Budgeting For Beginners

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Budgeting For Beginners

Few things are more frustrating than running out of money. When you are staring at an empty checking account, it can feel like the whole world is against you--especially anyone who you owe money. However, a few years ago I learned a few tricks for budgeting that really made a difference in my life. I have been able to get my spending under control and learn how to save. I have also learned how to prioritize my spending so that I don't have to worry about running out of cash. This website is here for anyone who has ever struggled with money.

How To Do Payday Loans When You Are A Salaried Employee

Payday loans work on the premise that you are paid every two weeks. In fact, when they were first invented, only people who were paid every two weeks as hourly employees were able to take out a payday loan. Adjustments have since been made for employees that are paid weekly and semi-monthly (i.e., twice a month, on the first and fifteenth, on the fifth and twentieth, etc.). Yet, not too many payday loan companies cater to salaried employees because the accounting can be messy. If you are a salaried employee but you need some cash now, here is how you can work it out with a payday lender. 

Monthly Salaries

There are two ways you can work this if you are paid a salary on a monthly basis. The first is to treat the salary as a monthly paid, hourly employee. You still have to show your paystubs to prove that you can repay the loan. If the payday lender says that he/she cannot help you, just explain that if the lender can handle loans for hourly employees paid monthly, the lender can do the same for you. The only difference is that you get a large lump sum payment, like your salary, while the large lump sum to the hourly employee is based on hours worked. Salaried employees often make more money than hourly employees, so this should not be an issue. 

The second way to handle this loan is to wait until half of the month is finished. Your next check is deposited in about two weeks. Ergo, the lender can treat your pay as one that is received every two weeks, and then deposit the check you write out for the loan just as the lender would for any biweekly paid borrower. 

Quarterly Salaries

There are many teachers and other salaried professionals that are only paid quarterly. This is a long stretch of time for any salaried employee to wait for his/her money, thus the payday loan would really help. If you are paid quarterly, show that to the lender. When the next paycheck date is a month or less off, then the lender can treat the transaction as though you are an hourly employee paid monthly. If you need the money sooner than that and you simply cannot wait, ask the lender if there is a way he/she would be willing to work with you to get a loan and pay it off.

For more tips on salaried payday loans, visit a site such as