Harsh economic times might be over since it is almost a decade since the global financial crisis. In your financial situations, however, the harsh times come and go frequently. As such, you find yourself seeking quick remedies for your lack of money situation because you have bills to pay, a job to go to and other things that you must pay for as part of your lifestyle. The conditions can be very harsh for someone living with a family. The payday loans are a preferred way of getting over these short-term money problems when your salary is pending. They offer the much-needed relief for people who would otherwise find no one to lend them a dime. However, navigating the payday market is not easy because there are many confusing offers and the repayment period is very short. Many people find themselves trapped in bad payday loan cycles. Here is a way out of the mess.

Start by mapping your expenses

The act of mapping expenses on a weekly basis is essential. You wanted a payday loan because you knew you could manage your money and repay back the loan so that you get back to your typical financial situation. You need to see where the money is going on a daily or weekly basis. Taking a paper and pen or using your smartphone financial tracker app can help a lot. After finding out where the money is going, you will have the confidence of modifying your purchases so that you reserve some money to reduce both the interest and the principal amount of your payday loan.

Stop taking more payday loans

Often, you get into a bad habit of taking one loan to pay another. Meanwhile, you are incurring more loan fees and interest payment. It is not a bad practice when you are really in an emergency, but it is costly for you in the long run. You need to find alternative ways of reducing expenses or earning more income and cut back on the reliance on payday loans. Challenge yourself not to borrow a new payday loan in the coming month, and you just consider reducing the balance of the current ones. Once you start on this path, you will soon have no payday loan after successfully decreasing balances every month.

Create an emergency fund

An emergency fund is a jar of money that you could tap into when some expenses that you qualify as important emerge. For instance, start with a fund for bill payment and whenever you get a bill put it in your jar and remove equivalent money to pay it. At the end of the month, you will see all that you paid and evaluate whether some bills are worth it. This step helps you address point number one where you need to map expenses and cut some luxuries to live within your means. Meanwhile, it dissuades you from tapping into your extra money unnecessarily before the month ends.

As you can see, getting over the payday burden only takes dedication and some time. Millions are doing it, and you can too change your habits and become a responsible borrower.