electronic payments without checking accounts

Posted on: 21 October 2014

Unexpected expenses can throw your finances out of whack in an instant, leading to a series of cash advance loans. Luckily, you can budget your way out of a tight spot within just a few weeks with the right methods. By working within your means and using your loans wisely, your finances can bounce back into a healthy range with very little effort. Here are four budgeting techniques that will help you mend your budget after a chaotic financial period.  

Track Your Information

The best way to keep your budget on track is to always have a clear outlook on your regular income and spending habits. You can either track on a weekly or monthly basis, but stay consistent. Make sure to record income from work and other sources, loan funds and gifts in your tracking tables.

In addition, write down all purchases, including bill payments, you make each month. List the interest rate for each loan separately to keep this expense in mind. Otherwise, you could lose track of the amount you are spending for instant loan funds. Once you pay off your payday loans, consider saving the amount you regularly spend on interest to create a cushion for future unexpected expenses.

Pad Your Payments

When recording your information, consider rounding up for expenses and down for income to create an artificial deficit. You can round to the nearest tens place for the best results. Doing your budget in this inexact manner will give your funds a boost without any extra effort. Your savings will quickly pile up as you net a few dollars here and there from the padded transactions.

You can also pay a mock bill each month straight to your savings account to add even more funds to the pot. By allocating the money in this manner, you cut the fat from your budget and create a cushion that will support you during tough times. Make sure you pay off your cash advance loans in full at the end of the term to save on interest payments. Calculate the amount you saved by making a timely payment and sock that amount away as well.

Overpay High Interest Accounts

Paying the minimum balance on your accounts may leave you paying thousands of dollars in interest over the life of the loan. Use loans wisely to pay off unexpected bulk expenses, and then pay as much as you can toward the monthly payment to clear up the loan with minimal interest due. Making quick work of the high interest accounts delegates more of your money toward your savings account or other bills due at that time.

You can use loan payment calculators to figure out the ideal amount to pay for the lowest interest rate possible. You can also directly pay off the interest rate on lower value loans, such as payday advances, to eliminate that additional obligation on the due date. Either way, make sure to work within your budget to avoid overextending yourself to pay off one bill, which could result in falling behind on the rest of your obligations.

Adjust Budget Regularly

Make sure you are adjusting your budget regularly to account for seasonal bill changes, income alterations and lifestyle shifts. For example, in the summer months, your heating bills should drop significantly, freeing up funds for your savings account or high interest loans. Allocate those freed funds wisely to make the most of your extra money. Be sure to go back at the end of the season and reallocate the funds for heating to avoid falling behind in that area. Regular adjustments will make sure you're always checking up on your financial health to stay on track.