I've been out of a job for only 2 weeks but it actually feels like 2 months! Not working makes time stretch like taffy, especially when I'm constantly checking my e-mails for responses and actually dreading the weekends (because all businesses are closed, I can't apply for jobs right away!).
Dang, I never thought I'd use those two words in the same sentence, "dread" and "weekend." I need help!
Luckily I have a good amount of money saved up because I planned for this stretch of joblessness, while I searched for better opportunities. And it wasn't as difficult as I thought it would be to save up enough money. I just socked away a large portion of my paychecks for 4 months and cut down on my spending, another easy option when it comes to saving up your money.
Most of my extra spending ends up being on food because well...I love food. So I'd ask myself, "Okay...do I really need to buy a dozen vegan doughnuts?" Even now I can hear my taste-buds screaming "YES!" but the smart part of my brain tells me "No." I have a super nice girlfriend who's really good at backing me up too, just in case my brain fails (which happens from time to time).
In case the metaphorical taffy machine breaks down and you run into trouble, don't panic. You do have options. I would say, don't turn to new credit cards unless you absolutely have to. Especially if you're going to use it to borrow cash. Credit card companies charge you ridiculous interest-rates on cash loans.
There's another option and we've talked about it before. You guessed it.
Payday loans.
If you encounter a situation where you need emergency cash, fast and you just don't have it for whatever reason, you can rely on quick loans online through Web sites like PaycheckATM.com, and TitleAndPaydayLoans.com.
They are really easy to get and there's no shame in using these options. Payday loans are used by lots of people and one of the requirements is that you have a steady job.
There's a few things to keep in mind when considering these options. I'll do my best to outline them for you.
- Payday loans are short-term cash advances. You usually have to repay the loan in 30 days or less. If you think you're not going to be able to do this, then find another option because that's where folks get into trouble.
- That being said, don't use these quick cash loans for your satellite bill or for that sweet plasma TV you've been keeping your eye on. Use it for EMERGENCY things like medical bills, veterinary bills, house-related bills (rent, utility, mortgage).
- Only take what you can pay back. There's usually a 15% fee (if you borrow $100, you'll owe $115). If you know that your next paycheck is going to be about $300, don't borrow $700 and just hope that you're going to get it back somehow before the loan is due. That's a huge mistake.
- If you have to resort to these types of loans, chances are you lost track of your financial plan or goal so get back on it. Start saving, leave the debit card at home, buy cheaper groceries, stop dining out, get the most out of your car trips to save on gas and cancel your "luxury bills" (satellite/cable, netflix/gamefly, XM/Sirius, naughty web sites...etc...).
Title Car loans are other options, very similar to payday loans.
You can review that information in some of my previous blog posts or at Web sites like:
TitleLoanSites.com
AutoCashUSA.com
RPMLenders.com
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