In a tight economy currently getting a bank loan is not always an option. Only fast money out there seems to be in the form of short-term, high interest payday loan.If managed properly these loans can serve a purpose in time of need, though often they cause cycle cost if not paid in full by quickly.

There are nightmare stories of people in the payday loan debt for years, paying only the ‘renewal’ or ‘rolled over’ expenses. Still a lot because the same number as the day they issued a loan. Pretty hard to swallow. The only way to avoid the trap of payday loan debt is to plan and save. We can save in many more areas of our lives than we consider. The following money saving tips will hopefully help save money and avoid debt payday loans or get out of it faster if it’s too late.

Tips For Saving Money and Avoiding the Payday Loan Debt

In the General Plan your budget. List all sources of income and your regular expenses. Take a look to see what you can cut back. Look for a better deal (for example – shop around for car insurance).

Bring your lunch instead of buying every day.

Pay yourself first. Every month, try to save at least 5% of your take home salary. Increasing that percentage when possible. Set a goal. You’ll want to save more if you know exactly what you’re saving for.

Avoid impulse buying. Think about whether you need something before you buy. You’d be surprised how much you can save by being disciplined.

Be aware of what your credit on your credit report. Order credit reports online, but make sure you do your research before you book. Some companies charge hidden fees, so make sure you read the fine print. Check your credit report for errors.

If you find errors on your credit report, let the credit bureaus know. If you have a dispute, the credit bureau will investigate the report. Bureau will give you their determination may qualify for lower interest rates as you improve your credit and your debt is reduced.

Average interest rate charged to the sub-prime unsecured credit card 20.73% compared with the average for middle-market cards, or 14.22% primary. Reducing the cost of your ATM. Use your bank’s ATM, not the other banks.

Average cost of using ATMs of other banks in 2005 was $ 2.50 (consumerreports.org / May 2004). Cash is expensive. Avoid borrowing money on your credit card if at all. Cash usually carry a higher interest rate than the cost of routine, and comes with no grace period.

For Seniors Senior Citizen Discounts Take advantage of discounts offered by department stores, restaurants (eg early-bird special) and theater. Senior Citizen Discount Real Estate If you are a senior citizen, you may qualify for discounts offered by local governments for real estate taxes.

Consider dropping your car to a car collision and comprehensive coverage if the premiums cost more than 10% of the value of older cars. Raise your car insurance deductible to lower your premium. Increasing your deductible from $ 200 to $ 1000 can reduce your auto premiums by 40% or more.

Just remember that if you are in an accident, you are responsible for the deductible. If you are mechanically inclined, perform routine maintenance on your own car. Car pool or use public transport.

Around the House Reducing Expenses your cable TV. Limit the cable to one TV in your home. You can also reduce your costs by reducing or eliminating the amount of premium channels. Avoid using Directory Assistance. Directory assistance can charge anywhere from 30 cents for a local number for $ 2.00 for long distance numbers. Use the internet is not … It’s free.

Note the use of your phone. Make sure you do not exceed the maximum number of minutes included in your plan. Consider buying a prepaid plan so that you control your phone budget. Make long distance calls when prices are low. Evenings and weekends generally offer the most favorable price.

Look for packages that include UNLIMITED long distance. Eliminate extra phone services that you do not need. Call waiting, call forwarding and speed dialing may be good to have, but how often do you actually use it? Or find a package that included free of charge …. or negotiate for it. Is routine maintenance around the house itself, rather than hire someone to do it for you. Barter services with friends.

For Students Less interest student loans on your taxes. Since 2001, the federal government has allowed the students to cut interest rates up to $ 2500 in student loans for the entire life of the loan. For specific tax advice, you should talk to a professional tax advisor.

Look for ways to lower the cost of your education. You can save on your tuition by taking courses, weekend or summer, or saving the cost of living by becoming a dormitory supervisor.

Shop In Store for generic brands. Daily gourmet coffee and muffins may cost you more than $ 1,000 per year. Try to limit your visits to once a week as a gift or present for yourself. Put what you will spend another four days to bank account. The money you save can go to your bill, vacation, or holiday shopping.

Make a shopping list and stick to it. Do not shop for groceries when you are hungry, you can spend more than. If you are generally healthy, it may be beneficial for improving your health insurance deduction.

Stop smoking. This rise in the price of cigarettes makes you a better idea. Apart from the obvious health benefits of quitting, if you smoke a pack a day, you can save nearly $ 3,000 a year!

Shopping at Farmers Market ‘or U-Pick farms. Buy in large size or larger. Take advantage of special offers weekly or food in season. Eat in. The difference between the cost of a week eating out and groceries a week will send you running to the supermarket.

For Your Entertainment Attending movie matinees and coupons are used. Many theater chains offer matinee discounts and early-bird.

Renting a movie or video game. Try your local library for the title favorites. Make sure you return them on time to avoid late fees. Borrow books from the library instead of buying them.

Stores during the appropriate season. You can usually find both when buying the new models are introduced and retailers have to get rid of older merchandise. For example, portable audio products, microwave ovens, and air conditioning are often sold in the spring and washer and dryer went on sale in September.

Creating a vacation budget. If you are going, plan how much you want to spend and stick to it. Save money before you go and do not charge the cost of your holiday.

Is dating? Go on a picnic. Go on a hike or a stroll through the park. It’s much easier on your pocket book than dinner and a movie, and it can be just as entertaining. Surfing the internet for a local event for free. Citysearch.com is a good resource for free events happening in cities across the country.