Short term loans are typically taken out to cover emergency expenses like car repairs; replacing broken down appliances or covering the cost of having to travel somewhere unexpectedly. Sometimes, however, people get over-excited when seeing a healthy balance in their bank account and fritter the money away by making impulsive, often frivolous purchases. Here are a few common examples of frivolous impulse spending people have indulged in and subsequently regretted.
Dinner and Drinks
Sometimes people who suddenly have access to larger amounts of money than usual feel the need to treat themselves, family members and/ or friends to a nice meal or a few drinks. The realisation that the money (dinner and ‘a few’ drinks for multiple people can easily amount to £100 or more) you borrowed for a specific purchase is gone can be worse than your ‘morning-after’ hangover. Stay in and have a ‘bring your own food and drink’ party at home instead – ‘staying in’ is, after all, the latest in ‘going out’.
According to statistics, around 27% of members regularly attend their gym (source – http://www.marketresearchworld.net/content/view/164/). Gym owners generally claim that after six months, 25% of members cease to be active. After 12 months, 50% of gym members have given up altogether. This shows that, unless you are adhering to a strict training regime (which requires equipment) or are a fitness fanatic likely to make continued use of the gym, a membership is essentially a massive waste of money. If you only occasionally get the ‘urge to get fit’, buy an aerobics DVD or invest in a pair of trainers and go jogging when the mood strikes you.
Should you be tempted to splash out on designer clothing so you can look like the latest ‘hot’ celebrities, consider these facts:
- Most people neither know nor care which brand of clothes you are wearing
- The majority of ‘normal’ retailers do versions of designer clothes at a fraction of the ‘designer’ price
- Designer underwear can set you back £50 or more for a single ‘wisp’ of fabric – really necessary?
In other words, be smart and get your clothes from regular retailers – it could save you a lot of trouble in the long run.
Used responsibly, payday loans can help you cope with financial emergencies and subsequently make a vast difference to your everyday life. You should, however, always remember that these short term loans are not suitable if you have regular financial difficulties. Their representative APR is 1269.7%, meaning they are also not suitable for long term borrowing.
Find out if a payday loan is the right solution to your unexpected financial difficulty by calling us on Tel.: 01959 543 400. Please note that calls may be recorded or monitored for security and training purposes. Different phone providers may also apply varying call charges.