Save to Spend
Can there be a permanent alternative to payday loans? Something that allows you easy access to money with low or no interest and doesn’t force you into a debt-dance? Actually, there is. The good news is that it is easily accessible to all of us, but the bad news is that if we haven’t had some initial training in it, then the process may be a bit difficult. Sounds intriguing? Well, it’s called good old saving.
Don’t scoff it off yet. Agreed in our culture spending is the big thing today. People learn the joys of spending early on and credit card companies and loan issuers fortify us with ready cash so we can satiate our hunger to spend.
But then at the end of it all, when the bills pile up, each one of these false friends leave us to fend for ourselves. And the worst of the lot is the payday lender. They offer you money, hard cash and you can satisfy your immediate need. But God forbid if you cannot repay the money within the stipulated period.
Now imagine a scenario where you teach yourself, and your family members to save. Not too much, just enough so you don’t feel the pinch. Make it compulsory and regular. Every week or month, you just have to put aside a certain amount, it could be something as small as $10. The hitch is you shouldn’t touch it. Only under extraordinary circumstances can you open this piggy bank of yours and withdraw that money.
The process is like dieting — the first few days are extremely difficult. But once you’ve got the hang of it, well, it’s a breeze. And the next time you are in an emergency and require cash, you can become your own lender!