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Seven Money-Saving Strategies

Many borrowers need to apply for a cash advance frequently because of poor saving habits. Here are seven extreme strategies to help you save big money.

  1. Stop smoking. If you always seem to come up a few hundred dollars short and then have to apply for a cash advance, your smoking habit could be the culprit behind your financial woes. A pack-a-day smoker will likely spend at least $5 per day, which adds up to almost $2,000 annually.
  2. Buy second-hand. The average American spends almost $2,000 per year on clothing and apparel-related upkeep. Try buying used to save a few hundred dollars each year. Also consider buying second-hand DVDs, books, and electronics to save.
  3. Have a massive garage sale. Before you apply for a cash advance next time, you might consider having a garage sale instead. Go through your things and cull out the items you haven't used in six months. Depending on how much junk you've collected, you could make hundreds, if not thousands, of dollars by having a garage sale.
  4. Kick the driving habit. Your car could be the reason why you always have to apply for a cash advance. Transportation costs, including fuel, maintenance, and insurance expenses, are prohibitive these days. Assuming a 25-mile roundtrip commute and the IRS' 2008 reimbursement rate of 58.5 cents per gallon, the average commuter spends $3,657 per year on driving to work. If you can cut that in half by using public transportation or carpooling 50% of the time, you could save $1,828.
  5. Have your fun at home. The average person spends $1,800 per year on entertainment expenses. Reducing entertainment spending by 50% would probably be enough for most consumers to avoid ever having to apply for a cash advance. Likewise, the average person spends about $2,500 on eating out each year. Cutting both expenses in half would result in savings of thousands of dollars.
  6. Slash your housing expenses. You might think about moving to a cheaper place, but also keep in mind that the move itself will be costly. Instead, you could rent out a room in your current place. In large metro areas, rooms can easily go for $400-$600 per month, which adds up to thousands of dollars extra over the course of a year.
  7. Shred your credit cards. Many borrowers have to apply for a cash advance because they have exhausted all other lending options, such as credit cards. Credit-card interest costs most consumers about $2,000 each year. Rather than throwing all that money away, take the radical approach to saving money and shred your cards. Continue paying on the balances you owe, but don't put any new purchases on your cards. Of course making your first budget may help with saving money.
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A surefire method to keep your finances in order is to create a budget properly. Applying for a cash advance?