The economy today seems to leave many people strapped for cash. Some have lost their jobs. Some struggle to keep the jobs they have. Some strive to live on the money they do earn. The one idea so many have in common right now is the need for extra cash, and such a need forces people to look toward a bank (or other financial institution) for help with debt. Bank loans may be hard to get these days and may be even harder to pay back.
The one sure-fire way to make sure you get the bank loan you want is to become your own bank. That’s right. You can do the same thing for yourself that a bank can, and you can even be in control. You may not be able to run out and buy a big item right off the bat, but you can easily finance it yourself if you can really afford the big item. Here are some tips for becoming your own bank:
Pay yourself first. You may need a bank loan because you have no savings. Regardless of how much you make, a savings is necessary. How can you afford a bank loan if you cannot afford to save? It is easy to say that you do not make enough to save, but you do if you earn any type of paycheck. Think about how you would handle the situation if you lost your job. You would be forced to cut back, do without, and maybe even take a lesser-paying job. This is realistic thinking because you must manage the situation you find yourself in, so why not start managing now? Go ahead and make that bank payment you would incur should you secure a bank loan. Just make the payment to yourself. Pay yourself no less than 10 % of your net pay each paycheck and do not touch it.
Cheat yourself out of small amounts. It is easy to go through a drive-thru and get something cold to drink. That cold drink will likely cost you a buck or two, so just pay that buck or two to your bank. You can grab something to drink when you get home. The same concept works for food and other items. You know that you want a snack at work, so take a small portion of food to work with you. This will help you stay away from those costly snack machines. Also, you can find workable solutions for simple problems that force you out to the dollar store to buy little gadget solutions. A buck or two savings here and there can certainly add up. For good savings, a comparison can be done between different online websites. Omalaina website will compare different institutions and provide loan easily. It is prefer to apply for loan application at online websites.
Charge interest. So you think you may need to borrow a few bucks from your own bank before payday? Think hard before you borrow even from yourself. The bank would charge interest, so you should charge interest to yourself, also. Pay yourself back a $1.25 for every $1.00 you borrow. Do not forget that you must pay back your bank before you pay even one bill.
Secure large amounts. Put your savings into a T-Bill or CD once you save a nice sum of money. That way you will not be able to spend your hard-saved money so erratically. You may want to keep your money handy for easy spending, but a loan from the bank makes you submit to a process for getting the money you need. Why not put yourself through the same process? This process can help you move toward financial freedom. Saving for yourself and then borrowing from yourself can keep you out of financial trouble.