Living on Less after Redundancy
If you have had to face coping with difficult finances after redundancy and have been tempted to take out a payday loan as a result, you may need to look into ways on how you can survive on less money, until you find new employment.
Determine your budget
When we are used to having money in the bank, we often neglect to check exactly what is going in and out. When finances become a little tighter, it is good to sign up for online banking and regularly check through all of your monthly bills.
Once you have established your monthly outgoings, it is time to set a budget that will help you manage your finances much more smoothly.
Don’t forget to add in bills that are paid once a year or on a quarterly basis, as you will need to keep money aside each month so you can pay these bills when they are due.
This type of forward thinking can help reduce the chances of needing a payday loan and will alleviate some of the stress you feel month to month.
When you review your finances you may find that there is simply not a lot left once you see how many bills you have to pay.
This is the time when you need to think about cutting back short-term, so that you do not get yourself into serious financial difficulties long-term.
Examples of how you can cut down are:
- Reduce your shopping bill (cheaper supermarkets, less meat, fewer treats, no alcohol etc)
- Limiting nights out/eating out
- Reducing TV package
- Cancel gym membership and exercise at home or outdoors
- Change your utility providers
- Shop in cheaper stores or second-hand shops for clothes
Keep On Top Of Debts
If you are in debt with a lender you should make sure that this bill is your priority, so that you do not damage your credit rating.
If you are struggling to meet your repayment obligations, there are organisations that can give you free advice on support on how to best deal with your debt.
Whenever you do have spare cash, it is worth paying a little extra off your credit card or loan rather than spend it on non-essentials.
Preparing for a new role
Applying for a new job is the single most important thing that you need to do when you are made redundant, as you do not want to miss out on any good opportunities. Preparing for interviews can be daunting, especially if you were in your last job for a long period of time.
Once you have secured work, if you feel that a payday loan will help you get up to date with your finances, you can submit our easy online loan application form and we will process it as soon as possible.