You too can regain total control over your finances even while working your way in between jobs.
For most persons, being unemployed poses a huge strain on their finances, bringing about increased debt, financial instability, and a reduced state in their quality of living. However, for others, being unemployed represents a time to reflect and effectively reevaluate their finances and spending habits.
By doing this, they can properly adopt proactive strategies to make the most of their limited resources.
Whatever position you may find yourself as you transition between jobs, leveraging the right cash advance loan options and money management practices in Las Vegas will help you put up a solid foundation for a perkier financial future for both you and your family.
If you’ve recently been laid off work, maintaining a stable financial standing might seem pretty challenging for a start. However, by leveraging the following steps, you can effectively plan and manage your finances while unemployed or transitioning between jobs.
Assessing your current financial situation gives you a full scope of all the resources you have in hand to leverage on as you navigate your period of unemployment. This includes any emergency funds, savings, short term loan options, and other alternative sources of income available to keep you going as you transition between jobs.
It also helps to identify areas in your finances that would need adjustment going forward. Basically, helping you to effectively distinguish between your needs and wants, thus, allowing you to make more conscious decisions about your daily spending and saving habits.
The next conscious step to take to master financial stability while unemployed is to track your daily expenses.
You can start by categorizing and effectively analyzing each one of your daily household purchases and expenses, keeping track and properly documenting receipts and your expense log.
By doing this, you will always be aware of your daily, weekly, and monthly spending patterns, thereby helping you to identify areas in your spending habits that may need adjustment.
While assessing your financial status and tracking daily expenses is important, it can only help you structure your finances to suit a specific moment.
Being unemployed, there’s no telling how long it would take for you to transition to a new job. This is where setting aside a realistic budget for your spending comes into play; the best strategy for this is the 50/30/20 Rule.
The 50/30/20 rule is a personal finance management practice that divides your household budget into two (2) – expenses and savings (investments). That literally goes to say that even with zero (0) income coming in, you can still make the best of your finances by saving and investing even while spending.
Naturally, the 50/30/20 rule breaks down your finances into the two following categories:
Furthermore, the 50/30/20 rule allocates 50% of your finances towards basic household needs and expenses such as rent/mortgage, household groceries, gas and utilities.
The other 30% of your finance goes into things you “want“ and can basically do without; some of these include – entertainment and leisure, as well as subscription services.
The remaining 20% of your finance is directed towards savings and investments
Reviewing the 50/30/20 rule, it’s always a safe bet to structure your monthly budget in a way that gives room for flexibility in the 30% allocated portion of your spending.
That goes to say that changes should only be made on your savings and investments if it is absolutely necessary. It’s also a best practice to make minimum payments on your credit card debts, at least for the time being of transitioning between jobs.
A very good and effective way of managing your finances while unemployed could come in the form of online payday loan options.
Now, while online payday loans are more structured towards individuals who have constant source of income, it can be a pretty good way of providing you with all the short-term financing you need as you transition between jobs.
An instant payday loan could basically be used to finance any portion of your spending in the 50/30/20 rule, but still, it’s always a safe practice to take up online payday loans to finance purchases and expenses that are of real importance to you at that moment.
For example, you could spot an interesting investment opportunity in the real estate space and decide to take up a cash advance loan of $5,000 to finance such.
An instant payday loan can also come in handy if you are trying to develop yourself on a certain skill while in the process of transitioning between jobs.
You can take up an online payday loan in Las Vegas to finance the purchase of training courses to help improve on your skillset as a sales associate or administrative assistant.
You could start by learning a new skill.
The internet right now provides one of the easiest ways to make money for any entrepreneur out there. With skills that range from programming, social media marketing, digital marketing, forex trading and lots more, you can make some really good income for yourself at the comfort of your home.
Some other sources of income you could explore when unemployed include:
For someone that has recently been laid off from work, the very first thing you need to do to effectively manage your finances is to prioritize essential expenses, even though it means cutting back on discretionary spending, and laying back a bit on extravagant lifestyles.
It also helps to find a way to clear your head – losing a good paying job can be pretty depressing and hard to deal with; at best, try as much as possible to stay around the ones that love you, explore new skills and hobbies, and generally just involve yourself in healthy habits that will help take your mind off the entire emotional distress.
Disclaimer
Short term loans are emergency credit loans that have been designed for short term financial issues. The loan amount is small and limited to a fixed upper limit. The loans are exclusively created for the short term and will become expensive burdens when extended and used for long-term purposes.
The operators of Instant Payday NV are not lenders. We are neither a bank nor a financial institution. We are not involved in the process of making credit-based decisions related to lending, offering loans, or collecting repayment.
The website has been created to act as a bridge, a connecting agent between the applicants and the moneylenders. We do not charge any fee to process the loan application or help our customers find a reliable match for a loan from a third-party lender. We do not oblige any user/ customer to contact the lender or to accept a loan application.
The data present on the website related to short-term loans and the industry practices are for information purposes only. Instant Payday NV does not collect, store, or access the details related to fees and charges levied by the lenders. We do not endorse any of the lenders in the network.
Short-term loans are not available in all states. Not every lender in the network can offer a loan of up to $1000. We cannot guarantee that the loan application will be approved by a lender. Instant Payday NV also cannot guarantee that every application will be successfully matched with a lender or that the lender will provide the applicant the loan amount.
The lenders might perform a credit check through one or more credit bureaus (which include but are not limited to the major credit bureaus) to determine the reliability of the applicant. The lender will also need to perform other verifications such as confirming the social security number, national ID, driving license number, or any other identification documents submitted by the applicant.
The terms of the loan proposal depend on the lender and various factors such as the federal laws and state laws, or industry regulations. The terms and conditions of the loan proposal will vary from lender to lender and from one application to another.
APR Representation
APR (Annual Percentage Rate) is the interest rate calculated per annum for the loan. Instant Payday NV is not a lender. We do not have the required information pertaining to the rules, regulations, and terms used to calculate APR by individual lenders. APR calculations vary from one lender to another, one state to another. They also depend on various factors that decide the APR of a loan. The credit rating of the applicant can be one of the reasons.
Any other additional charges including but not limited to the origination fee, late payment fee, non-payment penalties, or non-financial that include debit collecting actions, late payment reporting, etc. come under the responsibility of the lender.
Instant Payday NV has nothing to do with the payments charged by the lenders or the action taken by them. We do not maintain any information regarding the same. The charges and actions are to be fully
disclosed by the lender as a part of the loan agreement. The calculation of APR is the annual rate and not the financial charge of the product.
Implications of Late Payment
We highly recommend our customers to contact the lenders to enquire about the possibilities of late payment. In the case where late payment is considered possible, the late payment fee is applicable and implied. The laws of the state and the federal govern the cases of late payment fees and vary vastly. All details related to the procedures and costs associated with late payment are disclosed in the loan agreement. Customers should carefully review the terms before signing the contract.
Implications of Non Payment
In case of nonpayment of the loan, both financial and nonfinancial penalties may be implied. The charges for nonpayment and late payment are disclosed in the loan agreement. Additional actions related to nonpayment’s such as renewals or extensions can be implied upon given consent. The terms of renewal are disclosed in the individual loan application. Additional renewal charges may also apply.
Lenders may perform debt collection practices. The practices are adjusted as per the Fair Debt Collection Practices Act and any other federal or state laws related to the industry to ensure that the customer or the loan applicant does not end up being a victim of unfair trade practices. Most of the lenders do not use outside debt-collecting agencies to recover the loans. They use in-house methods to collect the debt from the applicants.
Late payment and nonpayment of the loan might have a negative effect on the credit rating and further decrease the rating. This may cause them trouble over time. Lenders may report to credit bureaus such as Experian, Equifax, Transunion, etc. In such instances, the late payments and nonpayment’s may be recorded and remain in the records for a certain period.
