Handling Your Cash Advance Well
Entering the helpful and often budget-saving world of cash advances should not be done in a careless, slipshod fashion, rather you should be properly preparing your finances and budget for the extra money and, most importantly, for the repayment of the loan plus the loan fee in a timely manner with as little hardship on yourself. Budgeting properly and planning for life without that extra money is key to handling your online cash advance well.
Setting Up a Budget
A budget is a great and smart way to manage your finances with or without a cash advance to repay, but it becomes especially important in light of managing debt. Budgeting when taking out a cash advance is setting up your income and outcome to match in a way that tracks every dollar you make and where it will go with every pay period. You should start a budget either with pen or paper or using a spreadsheet program by writing down at the top of the list your total income for a pay period, then underneath that writing down your expenses that you will pay out of that paycheck including your housing expenses, food, car payments (if any), utilities such as phone, electricity gas and water, and all other extras. You don't want to forget to include small amounts that you may regularly pay and not think about normally like the cost for lunch at work every day, and even ATM fees or charity donations (such as tithes). Your final balance at the bottom of this list should always equal $0. If you have more money than bills and expenses, then you should add (or increase) money into your savings, include a category for gifts that you sometimes have to buy for others' birthdays, anniversaries, etc. and money for dates - yes, even if you're married.
Once you've taken out an online cash advance you need to figure what items in your budget can be reduced (or eliminated) just for your next pay period in order to allow for repayment of the cash advance plus the fee. This may be a painful process, cutting some things out, but it is a necessary one. If you find that you are unable to repay the loan as agreed then you should speak with the lender about a possible extension, which usually will mean paying just the fee on the loan and not having to pay the actual loan (plus another fee) until your next payday.
