Taking a loan in “payday loan”, as the name suggests, only lasts a moment. Unfortunately, its repayment is often much more difficult than we expected, especially if in the meantime we have made further commitments and the need to repay several debts in various companies exceeds us. However, this is not a hopeless situation, you only need to prepare well for it and plan regular repayment of loans.
The first step is a thorough analysis of your debts
Create a table in which you’ll write down all your liabilities, total debt to the lender, monthly repayment amounts and payment dates. Sort the list from largest to smallest debt (taking into account the total repayment amount, not the monthly costs).
Thanks to this, you can organize all your obligations in one place and, on an ongoing basis, update the list and watch how the debt disappears month by month.
The second step is effective budget management, which will allow you to create the amount necessary for monthly repayment. To start with, make a note of all the costs you have to pay monthly: housing, food, and other expenses.
Are you behind with installments?
Then write out the remaining things for which you spend money per month. You’ll be amazed at how much expenditure is unnecessary. Subtract your necessary budget expenses from your monthly budget and check that the remaining amount is sufficient to pay your monthly installments. If you miss a lot – you need to think about an additional occupation that will help you get the missing money.
You can also look at the necessary expenses – you may still be able to reduce your fees. Of course, it is difficult to give up your standard of living, but you need to adapt to the situation and start saving.
It is also worth looking at other solutions that will help pay the payday payday pay if you have insufficient income, which you can read about in the article Who to turn to pay payday payday help. It is a good idea to save about PLN 1000 for a “rainy day”, i.e. unexpected expenses, e.g. illness, replacement of broken equipment or car repair.
This will allow you to avoid having to make another commitment
Or withhold payment in the event of unplanned events. Because you want to get rid of the debt as soon as possible, be sure to generate a surplus of money, which you will also use to pay your debts. If, after deducting your income from all expenses on loans and expenses necessary for your survival, you still have the whole amount to pay off your debts. All you have to do is start paying back the smallest loan twice than it appears in the monthly repayment table, and you’ll see how quickly you get rid of one of your debts.
Spend the free amount that remains after paying one liability to repay another. This way you circulate a snowball, thanks to which you will be able to pay off the debt much faster than you expected. Losing commitments will be an additional motivation for you to systematically save and quickly regain financial stability! Then look at the repayment dates and make sure they are favorable for you.
If there are terms that may be uncomfortable for you, e.g. just before payment, contact the lender and negotiate a more convenient repayment date. Adjust the repayment schedule to your options, thanks to which repayment of obligations will be even less onerous for you. The basis for regular loan repayment is saving and consistency. Wanting to pay back the loan on time, be systematic in your decisions.