People try all kinds of crazy budgeting tricks, not only in recent years but since the dawn of finance more generally. Some of these tricks work, and many more of them don’t. Other budgeting tricks end up inflicting more damage and make more significant problems than the issues they were intended to solve. Here’s a breakdown of some of the strangest and least effective budgeting tricks so that you can avoid them. For your benefit, we’ve thrown in some of the tricks that actually work so you can achieve financial freedom with a few strokes of your pen!
Paying Debt with Credit Card Debt
One of the biggest and most common budgeting mistakes that people make is trying to pay off debts with credit cards. This “trick” is invariably unwise, and it always ends in a situation that has the borrower left with more debt than when they started.
When you get a shiny new credit card offer in the mail, it might be tempting to open it up, apply, activate the card, and use it to pay all of the bills that have been left stacked up on the kitchen counter. While that might sound like a fine idea, it isn’t. You might be tempted by the introductory 0% APR, but the keyword here is introductory. After the introductory phase passes, you’ll be paying an outrageous amount. It might end up being more difficult to manage that credit card payment than paying off the original debts in a savvier way, like taking out a title loan or even a payday loan.
Renting Out Your Car
So, you’ve got a car, and a lot of bills and no bank will give you a chance. What are you going to do? Renting out your car to friends might seem like a smart way to balance your budget, especially if you don’t count on your vehicle’s use to get to work.
The only problem is, there are a lot of problems with this budgeting solution if you can even call it a solution. For one thing, if your “friends” aren’t on the insurance, you could wind up paying for enough debt to last you a lifetime if they get into an accident in your vehicle and there’s a lawsuit. Just don’t do it.
Spending Less on Food
Cutting back spending on food and essential items might be next on your list of budgeting ideas. While this can work to an extent, you still need to eat, and it won’t work forever. The less you eat, the less energy you will have, which will make you less effective at work or at fining work for that matter.
Ready for Something That Works? Try a Title or Payday Loan from Cash Advantage
If the last few ideas were untenable, then what’s left? How about applying for a title loan, or even a payday loan. In the case of the former, all you need to qualify is a free title to a working vehicle. As for the latter, if you have a job that brings in a paycheck, you’ve already qualified!
Cash Advantage understands that times are tough, and we’re here to help. Bad credit? No problem. Honestly, if you have the title to a vehicle or a paycheck that you can count on, you’re golden. We’ll finance you.
Looking for a way out? You just found one, call Cash Advantage today and let us show you the way.