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Jan 16, 2020

How to Budget For Your Same Day Loan

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How to Budget For Your Same Day Loan

Budgeting is a part of any adult's life. Sometimes it feels like your life is nothing but planning what you have time and money for. Getting a loan can seem the same - tedious and limiting. However, it doesn't have to be this way! With a bit of reflection, change of perspective, and careful planning, budgeting for a same day loan can be stress-free and easy.

Though you can simply get what loan you need and spend away, budgeting your loan could do better by budgeting over than spending it all right upfront.

Why Is a Budget Necessary?

If you’re thinking about getting a loan, then budgeting for the loan should come first, before actually getting the loan. This will make sure you get just what you need, no more and no less. Keep in mind, a loan will have to be paid back with interest, so getting way more than you need will just cause extra bills; while getting less can mean not having enough for what you need. Try to work with a responsible lender who won't give you significantly more than your repayment capacity.

When you get a small loan, it's usually for a specific purpose like car repairs or to cover bills. Budgeting even for a short term loan is necessary because it allows you to plan for other expenses around it, as well as details of how your loan funds will be repaid.

If you don’t, then you might waste money, or even worse, not have enough. The same thing can happen with any type of loan, whether for personal use or renovations. With smaller loans like those you can get in the same day, you need to think about exactly what you need to make sure you’ve budgeted for everything. Even small amounts can creep up on you if you haven't planned well.

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Think About the Bigger Picture

To begin, take a look at why you’re getting a loan. That could be an unexpected bill, car payment, or home repair, among other reasons. Use that expense to create the base of the loan budget. Think about any other related expenses that are going to come up at the same time as that bill.

For example, if you’re paying for an emergency medical treatment, what about the parking bill at the hospital? Or, the food you’ll have to buy while there? Can each of those things be covered with your own money, or will you need to use a loan to pay for them as well? Examining your plan from different perspectives will help prevent unpredicted expenses from piling up, allowing you to borrow the precise amount of cash you need.

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Minimize Extraneous Costs

If you see that this will cost you more than you can afford, see what you can lower right now. Let’s use the medical bill example one more time.

If you’re thinking about paying for your parking with a loan, see about eliminating some of that future expense now by getting someone to take your car home and pick you up when you can leave. Though thinking like this might not completely solve the problem, lowering what you’re spending right now will keep various expenses as low as possible while you're focusing on loan repayment.

Get the Funds You Need

Now that you’ve gotten a budget and lowered it as much as possible, it’s time to actually apply for your same day loan! Using a company like iCASH, you have the option to get your loan by simply downloading an app and fill out an online form right from your phone.

Once you receive your approval decision, you can sign the contract and the loan will be on it’s way to you in as little as five minutes flat via e-transfer. iCASH is helping thousands of Canadians get the funds they need on a simple, digital platform.

Ramona Glanville

Ramona has been a regular contributor to some of Canada's top wealth-management editorials for over 30 years. She strongly believes in good saving habits, reducing financial clutter, and red wine.