Financial Fundamentals

Payday loans are an expensive form of credit. With some lenders, advances taken must be repaid quickly. Payday loans are intended to be a short-term product to meet your cash needs. They are not recommended as a solution for long-term financial needs. Like any credit product, payday loans are not right for everyone. Traditional banks typically offer other products, including lower-cost options that may provide similar sources of credit; however, individual circumstances may not qualify you for credit with these institutions. In some cases, it may be more appropriate to reach out to a friend or relative before considering the use of our service.

Non-profit credit counseling agencies may be able to help you restructure and consolidate your debts and work with creditors on your behalf. The National Foundation for Credit Counseling (NFCC) is the most respected credit counseling agency network. You can reach the NFCC by visiting, or calling (800) 388-2227 (English) or (800) 682-9832 (Spanish).

You may also visit the following sites to learn more about managing debt and credit wisely:

It is also a good rule of thumb to maintain at least six (6) months worth of an ‘emergency fund’ in the rare case that a job loss or medical illness causes your income to decrease. In conjunction with a strong savings account, customers are reminded to borrow responsibility and only borrow what they need. It is imperative to fight the impulse to make expensive purchases in life to control excessive debt.

One of the best ways to control spending and debt is to ensure that your financial records and neat and organized. It is often helpful to then compile information such as your gross monthly income, monthly expenses, and your goals and objectives in regard to your savings. Once you have established this, you’ll know more about what you’re able to accomplish financially.

If you don’t know where to start or if you want to know how to make your savings work harder, finding someone your trust to help, such as a financial planner or credit counselor is an integral part of the process.

Some professionals analyze their client's situation and create a savings plan. Others make product recommendations and select the savings accounts, money market accounts, and checking solutions best suited to the client's needs. Regardless, any financial planning will begin with an analysis of your individual situation, your financial concerns, and your short- and long-term goals. After making your savings plan, sit down with someone who can help you build your savings plan and help determine the allocation of savings between various deposit products. If You need money fast Blue Sky Payday Loans is here to help!

As we mentioned above, if you are in a CD portfolio or money-market fund, during your working years you also need six months of living expenses in liquid assets for emergencies. Also, if available, be sure to take advantage of your employer's 401(k) match.

Just five years ago, the personal savings rate made up less than 2 percent of American’s disposable income. In the current economic climate, it’s now closer to 6 percent. Conventional wisdom says to save 10 percent of your income. Depending on your goals, that percentage may vary.