How to repay a loan on a low income – Taken a small loan, and struggling to pay it back? We’ve all been there. It can seem a daunting experience, leaving you exasperated wondering how you will ever pay it back. This quick guide will give you a couple of tips on how to repay a low income loan by cutting your expenses. Ít’s surprising just how quickly saving a dollar here and there can mount up to a full repayment.
Have Fun at Home
Do you love going out to the movies or going on dinner dates? If you can’t find deals or vouchers, then why not consider changing venues? Renting a film is not only loads cheaper, but it also means you can eat low-cost snacks at home as well. Dinner dates in can be particularly fun; take turns with your partner or flatmates and try cooking the tastiest meal you can while spending a maximum of $5, for example. This not only saves money, but it will help you improve your skills in the kitchen!
Save Money at Work
The daily trip to your office can end up costing you quite a bit of money. If you’re used to a daily dosage of caffeine from your nearest cafe, think about bringing in your own coffee. Ask your boss to invest in an espresso machine if you can’t stand the instant stuff. Save on snacks by buying them in bulk and taking them to work. Dont eat out either, instead make your own brown bag lunch. You can end up saving at least a fiver a day, so it’s worth doing and you will hardly notice the difference.
Most of our budget goes on food, so make sure that you enter your local supermarket with a clear plan. Make a list of meals for the week and get only what you need. Save money by buying in bulk and sticking to the generic brands. Most of the time, it’s exactly the same thing and tastes just as nice!
Remember that every pound you save and use to clear your debt is worth multiple times its value in the interest you will be avoiding. Small steps will get you there; don’t get discouraged and take it one step at a time! The tips above should help you and you should not notice a dip in your standard of living. Give them a try!