Many women take on the responsibility of household finances. A PEW study found that more single young women utilize cash advances and payday loans, but that need not be the case in the future. As women sink into their role and learn aspects of long-term financial planning, there may not need to be such a dependency on the short-term loans. Not everyone lives paycheck to paycheck. It is a lifestyle which is not set in stone. There are financial planning steps which women can take advantage of and lose their online cash advance dependency.
*Budgeting – Tracking spending for not only yourself, but also the family will move the finances in a positive direction. Many people are unaware of how much money is spent frivolously. Living on a budget is the best way to keep track of your income and ensure you live within your means.
*Savings – Start putting aside the money which would have been wasted away before your budgeted lifestyle. Build a savings account to rid yourself of a cash advance dependency. Omit uncontrollable causes for such third party assistance when a there is a savings account to help instead.
*Investing – Once you have built yourself a budget cushion (a few months’ worth of bills) put the rest to work for you. Don’t stop saving. This extra will be put to good use in a money marketing account or towards a retirement account. Tax sheltered 401k’s are a great way to begin to diversify investments. Speak to a financial adviser to maximize your potential growth.
*Insurance – Even though this is not part of a financial growth plan, it will prevent major disasters if the bread winner of the family passes or becomes disabled. At this point, you have built your wealth and can now secure it with life/disability insurance.
*Save on taxes and fees – Work with a CPA and make the most out of your income. There are many credits and deductions which can be applied on tax returns which many everyday people are unaware of. Work with a tax specialist to minimize any tax liabilities or maximize a return.
There are plenty of women who have taken the financial bull by the horns and are digging their own financial road to success. The stigma of a closet full of shoes and designer handbags as causes to financial woes does not apply to the majority of women. Just as the need for a cash advance online need to imply the woman is on another shopping spree. The fact is that getting out of the paycheck to paycheck lifestyle can be a rough road. It takes determination and spending strategies to be successful. It’s okay to prove the general viewpoint of women and money wrong. In fact, let it be the fire you need to turn your situation around.
If you absolutely need a cash advance or find it necessary to use up the balance on your credit card in order to pay for essentials, then do it guilt free. You cannot deprive your family from food and shelter. You can rebuild your finances and get rid of debt when you begin to plan for your financial future. There may be days when you think it is impossible, but stay on course amidst a temporary setback and keep your eye on the prize – a financially sound future for you and your family.