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Can you afford a loan?
Its a very big question that lots of people don't seem to be prepared to sit and think about.
If you're after buying a new car, having a holiday or doing some DIY around the house you must look at your personal circumstances as to whether a loan is the best option for you.
Do you know your monthly budget? How much do you spend on your normal household
bills?
Do you save anything at all or are you spending every penny you earn?
Write down your income and outgoings. See what you spend. Do a month on
your figures. What did you miss out?
If you don't want to work out what you're spending then theres probably a good reason - you're a bit bothered about how much you could well be spending on life's essentials?
Some people prefer the money reality check. This involves getting a small notebook and then writing down EVERY transaction you make for a month (Or week).
At the end of the month you'll have filled a notebook full of all the money you've spent and know what you'rve spent it on. You then will have an idea of how much you're spending in the paper shop every week as well as how much you're putting away for electricity bills.
The very act of carrying a notebook and writing down spends is often enough for some people to realise where they waste lots of money. If you're going to the pub every day for lunch cos you can't be bothered taking a sandwich then see how much you've spent! This might shock you into investigating cheaper options for your lunch.
Working out that you spend £30 a month on magazines and newspapers might not seem a horrendous amount but over a year its £360 - which is the cost of a cheap holiday!
You might realise you don't need to get a loan but you need to rein in your spending a little and then you'd have enough money to go round without wondering each month where it all goes!
You don't have to live like a miser either - you can still have fun, buy the odd magazine, but perhaps swap with your friends - so you're buying one each but reading loads!
Work out ways of saving money - it needn't be hard. Why not save ringing your mother til after 6pm in the evening as it'll cost you less !
Taking a packed lunch a couple of days a week will save you money too, there are plenty of ways you just have to think round your spending!
money reality check |
| 1. Buy or find a notebook small enough to fit in your pocket |
| 2. Get a reliable pen or pencil to keep with it |
| 3. Write down every time you spend - how much and what on. |
| 4. Keep totals - daily, weekly, monthly. |
| 5. Breakdown your spending into categories - essentials, pleasure, food, travel, household etc |
| 6. Examine your spending. |
| 7. Look at ways of adjusting your spending! |
This method might really alert you to major spending binges you make. If you're binge spending loads of money then you will identify where you have to restrain yourself. You might find the very process of keeping notes works well at stopping you spending.
Some people write down the amount before they spend the money - you don't have to do this but if you're impulsive it might keep you to your plans.
After you've worked out where you're spending too much money you might identify that you don't need to get a loan to pay for your holiday, you just need to trim back your spending in a couple of areas.
By saving instead of spending you will save more than the money you put aside! You'll also save yourself the interest you'd get charged on a loan!
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