How to Make Your Loan Last Longer

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If you are in a situation where you are in need of a loan, it may be the case that you have come into financial difficulty and you need help to support yourself and your family.

Once you have been approved for a loan, the worst thing that can happen is for you to spend it all straight away, and be left without money and with outstanding debt amounts.

There are plenty of things you can do in order to make your payday or short-term last, and genuinely change your life for the better. Here’s our best advice on how to make your loan last for longer.

Budget Accurately

The first tip, and the most important of them all, is to ensure that you are budgeting properly after you receive your loan. When we get lump-sums of money, it can be very tempting to get excited and go on a spending spree. Loans are, fundamentally, borrowed money rather than earned money, so they cannot be approached in the same way as a pay check or a bonus.

Track your spending by exporting your bank statements regularly to ensure that you aren’t making frivolous or unnecessary purchases. If you find budgeting particularly difficult, perhaps from an administrative point of view, try downloading one of the many budgeting apps that are available to use for free.

Many apps can now combine all of your cards and allocate expenses to certain categories of things, so that all you have to do is stick to the plan.

Shop Wisely

Always ensure that you have a list when you are going anywhere to shop, and that you do not deviate from that list. Your initial list must always be in keeping with your pre-planned budgets, also. If there is an item that you really want, endeavour to save up for it to purchase when you have better financial health. Consider your loan an emergency fund for true essentials only.

It can be very difficult to avoid overspending in our digital world where purchases are only a few clicks away. To avoid temptation, surf the web incognito so that you can avoid targeted ads and click baiting.

Further ways to shop wisely include:

  • Eat seasonally
  • Shops sales and reduced items
  • Repair clothes by hand rather than buying new ones
  • Visit charity shops and car boot sales
  • Look for essential items on eBay, Gumtree or similar

Give-up the Treats

It is often necessary when our pockets are tight to cut back on treats and luxuries that we might have grown used to. It is always a shame to have to do this, but the sooner your financial situation improves the sooner you will be able to live without such limitations.

Perhaps you are used to going to the pub every week, or spending that little extra on a fitness class or gym membership. Cut-out these pricey activities for the time being, and replace them with having a glass of wine or a pint at home, and going for a run outdoors rather than hitting the treadmill.

If you can make small-scale lifestyle changes such as replacing branded food items for cheaper ones, or making use of vouchers and discount codes, it is likely that you will not only be able to make your loan last longer, but you will be able to learn and get used to better spending habits for life!

Ditch buying overpriced lunches from cafes and coffee shops in your lunch breaks and bring home-cooked lunches to work in tupperware. By doing this, you are likely to reduce your daily spending significantly. There’s no need for this to take a lot of time and preparation; simply cook extra dinner in the evening and use the leftovers for lunch the following day!

Reduce Your Energy Usage

When you are on a budget, there is not much you can do to eradicate or diminish your

monthly bills such as rent or internet payments. You can, however, reduce the cost of your energy bill significantly by keeping an eye on the energy you use.

Not only will reducing your energy usage keep you in better stead financially; it will also enable you to reduce your carbon footprint and help save the world!

Things you can do to reduce your energy usage include:

  • Get energy-saving light bulbs
  • Turn off the lights
  • Avoid turning the heat on often
  • Insulate your home
  • Take shorter showers
  • Ditch the dryer and air-dry your clothes
  • Turn off plug switches when nothing is in use

all the lenders is the home of payday loans direct lenders UK. We are passionate about helping our readers and customers save money and get the best value on their loans. We encourage you to read our regular money saving and financial tips to achieve financial freedom and independence.