Strategies To Manage Overspending
urLoanTM is all about helping Canadians from coast to coast improve their financial knowledge. When you seek a term loan from urLoanTM we want you to understand its impact on your finances, your monthly budget, and ultimately use it as a tool to improve your financial health. Many of our prospective borrowers approach us and their overspending is out of control. Here are some ways to manage overspending and take back control of your finances! Well over 50% of Canadians struggle to save money, so the first thing you need to convince yourself is that you are not alone, don’t be ashamed! There is LOTS of people in your shoes and there is lots of options to fix your spending habits! To manage overspending takes some serious discipline, here’s some ideas.
1. Credit cards can be dangerous and encourage spending. Therefore, set limits on your credit card that work in the context of your income. If you net $2,000 per month after tax from work, should you have a $10,000 credit card limit? Probably not! You are much better off calling your credit card company and limiting your card to a figure closer to your monthly income, this way you won’t spend months trying to catch up your credit card bills and pay them maximum interest.
2. By deciding well in advance a spending amount that you can comfortably pay off in full each time your credit card bills come in, you will avoid paying the credit card companies massive interest. Interest is some of the most expensive “overspending” out there and CAN BE avoided with smart budgeting.
3. Limit the number of credit cards you have to one. Many Canadians have 2, 3, or more credit cards, and this is totally unnecessary. Perhaps we are addicted to travel points, perhaps its simply an addiction to spending, but if you can limit your ability to go spend money, this will keep your spending more in line with what you can afford.
4. Save any additional monthly income in a separate bank account. These days most banks allow you to setup an auto-transfer on your account, moving very small amounts over to a separate bank account can help save money for a rainy day and will let you avoid Payday lenders in an emergency more often than not. This being said, if you are applying for a subprime term loan, often the lender will want to see your bank statements to ensure you have sufficient income, so I would not move all your income out of your bank account, just a small amount each pay cheque. This is only important if you are seeking a term loan from a company like urLoan (www.urloan.com) for example.
Creditloans Canada Financing Inc. is a national consumer finance company focusing on helping Canadians who have been left out to dry by their financial institutions. It recognizes that life events sometimes negatively impact your credit, so it offers subprime Loans. Introduced in Canada, in the summer of 2013, urLoan™, by Creditloans Canada Financing Inc., provides flexible personal and debt consolidation loans ranging from $1,000-$15,000 with repayment terms ranging from 6 to 36 months.
Call urLoan™ today at 1-855-723-LOAN (5626) or email firstname.lastname@example.org for further information.