Hello Sophisticated Spenders!
I love that we live in such a diverse world! Everybody is different and what works for me may not always work for you (and vice versa). So here is one thing that is totally unconventional that has worked for me at some point in my life and may or may no longer work for me anymore.
I remember back in college when I first got a “real” office job. I thought I had made it big. I was making $18,000 a year while still in school! I was balling out of control-key words being “out of control.” My rent was due and I still had a week until payday. I didn’t have any family nearby and this was MY problem so I wouldn’t dare ask anyone else for any money. Then I saw a commercial for payday loans. That was my short-term high-interest savior. I said I would only get one advance until payday. But I didn’t realize that I was creating a vicious cycle of taking out payday loans every two weeks. I would say I went to the payday loan place for 5-6 months straight. They made lots of money off of me. But I learned a lot from that experience.
-To this day I would do it all over again.
-I guess I am too proud to ask others for money to solve MY money issues.
-I take full responsibility for all of my money mistakes and mishaps and will get my money matters taken care of on my own.
-I learned how to better live within my means so that I am not in a situation where I need “quick fix” for my money problems.
Also when I graduated from The Ohio State University with a degree in Electrical & Computer Engineering I had a hard time finding a job. (I’ll admit I was a C+ student-which I used to round up to a B-.) So my first job out of college was a job for a Check Cashing/Payday Loan company. And I was 100% happy with that job. I learned a lot about fraud and finances. I never knew how much security was behind the payday loan business. Sure it wasn’t the big time Engineering job that I had immediately expected after graduating, but I still went in with a positive attitude and I was willing, able and eager to learn. I met lots of great people and customers!
I mainly wrote this post because Payday Loans and Payday Loan companies have a bad wrap. I just wanted to share my personal experience with them. And to tell people not to be embarrassed when they find themselves in a financial bind and need a quick out. I know I’ve been there and I don’t judge. I now have a hefty emergency fund and I urge everyone to save as little or as much as you can for emergencies because you never know when your rainy day will arrive!
I’d love to hear your thoughts in the comment section!
Have you ever used a payday loan? What was your situation?