10 SEPTEMBER 2018
How to budget for necessities around your payday
For most of us, payday can often be a relief after a period of stress. This is especially true if you’re only getting paid monthly, or worse, not on any set schedule. Luckily, there are things that anyone can do to decrease uncertainty heading into payday, the best of which is creating a budget for necessities so that you don’t get caught out at the end of the month.
What are your necessities?
Though the definition of ‘necessities’ might be different for everyone, some essentials will always be a part of your budget, such as:
- Accommodation – whether renting or mortgage payments
- Power, internet, and other utility bills
- Transportation costs – petrol or public transport
After you’ve covered these things for the month, you’ll then be looking at things like debt repayments – which are of course crucial – and optional utilities such as your mobile phone plan – it’s important to remember that these are never as important as paying for your housing and food.
Creating a budget
After payday arrives, you can start planning your budget for the month. Start by paying for as many of your necessities as possible, to avoid the stress of a surprise bill at some point toward the end of the month. This might be rent, power, or a monthly shop for non-perishable food. Afterwards, set a weekly food and transportation budget aside until you’re next paid. This will ensure that you don’t find yourself broke with days or weeks until your next payday.
Once you’ve covered your essentials, budgeting out the rest of your pay will involve splitting it between any other debt repayments, savings, and personal expenses. These factors should be considered in this order: debt repayments are of course the most pressing issue, and after that you should definitely be putting a proportion of your remaining pay toward savings in order to create an emergency buffer. After that, the rest of your pay is yours to spend however you like!
Taking out a payday advance loan
If you haven’t been able to budget effectively in the past, and find yourself unable to cover the necessities before the next payday rolls around, then taking out a payday advance loan from Superloans is option to help you get back on your feet. We offer quick cash loans without fees for our first-time customers, with an initial borrowing limit of up to $500.
If you’re taking out personal loans with Superloans, you’ll have the opportunity to start building up your Super Score – making your repayments on time will give you points that indicate good credit, even though your official credit rating might not be in great condition! Best of all, you’ll start increasing your Super Score as soon as you start paying off your first loan. Speak to our team today to learn more about Superloans and Super Score!