If you aren’t a saver, then what is your money personality? How about considering this scenario – an individual who lives for the day, spends as soon as he gets his pay. Parties hard whenever he wants to. You get the picture?

This is what we call the spender. The spender is the total opposite of the saver, which we talked about in the previous post. Think about how you approach your finances. When you get your pay, what is the first thing that you do? Do you set aside a certain amount for your savings account or do you go out and party all night? Or maybe you’re the type who’d rather go shopping the weekend after payday.

(more…)

Life is rife with variety. Each and every person in this earth has his own unique characteristics and the same idea applies when it comes to how we all approach our finances. Though you may not be aware of it, the way you approach your finances can affect how you live your life in the future – whether you achieve your goals or live your dreams.

So what is your approach when it comes to money? What is your money personality?

Are you a saver?
For this person, security is the top priority. Having something to hold on to – money-wise – is of utmost importance. (more…)

Here are more facts about payday loans.

No Credit Verifications
Credit checks – these are things that borrowers are averse to. Having a mere black spot in your credit report may taint your whole borrowing experience. Of course, our actions are our responsibilities but sometimes, creditors will not take minor mistakes as minor and instead deny your loan application because of them. When it comes to payday loans, however, this is one thing you do not have to worry about. Credit checks are not part of the payday loan process!

That is another reason why people with bad credit love payday loans – it doesn’t matter what your credit “past” may be. That doesn’t mean you can just run and not pay, though! Take this as the chance to build your credit rating back up.

Few Requirements
In line with the no credit check feature, payday loan providers rarely ask for a lot of documentation for approval of the loan. In fact, this is one of the many attractions of payday loans. Normally, all that is needed for approval is proof of income. That means your pay stub and a bank account. That’s it.

Possibility for Mounting Debt
Okay, this does not seem to be factual – with the word possibility there. However, we have to face the reality that there are people who have gone into bad debt problems, partly because of mounting fees on their payday loans. All I have to say is this: with any kind of loan, you have to make sure that you can pay it back within the specified amount of time. You have to borrow what you can afford and you have to make sure you pay. Otherwise, you will be in debt for a long time.

So you think you know all about payday loans? Well here is a quick refresher for you just in case you have missed out on some essential things.

24-hour Approval
Well, not always. The fact is, though, payday loans are approved and released within a span of a couple of days at the most. You don’t really have to wait for weeks on the end just to get your application approved and then for the money to be released. This is one big reason payday loans are quite popular. They provide the cash when it is most needed.

No need to put up collateral
Collateral scares me. Having to risk something you value is not a very comfortable thought for me. However, it is a fact of life that you need to put up something in order to get a loan. Not so with a payday loan! It is an unsecured loan in a way that you do not need to put up property as security. All you need is your next pay check.

High Fees
On the downside, the “no collateral” part means that you have to pay in some other way. This comes in the form of fees, which are slightly higher than other loans. Again, this is the price that you have to pay for the efficient and quick release of your payday loan. I suppose it is not a bad bargain if you think of the urgency of the need. Of course, you have to be aware of how high the fees can be in order for you to make an informed decision.

(more facts next time)

We’ve been talking about ways to save some money for several posts now and if you have been trying to apply what we have talked about, I am sure that you are realising the value of trying to find ways to cut back on costs. So for now, let us have this one last installment in this mini series and then move on to something else. Don’t worry, though, as we will have more tips in the future.

Keeping up with the Joneses? Forget it.
This is such a phenomenon all over the world and it leads so many people into debt. Seeing your neighbors in a brand new car, seeing your colleague with the latest hi-tech gadget, hearing about your friend’s latest holiday – all these can incite a twinge of envy in any normal person. Yet it does not mean that you have to act on that feeling and try to do what others have done, or buy what they have bought. This will only eventually lead to financial disaster, especially if the purchase is really out of your league. Stick to what you can afford and do things because you want to not because others have done them.

After work drinks – cut back.
I am so guilty of this one. I cannot count how many times I have gone out to drink colleagues when I have planned a quiet evening at home. When this happens, I normally bust my budget for the week. Going to a bar means paying twice or thrice the cost of liquor or beer. Not to mention cigarettes and bar chow. Now I try to limit this to once a week or even less. Think about it, you are doing your liver a service as well!