Cash flow! Help!

Midland_Man

Help!!!!

Reality has hit hard today. I got paid my monthly salary only nine days ago and yet I've managed to spend it all!

"How silly" I hear you all cry - and you are right !

Is only after reading the content of this website then sitting down for 4 hours listing my income and outgoings, and setting a budget I have a realised how stupid Ive been with money.

Ive set myself goals, and see what I need to do to reverse my habits and get back looking after my money

But in the meantime I need cash get me through until next pay day - (for food and petrol- I use my car for business use)

ive been looking at payday loans etc...is there a better way of accessing funds quickly?

I cant ask family and friends because that really is something I couldnt do, I wouldnt sleep at night! I dont want them to know about my problem!

i got myself into this mess - I'll get myself out of it - any ideas? advice or help?

Cheers guys

Midland!

dgtazzman

No credit card you can leech off for the rest of the month? Not the cheapest option, but still a lot cheaper than a payday loan. Otherwise maybe ask your bank about an overdraft to get you through.

I know how you feel, sat down this week and went over our finances as my gf was moaning about her job and was considering quitting, put it in front of her to show her she'd have to do without many of the little luxuries she has gotten used to and we'd only be able to save a pittance if we just live off my income while we need to try and get a mortage deposit together, so she soon changed her mind about quitting

Malky

Midland_Man wrote: »

I cant ask family and friends because that really is something I couldnt do, I wouldnt sleep at night! I dont want them to know about my problem

Swallow your pride. Family or friends don't need to know the extent of your problem. Just explain you're in a bit of a sticky spot and need a quick loan. Please please try your family or friends over Payday loans.
Do you have or can you arrange an overdraft with your bank?

Tixy

Hi Midland Man

Payday loans should be avoided if there is an alternative.

So first have you any credit on any accounts you already have - eg a credit card or overdraft? If not as others have said try asking your bank for an extension to your overdraft.
If that isn't possible would your employer advance you a small loan? especially if they understand its in part for fuel so you can do your job.
Or do you have anythings you could sell to raise money? carboot sales or advertising in free papers or gumtree would get you money fastest, but also consider ebay etc.
Have you bought anything since payday that you could return to the shops for a refund (obviously that would depend on what you had spent your money on).
After that I would consider family members to see if they could give you a small loan. If you really are embarassed to say why maybe you could say you have had unexpected car costs you hadn't budgeted for or even that you have lost your bank card or something if that will help you to ask for their help.

Or if you have any debt repayments that haven't yet gone out this month (but you have already accounted for them) see if you can take a loan repayment holiday of a month, or negotiate to just pay a token payment on a card on the condition you make up the arrears the following month (yes you might get a £12 fee but it would still be much cheaper than a payday loan).

If none of those options are possible in anyway and you do decide to get a payday loan then make totally sure that you will be able to pay it back from next months pay packet and manage all your monthly expenses for next month as well. If you cannot be certain you can do this I would avoid a payday loan, once you start rolling it over to an extra month, or taking out a second loan to pay off the first that is when the problems start and the costs rack up. If you do decide to get a payday loan I believe some providers are on the cashback websites such as quidco which would at least help pay towards the high cost of the loan.