugal Finance” series posted courtesy of the payday loans blog at personalmoneystore.com

Death of a loved one is grief enough without the added stress of dealing with the finances involved. While payday loans can help ease some financial tension, being financially prepared can alleviate a great amount of the suffering and allow the survivor the needed time to recuperate.

You go through all kinds of emotions when coping with a death. The grieving process takes time as healing usually happens gradually. Similar to the financial support you get from payday loans, survivors need all the help and support they can get. There are important steps to make on the road to recovery.

Cherish Your Memory and Let it Live On

Grief is a normal emotion. This emotion is what will help put you back together. Allow time to experience thoughts and feelings openly. Try not to hold back. Participate in rituals. Although it can be mentally and physically hard, memorial services, funerals and other traditions can help people get through the first days.

Some people withdraw from others and the world in general, avoiding things and places that remind them of a deceased loved one. However, bear in mind that expressing your emotions helps a great deal.

Becoming “Me” Instead of “We”

The thought of losing your life partner is beyond unbearable. There is no denying that it will have a significant impact on your life. The confidence and certainties in your life, in regard to your future financial stability and level of responsibility, could change dramatically or seem to vanish completely. You’re not only losing a life partner, you are losing half of yourself.

Widows and widowers often face many financial challenges, which include a severe drop in income and having to manage the finances alone for the first time. Women in particular, especially those who are divorced or widowed, are more vulnerable to money problems.

Sadly, discrimination among widowed and divorced women is still common. According to WorldPublicOpinion.org, in 12 of 17 nations polled, about four in 10 perceive there is some or a great deal of discrimination against widows. This is equally true for discrimination against divorced women.

Women generally make less than their spouses, and others are completely reliant on their husbands. Thus they will most likely experience a large income decrease in widowhood. However, smart planning can go a long way toward easing many adversities.

Dealing with Financial Issues

Losing your income completely adds unnecessary stress to the grieving process. Of course, there is work involved to replace lost income. Sometimes it can take up to two payday loans just to get to a manageable level. Some experts suggests taking out insurance worth between 10 and 20 times the income that needs to be replaced to make sure the insurance payout after the policyholder’s death can generate enough income.

Several pension plans allow employees to choose lower payouts while still living in exchange for higher survivor’s benefits after death. This will certainly leave more for the surviving spouse.

Make sure you appoint a trusted person to make financial decisions for you in case you are unable. This is extremely important if you are a single senior. In many cases, a family member is a good choice to serve as that trusted person. However, family members are not always the best representatives because they tend to have an inherent conflict of interest. It’s wise to obtain input from a trustworthy outside financial adviser.

Taking the Leap: Don’t Jump Into Conclusion

The grief caused by the death of a loved one is so painful that many people make reckless decisions just to get it over with. It is often wise to postpone financial decisions in the immediate aftermath of death. While certain bills and funeral expenses need to be taken care of fairly quickly, selling a house or shifting investment holdings can wait.

It is wise to wait until you are emotionally prepared before you make important financial decisions. Consider consulting trusted friends and family members before taking action.

Keep On the Watch

Widows and widowers can sometimes fall victim fraud. Sad as it is, there have been reports of fake insurance agents who informed widows and widowers that their deceased spouse’s life insurance premium was delinquent and that they must pay hundreds or thousands of dollars for the insurance funds to be released.

It’s important that you fully educate yourself on the matter; just like how must read and understand the terms and condition of any type of payday loans before making an agreement. If you are unsure of something in particular, do your research or ask a local agency. Make sure to keep track of any documents. It will probably be a good idea to keep a file drawer for paperwork relating to the estate of the deceased spouse. If you are having a difficult time properly managing your paperwork, there are personal money managers available that are paid by the hour to handle bills during a home visit.

Getting Immediate Help – Emotionally & Financially

The death of a loved one creates many changes for the surviving family members. It may seem utterly despairing at first, but keep in mind that there is always a light at the end of the tunnel. It helps to talk about your loss and express yourself to others. If you are somehow unable to do so immediately, find other productive ways to cope with your pain. There is help available. Time is the main key to recovery.

If you find yourself short and need a little financial help to quickly cover some of your expenses, I recommend getting payday loans. Coping with the death of a loved one is difficult enough; the last thing you need is added stress.

While most have been worried about keeping up with the Jones’s, self proclaimed cheapskates, or so they have been called, get by with no debt or need of payday loans on just $44 thousand dollars a year for the seven of them.

Meet the “Frugals”

Steve and Anette Economides have been called a lot of things over the years for their frugal money saving tactics but nobody is laughing at them now. With everyone else worried about how the economy is going to affect them, these two and there five children aren’t worried at all.

National Acclaim For Careful Spending

Frugal spending has made Steve and Anette Economides Famous!

Now gaining national attention as “The Cheapest Family In America”, they are now helping to show others how to live debt free.

Living debt free they say doesn’t mean you have to go without the better things in life as the Economides live in a nicer neighborhood with some nicer things that those with twice the income may not be accustomed to. Knowing how to spend your money, when to spend it and where to spend it are all factored into their money saving strategies.

Feeding Seven With the Funds For Two

According to Anette Economides, she claims to be the “Warren Buffet of Groceries” saving a large percentage of her grocery bill by taking advantage of coupons and local sales adds each week. She claims it only costs her $350 per month to feed her family of seven.

A Quality Christmas Made Cheap

Christmas shopping has been made affordable as well. By hitting clearance sales Annete was able to pay cash for twelve items totaling only $17.15. Their total shopping bill this Christmas totaled only $90 for 27 gifts, and they weren’t shopping at the dollar store mind you.

Children Follow Their Parents Lead

The children who you think would be embarrassed with such frugal tactics to save money, get in on the fun of bargain hunting as well.

Abbey, was able to hunt down a pair of $120 Lucky jeans for just $8 and called that expensive for jeans. Her wardrobe bears the brand names typically worn by only the overprivileged children in society such as American Eagle, Abercrombie & Fitch, and Levi Strauss. No Imitations here, Abbey is able to make a little extra cash go a long way.

Of her parents Abbey Says;

“They realize what life is about, It’s not consumerism. It’s not ‘How much does that stuff cost?’ It’s ‘Do I want it? Do I need it?’ “

Abbeys Brother Joseph got a new custom tux for $10. Who can beat that? Steve, the father of the clan, spoke of the family’s outlook on life and money as follows:

“You learn to appreciate life and people more than you appreciate stuff,” he said. “You’ve got to focus on changing the perspective. It’s not always new, it’s not always expensive that says love.”

How The Economide Way Was Founded

Twenty-six years ago, Steve and Annete were married. Before getting married they both agreed to take a financial planning course since neither had really any understanding of what goes into budgeting. Taking this step shaped their life in a way that neither could have ever foreseen. Anette said, “It started out as a game and then became fun to play.”

What Does the Economide Budget Look Like?

19 categories define Steve and Annette’s budget and it was this very budget that allowed them to pay off their first house in just nine years on a modest income of only $33,000. Even better, the home that they now own is worth an estimated $700,000 which they purchased for only $200,000 and it too is almost paid off.

Role Models For the Rest of Us

Avoiding consumer credit debt by paying with cash instead of credit, we could all stand to learn a few things from these folks. Perhaps a reality TV show featuring the Economides could do more for the economy than the federal reserve could ever do – we could learn the way of never needing payday loans.

What Are The Economides Doing Today?

Steve and Anette’s book “America’s Cheapest Family,” has spent some time on the Best sellers list with the New York Times. This has allowed them to now work from home where they are now hoping to get the message out to the rest of us poor and debt burdened civilians. The sales will mean they won’t need payday loans for awhile.

If you’re looking to decrease or eliminate your debt or reliance on borrowed money such as payday loans, you may want to pay their site a visit at www.homeeconomiser.com

Welcome Back!

If you are here because of yesterday’s invitation in the first post of this series, I welcome you back. If you are new to the blog then I welcome and extend the invitation to you as well, to join us in this series on healing your financial health. You can catch up by reading yesterday’s post entitled,

Payday Loans, Credit Repair, Money Saving Tips | Personal Money Store is Here to Help You!

So, where were we? I believe it was “ALL HANDS ON DECK”

Debt is a dangerous animal. It will take advantage of you today, it will take advantage of you tomorrow, and will continue to do so until the debt is paid off. As mentioned yesterday the average American pays $950 each year in debt. I don’t know about you, but i could sure think of some better ways to put that money to use.

Don't let minimum payments strike you!

There is a pivotal moment that occurs when accumulating debt. One day you wake up to find that you are only able to pay the minimum payments on your debts and are strapped financially to do anything more, and probably looking at payday loans more and more.

Minimum payments are the subtle serpents of the credit world. Consumers all too often look at them as convenient and affordable but these serpents can really put the bite on you if you don’t learn how to handle them correctly.

Creditors on the other have would prefer nothing more than for you to have to pay off your debts by paying just the minimum payment. Why? Because on just a $1000 debt, at a standard interest rate of 18% and a 2.5% minimum monthly charge on your balance, it would take you almost thirteen years to pay off the debt.

Due to the accumulated interest charges, paying the minimum payments on your debts does nothing but line the pockets of your creditors with your hard earned money. When dealing with multiple debts you can spend enough on interest each year that could otherwise have provided you some nice growth in your 401k.

If this sounds similar to your situation, your ship may be sinking and emergency attention is needed to prevent the situation from destroying your credit or even worse, giving you cause for bankruptcy.

Is your financial ship sinking? Act fast to avoid drowning in debt!

Taking into account your debt load | How big is the hole in your ship?

Your circumstances may vary, and I will try to cover a couple different methods for helping you to get out from underneath your current debt situation. First I will assume that you are currently up to date with your creditors but have fallen into the minimum monthly payment routine and cannot afford to delegate any more funds than you currently are.

The first thing I would like you to do is write down each of your debts that you currently owe as well as the minimum monthly payment and interest rate that they are charging you.

Next, I want you to go to a website via the link below where you will find a payment calculator.

The True Cost Of Paying The Minimum

This calculator will allow you to input the necessary criteria for each of your debts and help you determine how long it will take you to pay off each of them. Don’t lose heart because the results you will receive will look like a financial prison sentence for the next several years. The point here is to give you a clear picture of your financial outlook and to help motivate you to change.

Now that you have taken inventory of your debt and the cost to deliver freedom to your financial future, let’s discuss how we can make these debts more manageable, and pay them off quicker, while potentially saving you thousands of dollars.

Stop Accruing Debt

If you can't stop spending, start cutting!

The first thing you need to do is eliminate placing new transactions on your credit cards and retail charge cards. Disciplining yourself to “just say NO!” to instant gratification is a must if you ever want to see yourself get out of debt. I would even recommend that you cut your cards up if need be in order to keep yourself from making unnecessary transactions, but I would not advise you to close your accounts at this time. We will elaborate on this later, but basically your account history helps your credit rating so if your creditors do not currently have any marks against you, keeping these accounts open and paying them off will be reflected very positively on your credit report. That said, it’s usually a good practice to keep your open accounts to a maximum of three to five. If you have more than that, consider just keeping open those which are the oldest and have the best interest rates.

Balance Transfers

What you need to understand now is how the credit industry works. This industry is highly competitive for your business. If your credit is in good standing you may be able to take advantage of this rooster fight by taking a look at the many balance transfer options that are made available in an effort to win you over to the other side.

These balance transfers allow you to transfer one or multiple debts to a new creditor for a small finance charge which will pale in comparison to the interest payments you are currently paying on a month to month basis.

Usually these balance transfers will give you a transfer rate of 0% for twelve to eighteen months. This means that everything you pay each month will be going directly to the principal of the amount owed. This gives you a lot of time to catch up and minimize your interest payments.

Better yet, some creditors, like Discover Card in a recent promotion, will allow you to continue this 0% APR on the original transferred balance provided that you make at least three purchases a month. Although these purchases will be subject to a higher interest rate, there is no minimum on the purchase amount of these transactions. The idea here would then be to make each of these purchases as small as possible by buying cheap items such as candy bar, pack of gum or gallon of milk. You can continue doing this until the debt is payed in full.

If this option is not available to you, you should still be able to find some low interest rate balance transfer options. Any balance transfer is likely to provide you a better interest rate than what you are currently paying. Once the low rate on your balance transfer expires you can repeat this process to continue taking advantage of a low interest rate and pay down your debts much more quickly.

A Note Of Caution

As you go about looking at your balance transfer options be sure to isolate the best offers and apply for them first. This is important because inquiries made on on your personal credit by each prospective creditor will appear on your credit report and deduct from your credit score, which is an indicator of your credit worthiness. Isolate your best options first and apply for those, and then move down the list.

Revisit the Results

Once you have found a good, low-interest balance transfer candidate for consolidating your debts, fill out the application process. After approval go back to the payment calculator and determine your savings in both time and money over the life of the debt.

After you have accomplished the above I want you to do one more thing. Would you leave us a comment telling our readers here on the Personal Money Store Blog and us, what deals you found, as well as how much you are now saving and the reduction of time that you will now be able to pay your debt off. We would greatly appreciate your feedback and desire to see your success.

Well, that about wraps up today’s portion. Now, you may be wondering what to do if you are unable to qualify for a balance transfer option due to credit that is not in good standing. We will dive into that tomorrow in part three of this series. Look for the blog article called “Consumer Debt | Negotiating with your creditors”

To your financial success,

-Personal Money Store

Your source of payday loans, cash Advances and free education on the responsible use of money!

Economic struggles are pushing more people to save money

The importance of saving and the usefulness of payday loans cannot be stressed enough in hard economic times. It’s always important to save, and payday loans are always available at your convenience, but right now, more than ever, people need to be reminded of their financial responsibilities and choices. Save, save, save, and when saving isn’t enough, get payday loans to help you out. In this turbulent economy, anything can happen, and people should be prepared for just about anything. That’s why saving is so crucial right now.

Foreclosures and Eviction

The mortgage crisis isn’t just affecting irresponsible borrowers and the people that took out subprime loans. Responsible renters have also taken the brunt of the increased number of foreclosures across the nation. Tenants living in foreclosed houses have been forced out of their homes because of their landlords’ financial problems. If the landlord forecloses on the house, the renters have to suffer because of it. Some renters are being evicted even though they have never missed a rent payment, and once a renter has an eviction on his record, renting becomes much more difficult in the future. In this case, the renters’ financial responsibility did not pay off, but making the responsible decision to save money right now will pay off. Saving helps you face anything that comes your way—like an undeserved eviction.

Your financial situation can definitely be a roller-coaster ride

Emergency Expenses

Like an undeserved eviction, there are many unexpected events that can disrupt your every day life and your budget. If you have kids, you know that there’s always an accident waiting to happen. One of the things you come to expect as a parent is that kids are going to cost you money when money is at its tightest. Whether your kid breaks a window playing baseball or breaks a bone jumping on the trampoline, a solid savings account can help you repair the damage. With winter on the way, you can be sure that winter weather is going to cause you some kind of trouble. It’s good to have savings to cover costs for unforeseen events like an icy fender bender, your spouse’s flu medicine, or unpaid days off of work due to extreme weather conditions. Life never goes exactly as you plan it, that’s why having savings is a great plan.

When Saving Isn’t Enough

You get the point. Saving could never be more important than it is right now. At the same time, saving has probably never been harder than it is right now. The holiday season is upon us, and you are surrounded by expensive temptations. In addition to holiday shopping pressures, the economy is flat out horrible. Costs are high, the stock market is a roller coaster, unemployment is up from the average, and life isn’t getting any less expensive. Again, having a stable savings account is important in order to be prepared for life’s little mishaps, and you should add to your savings any chance you can get. Unfortunately, sometimes savings aren’t enough. If you run into an unexpected cost that can’t be entirely resolved by your savings, you can get payday loans to help as a short-term financial solution.