It is a well-known fact that if you have built up a savings account, you will not need to fall back on using an online cash advance loan when too many costs come at you at once. Saving money is a tough job. It takes focus, dedication and a little saving grace. Your initial plan for a chunk of money to be set aside might end up paying the plumber or mechanic. Unexpected costs which come with everyday life can be a bit of a savings drainer. A great motivator to keep trying is that each time you plan was foiled by an additional bill; you can thank yourself that you had the money rather than having to use third party money like an online payday loan or filling credit cards.
A payday loan work great for those unexpected costs.
I had an inactive savings account for many years. Inactive meaning there were times when I was able to put money into my account, but then just watched the slow leak of cash flow out into my checking account each time I needed more money to cover the costs. As much of a blessing as it was to have this cushion, I had never dedicated myself into refueling the account until tax time came or I received a birthday gift. I guess I can give myself credit for at least saving that amount.
I had to open a new checking account and the free options came at a price. There was not enough money to keep $3000 at all times to keep the fees away. I opted for the automatic direct deposits and monthly transfer of $25 into my savings. I got to choose the date of the transfer. I thought this was such a simple task I didn’t have to worry about because looking at the paperwork and comparing leaving $3000 or transferring $25 to savings seemed like polar opposites. It wasn’t until the fourth month when I realized that an automatic withdrawal of $25 into my savings account was going to be tougher than I thought. It was the end of the month and my car payment was due on the quickly the $25 was going to head over to my savings. My paycheck was coming, but not fast enough. I started to stress thinking that my account was going to be overdrawn, but then quickly remembered that I had already had money transferred to my savings. I was able to quickly transfer funds from my savings to checking with online banking services. I just saved myself from having to apply for an online payday loan or taking a cash advance out of my credit card. Both of those options work in a last ditch effort for cash, but there are fees involved. I was feeling really good that I didn’t have to pay for my $25 transfer and still kept my checking account in good standing.
I quickly got motivated to try to save more in case my next emergency was going to be for more than $25. I tucked away a few extra dollars each week and was able to increase my monthly savings from $25 to $40. I made a clear conscious effort when I skip the drive- thru line for coffee. I take the cash and put it in a separate pocket in my purse. I may never need to fall back on an low cost cash advance loan for quick cash and it feels great to be financially independent from third party money solutions.
