Cash advances are known by many different names. The short-term loan industry listens to consumers and will call the fast money option anything it hears. Whether you want to call them payday loans or payroll advances, it all boils down to the same thing. You can find fast money online no matter what you want to call it.
Your state of mind has a lot to do with the habits you live by. We may hold a negative connotation towards a payday loan but feel that obtaining a payroll advance online works better for. If you are not receiving this advance from your employer directly, the money transaction will be the same for both. If using one term over the other helps you rationalize your money emergency, then by any means call it what you will. You need to be comfortable with your solutions.
How does your mind treat a cash advance?
Your mindset helps determine many of your daily choices. If you think about how you treat your current savings account, you may want to change your saving money mindset. First off, this account must be treated as any other priority payment. When your mind knows that an online cash advance must be paid off fast, in order to avoid repeated interest charges, it will work hard to succeed. What could you call your savings account to make it more meaningful and give you the extra push you need to commit to monthly deposits?
Could you change the name to an emergency account? Does that sound like you are prepping for whatever comes you way? Does it give you the incentive to make your savings a priority? Some people react well towards keeping their finances safe rather than just letting money sit in a bank in a regular savings account.
Try this name, personal salary account. Yes, pay yourself! Instead of spending your hard earned money on paying interest fees to third party money companies, you can send it off to yourself. Split that account up into money for emergencies, money for free spending and something to use later in life. Who doesn’t want money for themselves? The important part in your mindset is that you are taking charge of your money this way. You can still use a charge card to earn points towards hotels, plane tickets or other reward programs but pay it all in full when the statement comes. You will be happy to have your own money to handle finances which may come at you haphazardly. When you are no longer relying on third party money, you will be happy that your personal salary account is thriving. Funny enough, it could drive you to save more!
What kind of mindset do you have towards financial activities with a certain name? Don’t be scared of the alternative options available, just be in control. If you need to use credit cards and short-term money in order to work your way out of debt, reconsider. Adding debt to pay off debt is an equation that will get you nowhere fast. Use the terminology that will make you more successful. It feels good to have option. Create an emergency savings to avoid the need for online cash advance loans or make a personal salary account to better manage your spending money.
