A few entries back, I mentioned that I tended to use a separate savings account when I’m saving for big purchases. I started doing this a few years back, when I was still living check to check, because the way most bank accounts set up their online access makes it WAY too easy to transfer money back and forth between your checking and savings. This is, of course, a good and convenient thing if you have a need to dip into your savings on a frequent/spur of the moment basis, but I find I’m much more successful when it comes to long-term savings if I use the “out of sight, out of mind” technique.
The way I do this is by starting a completely separate savings account, completely unattached to my primary checking account. This way, withdrawing any money from the special account becomes enough of a hassle that I won’t impulsively withdraw some of my nest egg because I really want a new video game or something. Also, because of my forgetful nature, having an account that isn’t in my face every time that I log into my main checking account’s online control panel means that I’m somewhat likely to completely forget about the money I’ve tucked away until I’ve saved up enough for whatever my original purpose was, or I’m in dire straits and really need the extra cash.
This works pretty well for me, but like I said, a lot of it relies on the way I shop and think and my ability to forget things that aren’t in my face (which is a blessing AND a curse). What sort of tricks do you employ to help with your finances?
I checked my e-mail for the first time in about a week, and I had TWO messages asking for me to post again talking about my experiences with Payday Loans. So, this post goes out to you two & anyone else who is still curious about what exactly these sort of services entail.
Honestly, I think the easiest way for me to explain is by walking you through how to get one in the first place - and the first step is to find a reputable lender, for example this Payday Loans website. Once you’ve thoroughly read their website and gone over their terms carefully, fill out their online application. Make sure you also check out your individual state’s laws about these kinds of services (they can be found here, at the State Licensed Cash Advances info page). The nice thing about this website in particular is that you can apply 24/7 - so if you realize that you’re about to be broke at 11PM on a Sunday night, you can still put your application through right then & there.
You’ll receive an answer within a few moments, and since your credit score isn’t a factor, even if you’ve got debt/bad credit you CAN still use these services & get approved. You’ll be told how much money they can lend you (basically, they won’t lend you more than you can pay back realistically), and once you accept the deal (ie, you pay the money back within a certain time frame with a certain amount of interest on top) your money will show up in your bank account within a day or two via direct deposit.
Paying back the money that you’ve borrowed is pretty simple - you can pay it either via direct deposit (have it taken out automatically on your next pay day) or online through their website. In my experience, their customer service department is really friendly and helpful, so if you end up needing an extension or more money, don’t be afraid to ask - these companies basically exist to help you, after all. Just stay honest with them and don’t borrow more than you can afford in the long run, and these types of services can be a really great way to help dig yourself out of a temporary financial hole.
Hope that helped - if anyone has any more questions, feel free to comment & I’ll respond ASAP!
As I’ve mentioned before, I’m looking to become much more financially savvy & responsible. Not that I’m in huge debt or anything, but I often feel rather clueless about the whole realm of personal finance. It probably stems from the fact that I grew up EXTREMELY sheltered and really wasn’t even allowed to have any money or a checking account until I graduated from high school - I opened my first bank account (with disastrous results - avoid the Bank One in Flagstaff at all costs, y’all - I would deposit my paychecks and had a few of them NEVER SHOW UP in my account… um, what) when I left for college. So yeah, I never really had anyone explain to me a good way to manage money other than my mother’s attitude of “credit cards are EVIL, never get one!!!!”.
Thankfully for me - and others like me - there are helpful websites out there that can aid the financially clueless in our quest for understanding the mystery that is credit cards. Services like the website Your Credit Network have been an incredible resource when it comes to figuring out exactly how credit cards work, which cards are good for those of us just starting out, and how to apply for said cards instantaneously & online. I just wanted to pass it on in case any of y’all are as mystified by the whole world of credit & finances as I am. Hope it helps!
A lot of people are always really surprised when they find out that I’ve actually used pay day loan services before - it seems like the general consensus is that any cash advance service (other than credit cards, obviously) is too good to be true, and thus a scam. Obviously, always do your research first - a quick Google of ANY online merchant should always be a prerequisite to giving them your information, in my opinion - but know that many of these services are completely legit and employ people who actually WANT to help you. I actually got into a financial bind about a year ago (one of my pets had a violent allergic reaction to their flea medication and racked up some SERIOUS vet bills - so um, yeah, don’t ever use BioSpot, okay?) and I ended up borrowing some money from an online cash advance website. Not only did they completely save my butt, but everything was extremely straightforward and easy. Yeah, you have to pay them back the amount you borrowed plus a service fee, but in my case it wasn’t even that bad - like $15 on top of the money I’d borrowed.
I was talking to one of my friends about my experience with this, and it dawned on me that a lot of people could probably use the knowledge that not only do these kind of services exist, they actually work… and work well. Obviously, you don’t want to end up reliant on borrowing - it’s the same principle as avoiding credit card debt, don’t spend money frivolously and only borrow when it’s necessary - but if you use these services smartly and at the appropriate times, they’re fantastic. Especially for young people like me who may be in college or living check to check; if an emergency pops up and you don’t have family to bail you out, cash advance loans are seriously amazing. So I just wanted to put my experience out there, so that some of you reading who may end up in a financial scrape would know that many of these places ARE good, reliable places to turn for help when you’re in need.
Sometimes it really blows my mind that I’m not a kid anymore - I remember how old twenty-three used to seem when I was in high school, and I sort of figured I’d have it all together by then. Now here I am at twenty-three years old, and it still surprises me when I catch myself doing the things I always classed as 100% grown-up… adult issues that I thought it would have to be “forever” until I really had to actively think about.
What prompted this train of thought? I was just surfing and checking out life insurance quotes - since I am, in fact, my household’s primary breadwinner, it dawned on me the other day that life insurance may not be such a bad thing to look into. Of course, I’m hoping to life a long and full life - but things happen. I may only be in my twenties, but I can name at least five people that were my age when they died. It’s very sobering to think about.
So yeah, life insurance. I realized that I actually knew NOTHING about it other than the fact that it existed, and that’s really not very financially responsible of me. As I’ve noted in a few of my other posts, I’m really trying to become good with money and have all my bases covered… whether it’s by building credit, consolidating debt, or looking into life insurance.
Hopefully I didn’t depress anybody too much - I just felt that this was an important topic, and I know that many of my readers are in my age group… do any of you have life insurance? How much do you pay? When did you decide it was time to get it, or if you don’t have it already, when are you planning on getting it, if ever? I’m just really curious as to what the norm is.
It’s not necessarily that I have bad credit, but I’m stuck in the same sort of hole that most young people are: no credit. And unfortunately, almost no credit card companies seem to be willing to take a chance on a twenty-something girl with little to no credit history… which puts me in that endless cycle of “I can’t get a credit card because I don’t have any credit history. I don’t have any credit history because I can’t get a credit card. I can’t get a credit card because I don’t have any credit history….” and on, and on, and on.
So, thank the Shopping Gods for websites like Bad Credit Offers. This website was a HUGE help when it comes to looking for credit card bad credit offers - which, of course, also tend to welcome those like me with hardly any credit at all.
The Bad Credit Offers website has a few categories: they offer a list of credit cards that people with poor/no credit can be accepted for, as well as services that help repair bad credit, ways to check your credit online, and help with home, auto, and personal loans. This website is a DEFINITE bookmark if you’re a shopaholic like me, even more so if you’re young, lacking credit, or have some past credit mistakes haunting you. So go check it out - you can thank me later!
