Take Control of Your Finances

A Payday Financing Advance is a good way to deal with financial emergencies in the short-term. In the long-term, try these strategies to regain control of your finances and avoid debt.

• Get an accurate estimate of your monthly income. One of the best ways to avoid a payday financing advance is to set limits. However, it's impossible to set limits if you don't know what you're working with in terms of your income. Add up all sources of income after taxes each month, including wages, interest, alimony, etc. You want to include regular sources of income only, so do not include tax refunds, bonuses, etc. While these kinds of windfalls are nice, they are not necessarily something on which you can depend.
• Size up your monthly expenses. Figuring out where your money goes is also important to avoiding a payday financing advance dependence. Add up your monthly expenses, including rent/mortgage, gas, food, car payments, investments, charitable donations, insurance, and any other regular expenses. Don't include one-time expenses, as these should come out of your disposable income.
• Figure out the difference. Subtract your monthly expenses from your monthly income. If you get a negative number, this might be driving your need for a payday financing advance. Figure out ways to either increase your income or curtail your expenses. For example, you might eat out less or give less to charity. If you get a number that is barely positive, you still might consider reducing your expenses to give yourself more of a financial cushion. The more leeway you have in your budget, the less you will need a payday financing advance.
• Aim to save 10% of your income. Savings are a much cheaper and more sensible alternative to a payday financing advance. It is a good idea to save 10% of your income to buffer against inevitable ebbs in cash flow. If this seems too high to you, start with a smaller percentage and work your way up.