Bridging the Gap to Information

Thursday, April 27, 2017

How to Avoid Accruing Debt and Start Saving

Getting smart about saving money can be hard, especially when taxes are just around the corner. With all the conflicting services advertising online these days, it’s easy to feel overwhelmed by all of the options.

Given the lack of formal financial education available to most individuals, one of the most difficult parts of establishing financial security can be sifting through the available information to find applicable, good advice. Some useful strategies, like taking out a short-term loan to prevent fiscal emergencies from ruining a credit score, can be overlooked during this process. Read on for a few simple tips on how to avoid debt, start saving, and design the best financial plan for any budget.

How to Avoid Accruing Debt and Start Saving

Stop Accruing Debt

The best way to evade increasing levels of debt is, quite simply, to pay bills and obligations as they come due. Of course, life has plenty of unforeseen complications that don’t always leave this possible: from the loss of a job, car troubles, family emergencies, or something more benign like a forgotten bill, there are any number of things that can prevent bills from getting paid on time. In situations like these, short-term loans can save time and money.

Taking out an easy payday loan to avoid missing a payment will save the heartache and headache associated with overdue payments, keep credit scores intact, and help maintain a positive relationship with lenders. These things all contribute to keeping the financial future bright, making it easier to find future loans and avoid increasing late fees. It can also increase the amount of the next payment which will go towards decreasing the true loan amount, rather than simply paying off interest.

Start Saving

Interest isn’t always a bad thing—when it comes to money in a private savings or checking account, keeping more money will increase the interest earned each month. These interest levels differ between account types, though; and keeping money in a savings account will earn more in the long run. Of course, this comes with the trade-off that money is less accessible. Most savings accounts will only permit a certain number of withdrawals within a month before charging accessory fees.

In situations like these, it’s beneficial for your financial scores and saving potential to have a savings account earning higher interest rates for each month. If money gets tight, loans can be beneficial for this as well. Taking out a small denomination loan is beneficial in the long run if it helps maintain a savings balance, or avoiding fees for moving money around before a set date. These loans can easily be paid back once a financial crisis has been averted, especially when a stack of bills with the same due date have been paid or the next paycheck has come in.


Keeping a yearly budget is one of the most important steps in maintaining positive finances. The initial process can be complicated—determining monthly expenses will take at least a month of active tracking, and systematically evaluating those expenses to differentiate between necessities and areas of potential reduction can be painful. In the long run though, the alleviation of stress achieved with financial stability and security is well worth the struggle.

Avoid Accruing Debt Now

Taxes are coming due soon, making this one of the most stressful fiscal seasons of the year. If taxes weren’t figured into the yearly budget, it will be easier to apply for a short term loan to cover the expense than deal with the headache of late payments or tax delinquency. Save yourself the monetary pain of poor credit and late fees, and look into payday loans to cover your short-term financial needs.

Author Bio
Robert Martin is a freelance writer and a financial advisor from Los Angeles, California. Combining over 10 years of expertise in the financial sector, he has worked with many prestigious businesses and private clients. When he is not busy working with budgets, he enjoys researching new topics and writing.


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