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How to Save Money Cleaning Your House

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Cleaning products can be quite expensive. You are mostly paying for the brand name and the convenience of the item. There are quite a few things you can do to reduce these costs significantly. Essentially, you can spend less than $5 per month to make your own cleaning products or purchase the at dollar stores. Cleaning rags and sponges can also be washed or put in the dishwasher for reuse.

Use a Bagless Vacuum

Rather than having to purchase vacuum cleaner bags, use a bagless option. All you have to do with these is clean the filters and replace them once a year. Some filters never need replacing, so keep them clean and it could be even less expensive on your budget.

Make your own Cleaners

It is very easy to make your own cleaner. You can use just regular soap and water if you wish. An antibacterial option works best.

If you want to make your own cleaners, just make a diluted vinegar and water solution using 2 parts water to 1 part vinegar. Use white vinegar only though.

Another option is using orange oil extracts and water with a bit of dish soap. This cleaner has a fresh scent and can be used on nearly any surface in the home.

To clean wood, simply dab a few drips of walnut or grapeseed oil onto a dry, soft cloth. Wipe the wood surfaces down and ensure that none of the oil is dripping down the piece of furniture. Let it sit for 5 minutes and wipe the area clean with a dry cloth.

Shop at Dollar Stores for Supplies

Most areas have discount or dollar stores available. Most cleaning products and supplies are only a dollar or two. If you just pick one or two cleaners, you can clean the entire home. Most perform multiple duties. In fact, you don’t even need a separate cleaner for the toilet and tub/shower. Just use a multi-surface cleaner and a good brush.

Living a frugal lifestyle is not by choice for some consumers. Saving money wherever you can is important. Making your own cleaners literally costs pennies. Rags and sponges can survive three cycles in a dishwasher for reuse. These items alone can cost over $10 per month. Consider just using unmatched socks or ripping t-shirts that have become too stained or ripped for wear. These make great cleaning rags for smooth surfaces.

Dream Salaries: Great Paying Jobs and How to Get One

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With the economy on the rise, many people are tired of surviving by just making ends meet and are ready to start living with a great paying job. Whether you’re just starting out and want to live large or you’re ready for a career change, it’s exciting to know that there are great paying jobs available with or without a degree. Here are 5 rewarding careers that would make Mom proud.

 

Image via Flickr by gtalon

1. Police Officer

Requirements to become a police officer vary depending upon jurisdiction. Generally, you can expect to need the minimum of a high school diploma or equivalent, along with formal police training through a police academy program or through a college degree program in criminal justice. You’ll need to pass a physical examination and a physical agility test to qualify. Many jurisdictions have age limit requirements, so don’t wait too long to become a police officer. The annual median salary for police officers is $58,720.

2. Emergency Medical Technician

As an EMT you’ll respond to emergency calls and transport patients to necessary medical facilities while also performing any needed medical care on the way. To become an EMT you’ll need to become certified. Certification can take anywhere from 6 months to 2 years, depending upon the program of choice. The annual median salary of an EMT is $31,020.

3. Nurse

There will always be a demand for nurses in the healthcare field and this is a job that pays amazingly well. Educational requirements to become a nurse depend upon the nursing level that you’re training for. CNAs can train in just 6 weeks to care for patients, while LPNs train 1-2 years (part-time or full-time), and RNs even longer. To become a RN, you’ll need the minimum of an associate’s degree. The annual median salary for RNs is $69,110.

4. Social Worker

The world will always need good social workers to make a difference by mending the homes of broken families. To become a social worker you’re going to need the minimum of a bachelor’s degree in social work. The annual median salary for social workers with a social work degree is $56,060.

5. Teacher

It’s never too late to become a teacher. The educational requirements needed to teach will depend upon the age group that you’re interested in teaching. Generally, you’ll need the minimum of a bachelor’s degree to work with elementary, middle school, and high school kids, whereas, to teach college students you’ll need a master’s degree and maybe even a doctoral degree.

To learn about the steps and degree requirements that are necessary to become a teacher, read this .

The annual median salary for a teacher ranges from $53,090-$68,970.

When choosing between a degree program and a trade program, consider cost, program length, and what you’re passionate about. To learn more about great paying jobs and how to get one, contact your local college, vocational, or technical school. If you’re unable to afford tuition upfront, speak with a financial advisor to find out if you qualify for financial assistance or to finance your education through a generous lending program.

Get Your Family Out of Debt & Onto a Happier Financial Path

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CalculatingWith car payments, home loans, student loans and household expenses, it’s easy to snowball into debt. You may be overwhelmed by the amount of debt that has accumulated, but the debt snowball method may be a great first step toward financial freedom.

Snowballing 101

The debt snowball method pays off your smallest debts first and, once those are paid off, you move on to the larger debts. Start off by listing your debts in order from smallest to largest. You will attack the smallest debt first. While finishing off the smallest debt, you will be paying the minimum payment on the larger debts.

Here’s a quick example:

  • $1,000 medical bill (minimum payment $50)
  • $5,000 credit card ($75)
  • $10,000 car loan ($200)

If you have an extra $1,275 a month, you can pay off your medical bill in the first month while paying the minimum on your credit card and car loan. After that you can move toward crushing the credit card debt and then move on to that pesky car loan.

Benefits of Snowballing Out of Debt

Some of the benefits of using the snowball method are purely psychological. Using this method enables you to see results sooner. Once you finish paying off your first debt, you no longer have to worry about paying that creditor. That gives you a sense of accomplishment; no more emails or calls from debt collectors.

A study by the Kellogg School of Business at Northwestern found that the snowball approach works. By relishing the small victories, debtors were more likely to continue to pay off their debts. The study used data from 6,000 people trying to eliminate credit debt and found this led to faster debt elimination.

Cons of the Debt Snowball Method

The debt snowball method does come with some controversy. Although you are paying off the debt with the highest balance, the debt snowball method fails to take interest into account. If your largest debt also happens to be the one you pay the highest interest on, you will end up paying a lot more in interest. Your interest payments may end up doubling after everything is said and done, so do your due diligence to see if this method will work for you.

Preparing to Pay Off Your Loans

Whether or not you choose to use the debt snowball method, you are going to have to prepare to pay off these loans. You may have to cut down on those iced soy lattes or find unique ways to generate cash flow.

There are several ways you can save some money to start paying off your debt now. If you receive periodic payments from a structured settlement or annuity, you could sell its future payments to a company like J.G Wentworth and use your lump sum to start paying off your debts.

A Fool for a Client: Why You Should Seek Outside Financial Advice

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It is said of legal affairs: one who represents one’s self has a fool for a client. A similar sentiment is often expressed about matters of health. This runs counter to the do-it-yourself, uber-independent facade of the stereotypical American. We like to think that we can do anything ourselves, as if performing difficult tasks without assistance is some sort of virtue.

Perhaps this explains why so many men, (and from my observation, women) have such a difficult time pulling over and asking for directions despite the fact that they are obviously and hopelessly lost. It is at least partially to blame for the countless home improvement projects involving plumbing, electricity, and carpentry that have been started by amateurs and completed by professionals after being botched up and made more expensive than if the pro had been called in the first place.

It certainly explains why so many businesses go belly up before their time. Entrepreneurs get the notion that the most important thing their business needs to succeed is the particular skill they bring to it. All other matters are secondary, and thus, less important. They tend to give short shrift to other business necessities such as:

  • Marketing

  • Staffing

  • Internet presence

  • Financial services

In a show of ultimate bravado, they attempt to do these things themselves, believing they can save money by not hiring experts in these critical fields. You can be the best pie maker in the seven counties. But if one of these other critical areas are not handled with the same high level of skill, your pie-making business will fail.

Here are a few reasons why you need outside financial advice:

To Protect Your Personal Assets

So many new business owners suffer this fate because they apply that spirit of independence to the financing of their venture. They spend all their cash, get a third mortgage on their home, and max out their credit cards to get their business off the ground. They grossly overestimate their chances of success, putting the financial security of their family in jeopardy. They are eventually forced to seek the advice of a financial professional: a credit repair specialist.

Commingling business and person resources can lead to some of the worst financial consequences, and may require a higher level of expertise than what the average credit counselor has on offer. A law firm may be a better option as they have the legal expertise to deal with business-specific issues, and specialize in credit repair. When narrowing down the choices based on customer feedback, Lexington Law reviews averaged 4.6 out of 5 stars. It is important to make sure the counselor you choose has a proven track record of customer satisfaction.

Because You Are Not An Expert

A smart entrepreneur knows when to call in an expert. We would not allow some unlicensed tinkerer to rewire our house. So why would we allow some unlicensed tinkerer to handle our business finances? That is exactly what you are doing when you do it yourself.

A real financial expert requires years of education and training. I’m not talking about the tax preparer who takes a six-week course prior to tax season while bagging groceries for a day job. I’m talking about CPAs that require years in school, and more years of practical, professional experience.

The ones with the educational and experiential background to handle your finances can advise you well on such matters as:

  • What type of corporate status is best for tax purposes

  • Should you pay business taxes monthly, quarterly, or annually

  • When is the best time to use a staffing service vs. an in-house service

None of these questions are simple. None should be taken lightly. This does not even begin to address the myriad accounting challenges that await the new entrepreneur. Unless your business is bookkeeping, you really are not qualified to address these issues.

You are Emotionally Compromised

A certain emotional detachment is necessary for tough decisions. In business, a good example of this is knowing when it is time to fold, and when it is time to double-down. Is your business failing because you just need another loan, or is it because you really are not the best pie-maker in the seven counties?

You are too emotionally compromised to assess the situation. You are using your sainted mothers recipe. It has to be the best. You refuse to acknowledge the quality of the competitor’s product, or that they, too, have a mother. You need outside advice. Being emotionally compromised can lead to poor financial decision making.

You do not want to end up with a fool for a client, or a financial advisor. The best way to avoid this is to consult with those experts who can keep your personal assets separate, who have the educational and experiential background, and who can advise you when you are emotionally compromised.

 

How to Get Out of Online Payday Loans

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Payday loans often lead consumers to massive financial debt and even more budget problems. There are ways to get out from under an online payday loan. Keep in mind that some are not traditional and may not be the right way to really go about things, but the process actually works. It is also important to understand why people get payday loans. One of the best things to do is discuss your financial inability to repay all at one time and attempt to get an extension.

Loan Facility Not Licensed in your State

Now, it is important to read the fine print when you obtain an online payday loan. Not all facilities are licensed in all 50 US states. This is a plus for you if you should happen to take a loan with a non-licensed company. If they grant you the payday loan and you find out later that they are not licensed in your state, you are not obligated to repay the loan. It is actually illegal for a loan facility to extend funds to persons in states that they do not hold license in.

Close your Bank Account

Some may see this as dodging financial ruin but it is an option to consider. Speak with your bank about the potential for several bad checks to come in, causing you significant fees that you won’t be able to recover from. Ask about closing out the existing account and transferring your available funds to open a new account. When creditors attempt to deposit the checks, they’ll be returned. They’ll try to contact you for payment and at that time, you can attempt to make payment arrangements with them.

Discuss with the lender that you are experiencing financial hardships and can provide as much documentation as they need to prevent prosecution.

Make Payment Arrangements

Ask to make payment arrangements where the amount owed can be split up into multiple payments. This may not stop interest from building up but the payments will be more manageable, especially if you have multiple payday loans out.

Always remember to read the fine print of a payday loan, even if you obtain it online and not in person. Look for clauses or inclusions of potential extensions or payment arrangements being available. Also consider contacting the loan agent to ask about extensions being available in the event that a financial hardship arises and you are unable to repay the loan upon your next payday. Extensions are not always available depending on the lender and the regulations set forth by your state.

 

Why People Brag About Being Busy Even Though It’s Making Them Miserable

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Most people equate being busy with Woman at desk at Free Financial Advisorbeing industrious. “If you have something that needs to get done,” the old axiom goes, “assign it to someone who’s busy.” People love to boast about how busy they are, but busy-ness and productivity don’t always go together.

Psychologists also say that idleness is one of the main reasons people are unhappy. However, even though Americans are busier than ever before, only only one in three describes him or herself as “very happy.” Many factors including technology, social networks and consumerism drive people to become busier. Even though “busy” is a symbol of social status, in reality, it’s making people miserable.

Why Our Culture Praises Busy-Ness

Brigid Schulte, author of “Overwhelmed: Work, Love and Play When No One Has the Time,” suggests that America’s Protestant work ethic has gone into overdrive. She points out that during the Catholic-dominated Middle Ages, one of the church’s seven deadly sins was “acedia,” or frenzied busy-ness.

Man running at The Free Financial AdvisorBy the mid-20th century, post-war America envisioned itself growing more leisurely. Economists predicted that by the 1990s, Americans would work just 22 hours per week. John Maynard Keynes went even further; he predicted a 15-hour workweek. Even Dwight D. Eisenhower, accepting the Republican presidential nomination in 1956, predicted an America in which people enriched their intellects, completing goals like obtaining advanced degrees. “Leisure … will be abundant,” Eisenhower said, “so that all can develop the life of the spirit, of reflection, of religion, of the arts.”

Leisure has never arrived, however, because wage stagnation forces Americans to work to pay for basic needs. The bitter irony is that even as Americans scramble to earn more, they’re spending more on frivolous items. According to the Commerce Department, Americans spend 11.2 percent of their incomes on unnecessary items, compared to just 4 percent in 1959. It’s the “acedia” of the Middle Ages, alive and well today.

For us, technology has been a mixed blessing. Prestigious universities have embraced online graduate education, allowing people access to intellectual opportunities and empowering them to earn more. American.edu Online, headquartered at American University, is an example of one of these programs. However, despite the advantages and flexibility provided by technology, many people aren’t taking advantage of resources that could make us happier and more fulfilled. Thanks to mobile devices and social networks, we live lives of constant interruption and distraction.

papers falling at The Free Financial AdvisorBusy People Aren’t Necessarily Productive

People assume that having idle time equates with laziness, which means that they also assume that busy people are getting things done. Productivity and busy-ness, however, are often mutually exclusive. People who value being busy all of the time often fail to set priorities. They constantly juggle activities, but they don’t do a good job at executing any of them.

Psychologist Anders Ericsson traveled to Berlin to study top-performing musicians. He quickly noticed that the best musicians practiced about 90 minutes per day and took a lot of breaks and naps. Many creative people deliberately cultivate leisure time to keep their minds free for insights. “I distrust the perpetually busy, always have,” author Mark Slouka wrote in “Essays From the Nick of Time.” “The frenetic ones spinning in tight little circles like poisoned rats. The slower ones, grinding away their fourscore and 10 in righteousness and pain.”

Finding Relief

To become less busy, more productive and happier, people should try becoming what author Greg McKeown calls an “essentialist.” In his book “Essentialism: The Disciplined Pursuit of Less,” McKeown offers some tips for defeating busy-ness:

  • Say “no” without guilt. Being invited to do something affirms us, but that doesn’t mean we have to do it.
  • Rest. People who are well-rested, like Ericsson’s musicians, perform better with less effort.
  • Retreat. McKeown recommends taking a three-hour retreat every three months to think about and adjust priorities.
  • Re-examine traditions. Just because something was fun once doesn’t mean that it has to be repeated weekly, monthly or annually.

Finally, McKeown suggests reducing busy-ness aggravators, like smartphone use, social media and consumerism. If we don’t, says McKeown, “we will be left feeling that our precious time on earth has been wasted doing things that had no value at all. We will wake up to having given up those few things that really matter for the sake of the many trivial things that don’t.”

6 Ways Your Small Business Can Attract Better Employees

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6 Ways to Attract Better EmployeesWhen it comes to hiring new employees, it can be easy to assume that either they just don’t make them like they used to or all the bigger companies are snatching away the most promising talent. While each new generation is different than the one that preceded it and larger companies may seem like they have more to offer than a smaller mom and pop outfit, the truth is that any business of any size can attract hard-working, affable and honest people who will not only improve the bottom line, but also make work environments more pleasant and productive. If you’re looking for a new batch of workers, and you want to make sure you get the cream of the crop, here are six tips that will help you attract the best employees to your small business.

Emphasize the Non-Corporate Nature of the Work Environment

Not everyone wants to work for a large corporation, regardless of the reliability and perks that seem to accompany doing so. There are plenty of hard-working, well-equipped people who would just rather work for a smaller company with less bureaucracy. Since you aren’t one of the big fish, why not consider highlighting that fact instead of apologizing for it? In your job postings and hiring processes, emphasize the non-corporate nature of the job. Some people would rather have a casual dress code and a boss they see on a regular basis than $5,000 more a year. Really.

At Least Match Whatever the Going Rate Is for the Position

While it may threaten to break the bank, attracting better employees will require you to be able to at least match the going, local rate for the position you need to fill. Good employees know what they’re worth, and while they may be willing to work for less than they have to if the work is meaningful enough or there are other benefits that make up for the lower pay, they will very rarely work for less than the standard going rate for a job. If you need a great new receptionist and your local competitors pay at least $13 an hour, then you need to offer that, too.

Offer Benefits

When it comes to employment, compensation comes in all shapes and sizes, and one of the most attractive of those is a good benefits package. While the Affordable Care Act has forced many small businesses into the position of choosing between offering employees health care or paying a fine, the reality is that it’s still cheaper at this point to pay the fine. However, not offering health care, paid maternity and paternity leave, flex time, paid sick days and the like will keep you from attracting the kinds of people who will help you make more money and provide you with a more productive work environment. If you want better workers, offer better benefits.

Provide a Positive Work Culture

A positive work culture will attract positive, hard-working people. When a potential employee sets foot on your worksite, she will intuitively know whether or not your employees enjoy their jobs, and whether or not the environment is a good one. If your work culture suffers from negativity, laziness, complaining, gossip or other ruinous practices and attitudes, get to work on changing it. Good people won’t work for you until you do.

Treat Every Employee and Potential Hire Like They Matter

People need to feel valued, especially at work. Whether you do it with affirming and encouraging words or through grateful email communication, make sure your employees and potential hires know that you value them, the skills they possess and the work they do.While this practice will certainly create a more positive work environment and make for happier employees, studies also show that employees who feel valued work harder.

Be Passionate 

In order to attract better employees you need to become more effective at communicating your vision with passion. Happy employees make better employeesEveryone wants to work at a job that has meaning and makes a positive difference in the world. Find the story in your own work that shows potential employees the ways in which your business is making a difference. If you’re able to find your passion about your small business and communicate it effectively to potential hires, you stand a much better chance of landing the ones who are also passionate.

 

Your small business doesn’t have to settle for second-best when it comes to finding and hiring good employees. From offering better benefits to providing a positive and non-corporate work culture, you already have the tools at your disposal to make working for you an irresistible choice.

Looking For An Insurance Professional? Remember These Tips

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Purchasing insurance is a difficult experience no matter what part of the country you live in. Everyone wants to get the best possible deal, and the rates in some areas can be extremely high. Insurance on your automobile, home and recreational equipment is a substantial investment.The difficulty is choosing the right agency along with a reputable company. Price is important, but the promptness and efficiency with which agents and companies settle claims and deal with emergencies is most important. No one calls at midnight to report an accident expecting to get a recording that says to call again during office hours. We all need help at the time we call. Look for an agency that will respond with care and accurate advice when you need it.Here are a few things to look for when choosing an insurance agency:

• Stability – How long have they been in the insurance business?
• Reliability – Ask your friends, neighbors and co-workers about their experience with the agency.
• Professionalism – An insurance agency often represents a number of companies. Look at these companies and their financial ratings to determine the quality of the companies represented.
• Personal experience with the agency – After you’ve acquired quotations about prices, go in to visit the agency, or ask if they’ll come to you. Choose someone with whom you are comfortable talking.

Ideally, your agent will represent your interests with all types of insurance, including automobile, homeowners, health, life and investments. A professional insurance agent will be your go-to person for insurance and investment advice.

You may be new to the area and seeking a reliable place for your insurance, or you may be a long-term resident. In either case, cost is important, but so is the expertise of the agent and agency from which you purchase insurance. Ideally, your insurance portfolio should be examined on a yearly basis. Agencies should be ready for this examination about a month before your insurance comes due. Ask for recommendations about amounts of insurance, if you should adjust deductibles, valuations for jewelry and fine arts, changing circumstances such as a child reaching driving age within the next year, increasing liability, retirement concerns, etc. An excellent agent and agency will be ready to meet your questions and make suggestions.

 

Protect Your Family’s Valuables From Fire

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Protect Family Valuables From Fire

There are an average of over 370,000 residential fires every year according to the latest data from the U.S. Fire Administration. It’s easy to feel invincible and think that this couldn’t happen to you, but burying your head in the sand will not help you protect your family. Aside from fire safety and educating your kids about what to do in the event of a fire, protecting your valuables, irreplaceable items and important paperwork is essential to being prepared.

Protect Photos and Digital Documents

Start an account with a cloud-based online storage website to preserve your most-important digital documents. Upon initial setup, activate the necessary settings on all of your family computers to automatically back up the desired files as soon as any new ones are uploaded. By automating the process, you never have to worry about whether you backed up copies of the latest photos that you uploaded from your camera. By using the cloud, you also can access your documents from any device.

Keep a digital file folder with records of any big ticket items in your home such as artwork, computers, photography equipment, precious metals, jewelry, media equipment and anything else that you would claim as a reimbursable expense on your homeowner’s insurance policy. Digitize all receipts for these items, and include a photograph of each as proof of ownership in order to have the best chance of getting the most back for your most valuable material possessions.

Preserve Your Little Picasso’s Masterpieces

Kids artwork can overrun your house if you let it, but it also can be nearly impossible to part with. While this quandary is something every parent must work out for themselves, sentimentality reaches new heights if all of those finger paintings, drawings and collages are lost in a fire. Save the mini masterpieces for posterity and maintain organization of everything by digitally preserving them. Photograph or scan your favorites and keep them in a file with your family photos. At the end of each year, compile them all into a photo book, so you can all enjoy them whenever you want.

Keep Important Documents Safe

For things that you need easy access to like birth certificates, your marriage certificate, will, social security cards, deeds, titles, insurance policies and passports, invest in a fire-proof box or personal safe instead of storing them in a safe deposit box at the bank. While a bank has plenty of fire protection, the lack of accessibility is too much of a hassle for these important documents.

When shopping for a fire-proof box or safe, make sure it carries at least a 350 rating from Underwriters Laboratories (UL), the gold-standard in fire safety ratings. A UL 350 rating means that the temperature inside the box won’t exceed 400 degrees, which is the lowest temperature at which paper begins to burn. Also, always store important paperwork in zipped plastic storage bags to protect them from water damage in case moisture penetrates the box as the fire is being extinguished.

Why are students using payday loans?

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 Money Elizabeth

Istockphoto

There appears to be a rising trend that shows that more and more students are taking out short term loans.  Research by the National Union of Students (NUS) shows that up to 46,000 undergraduates are using what they term high risk debt (which includes payday loans, cheque cashing and doorstep loans).  They suggest a number of reasons for this which relate, in the main, to funding their living costs and fees. .

Some highlights from their research show:

  • the weekly cost of student accommodation has nearly doubled in 10 years (£60 – £118);
  • 50% of students worry about meeting basic living expenses like rent and utility bills;
  • over third of students receive no family financial support.

These stats show it is not a typical student lifestyle being funded via a payday loan, but the essentials.

So worried are the NUS about the risk of spiralling debt problems in the student , that they are calling on a ban of all payday lenders from advertising in student magazines, student residences and on campuses.

Payday loan giant Wonga took the unprecedented step of not advertising to students last year and removed all pages from their website in 2012 that could have been construed as targeting students. This has not, however, currently stopped other companies trying to.

Students themselves, has also taken a novel approach and launched their own “payday loan” company specifically for the student market. Unlike normal lenders they have a number of interesting features:

  • no rollovers;
  • a 10 day grace period – in case of student loan problems;
  • a fixed cap of interest – you can never owe more than 50% of what you borrowed;
  • a lower rate of interest.

So even the students themselves see that there is a need for access to short term finance, and they feel they are able to offer a more competitive and student friendly service themselves.

What does the industry say?

The Consumer Finance Association, which represents some of the main payday providers, said students would need to be in regular employment to qualify for a loan from a reputable lender, and that simply banning advertising in campuses would not remove the issue.

The new financial watchdog, the Financial Conduct Authority (FCA), has issued new regulations for payday lenders which came into force in July and include:

  • restrictions on the number of rollovers (ie.how many times a loan can be extended);
  • wealth warnings on ads;
  • more rigorous testing on affordability.

The aim is to remove the less than reputable loan providers from lending.

Other options for help

Students are being advised to think carefully before logging on and applying for a payday loan.  There are a number of alternatives students could look at first.

Some universities have access to learning funds where students can apply for funds if they are struggling to pay for their studies.

Other finance products such as an 0% credit card or 0% student overdraft may help cash strapped students in the short term and means they are not actually having to pay back interest on the borrowing.

Credit Unions are another source of low cost small term finance loans – more information is available here: http://www.findyourcreditunion.co.uk/home.

The Bank of Mum and Dad could be an option before turning to a payday loan for students. Or, those that live close enough can lean on them in other ways to help reduce their living costs.  Asking for a loan or moving back home to keep debt down is not a bad idea.

Summary

As you can see there are a number of reasons why students are turning to payday loans and why it is a worrying trend in some people’s eyes.  That said, payday finance is not the only option available to students who need a short term injection of cash.

About the author: Emily Green is a freelance personal finance writer living in Hong Kong. She loves travelling and is planning to relocate to New Zealand within the year.