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Money Management

Manage your money before it manages you.

If you need money management tips, Quik Payday’s financial tips section is the place for you. We realize that the best defense against financial difficulty is a good offense in money management. We strive to help you in both. Below you will find stable money management tips that will help you stay out of trouble.

BUDGETING

It is important to remember that financial stability does not rely on how much you make, but on what you choose to spend. The first and most important aspect of money management is to create a budget. You should know, approximately, how much income, minus taxes, is coming in every month. This is easily assessed by adding together the pay stubs of a given month.

Once you have established what you make every month, it is important to live within that budget. Many times it’s tempting to buy things on credit, which adds another bill to pay at the end of the month. For assistance with developing your budget and your overall money management, Quik Payday has developeda budgeting worksheet that you can download. Also, once you have your budget in place, stick to it.

DEBT ELIMINATION

Today many people have large amounts of debt. Though we are here to help you bridge your financial gap from time to time, we also realize how important it is to eliminate debt through money management. A good start is to use a debt elimination calendar.

To use this Excel spreadsheet calendar, in the first horizontal column, the debts you would like to pay off are listed left to right (most pressing debt first moving to least). In each month, list the amount owed per month until the debt is paid. Upon the debt being paid, roll the money over and add it to the next loan.

For example, let’s consider that you are paying $100 a month to a credit card loan and $250 to an auto loan. When the credit card loan is paid off, add the $100 to the Auto loan, so you are now paying 350 toward your auto loan. This will speed up pay off as well as knock down potential interest.

Budgeting and debt elimination don’t happen overnight, no matter how good your money management skills are, so if you need some cash to get you through, find out if you are eligible for Payday loans by filling out a loan application for quick cash. If you have questions about your eligibility for a loan, learn more about how a payday loan works, or contact us.

12-Steps Out of Debt

Want to Break the Payday Loan Cycle? Here Are 12 Steps That Don’t Take Big Money. Just Small Change.

Tired of screening calls for creditors? Looking over your shoulder to see if the IRS is ready to tap you on the back? Get queasy whenever you think about how far you’re running behind? Welcome to the club. The biggest club in the world with members who range from those who live in cars to others who take six figures home. All sharing the same thing in common. Debt, debt and more debt. And a deep desire to get out of it. So let’s go!

1. Face it and take charge.
   Taking charge of your debt means making lists. Like lists of what you owe this month, and overall. Once you do, you’ll be amazed. Because when numbers are on paper instead of in your head, they are actually easier to face.
2. Look your paycheck in the eye.
   Think you’re making $30,000 a year? $40,000 a year? More than you’ve ever made before? You’ll be surprised at what you really have to play with – and pay with – once you start thinking “net” not “gross”.
3. Add up what’s going out the door.
   List time again, only this one isn’t what you owe. It’s what you spend. Lunches, lattes, having your nails done, a few beers with the guys. Keep a captain’s log of expenses for a week, then be prepared. You’ll be shocked!
4. Make the cut at home.
   Bet you didn’t know there’s hidden money in every room in your house. Take the kitchen, for example. You’ll save big by joining a food club like Costco or Sam’s Club. They’re 20 to 50% cheaper than grocery stores. Important with the average family of four spending $450 a month on food.
5. Make the cut at work.
   Don’t think nickels and dimes add up? They do at work. Pack just two lunches a week and stop buying lattes, and you’ll save over $1000 a year –enough to take a bite out of your credit card debt. Like we say, it doesn’t take big money. Just small change.
6. Make yourself a job.
   The bottom line is you need to make more than you spend. So to really get out of debt, you may need to “make” and take a second job. Something that really works for you. Have kids? What can you do at home? A special hobby? How might that work? Establish a goal, accomplish it, then quit! Unless you end up loving what you’re doing. In that case, you can quit your day job.
7. Make Uncle Sam work for you.
   For many of us, turning to the government for help is the last resort. But working the system can save you valuable dollars while you pay off debt. Call your county and check state and federal web sites for free job training, food stamps and free medical care. There’s other help, too, like free pet care provided by local veterinary associations. Check with your local Petco or PetSmart for information.
8. Pay on time – and stop paying on time!
   Want to beat credit cards at their own game? Be sure to pay on time so you can avoid expensive late fees, and always pay more than the minimum. Call in to get your interest rates lowered – nearly half of all customers who complain, do. Be sure to stay away from early pay-off schemes. They can only hurt you later. And, finally, just don’t charge. Take charge! Use cash, and you’ll find you automatically use a lot less.
9. Give your checking account a checkup.
   If credit cards are a problem, so is overdraft protection. Check out those fees and it will be enough to make you want to close your checking account. Which you can’t. But what you can do is look for a better deal. Free checking. Extra perks. Analysts say that most customers can put an extra $100-200 in their pockets annually by choosing the right checking account. Then whatever you do, don’t overdraw. Overdrafts are one of the biggest credit card balance builders there are.
10. Say goodbye to the material girl.
    If you’re bored or tired, stay out of the mall. That’s when the experts say you’re most likely to get into buying trouble. Even so, if you still find yourself spending too much on daily, or personal expenses, make a list of your purchases. Wait a few days, then go back and put put these purchases in three separate categories entitled : “Want”, “Need” and “Can Do Without”. Need we say more?
11. Polish your credit rating.
    A good credit rating is like a high school or college diploma. You’ve got to have one! So be sure to find out where you stand with the three major credit reporting agencies. Dispute any discrepancies. Explain anything that makes you look like a bad risk. Payments were late because you a) lost your job; b) your mother was in intensive care; c) your dog ate the payment coupon. Seriously, though, although these bureaus won’t usually take disputed items off, they will put an explanation in your file. Your credit rating won’t end up with a high polish, but at least it will get a buff.
12. Count down to zero – create your own personal payment plan.
    Enough of this advice. It’s crunch time. Time to pull together all your lists so you can figure out how long it will take to get back to zero. You start with what’s coming in. Then you look at what’s going out. You calculate your regular monthly expenses and your on-going debt like credit cards. Then you decide exactly how much you can pay and how long it will take. Once all the numbers are committed to paper or computer screen, you lay out your personal payment plan. It’s a month-by-month map that gives you the supreme satisfaction of crossing off your debt forever.