“No Spend Weekend” Challenge Will Bring Down Your Loan Size

Living debt free life is a serious challenge and not everyone survives it. Many people try all the harder to achieve financial goals, but they give up in the middle of their journey. This will not sound strange to you if you have gone through it. You make several plans such as “transferring 10% of your gross salary to emergency cushion,” “building up retirement funds,” “cutting down on discretionary expenses,” and the like, but you collapse.

In fact, you end up taking out loans for funding your expenses. It is not bad to apply for a loan if you have an emergency and run out of money. Ultimately, small loans such as text loans and payday loans aim at helping you tide over. However, they can pose a serious threat if you are not careful with borrowing and continue to borrow to fund your recurring expenses. If you do not want to fall into debt, you will have to survive a “No Spend Weekend” challenge. Now is the time to know what this challenge includes.

This challenge has simply two roles: you need to cut down on your discretionary expenses and you continue to pay your bills. The former rule requires you not to use cash, credit cards and debit cards for a weekend on shopping, dine outs, taxis etc. This will help you save money that you can add to the reserve of your debt payments. The latter requires you not to stop paying recurring expenses such as rent, credit card bills, phone bills and utility expenses. This plan will help you be on top of your debt payments.

However, chances are you fall short of cash despite sticking to this challenge, but you will not likely need a very big amount of money because you will have sufficient emergency cushion. In case it falls short of a few pounds, you can apply for small funding sources from direct lenders.

Each lender follows different policy, therefore make sure that you have done enough research beforehand. You will likely pay higher interest rates in case of impaired credit standing, but advanced research can mitigate the risk of falling in a predatory debt spiral. Some lenders provide text loans with soft credit check and some provide with no credit check. The latter allows you to borrow money without any credit check, but interest rates can be higher.

Text loans are helpful to fund any small expense to avoid embarrassment and awkward situation. Though the amount is small, the repayment can be larger. Make sure that you have the repayment plan and that becomes possible when you run “No Spend Weekend” challenge time to time. So, when are you going to run it?

Description: “No Spend Weekend” challenge will limit you to small loans such as text loans. You will rely on them only in case of emergency, not for your recurring expenses.