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Use Fast Cash Methods for ‘Needs’ Not ‘Wants’

Posted on | May 2, 2013 | 12 Comments



A good way to consider good financial health is to have enough money to meet our basic needs and live a comfortable life. However, as humans, we have material desires and we want that extra dough to fulfil those wants. Be it the next fancy gadget or a fast sports car. We all have a list of things we want. There is no harm in having wants because at some level it acts as a motivation to work extra hard and make extra money.

In the real world, many of us go through phases where we may be in need of some fast cash to deal with a financial implication that directly impacts on one of our ‘needs’. This is where the ability to loan money comes in handy because the instant delivery of the extra resources  can mean the difference between having a roof over our head or not in an extreme case. However, one needs to tread with extreme caution while dealing with fast cash methods. For example, if you are availing a fast cash loan to pay for your house rent as mentioned above that is considered a definite ‘need’.

‘Fast cash’, as the name implies is easy to get in most cases and this is where it can be troublesome as well. It becomes a problem when we start thinking of fast cash as a means to fulfil our impulsive ‘wants’. Consider a scenario where you have been saving up some money to buy the next iPhone but are still short of cash. You don’t need it because your current phone works just fine but you want it because you love gadgets and you’ve been conditioned to want the best and brightest as soon as you can possibly get it. This is a terrible reason to consider loaning money, the real danger comes from people who have taken a fast cash loan before, they’re used to the process and thus may be more inclined to consider getting another loan to supplement their frivolous purchase, the use of the loan becomes a crutch of cash advancement to get what they want that much quicker. We need a return to the virtues of patience and saving!

It is no surprise that the convenience of the fast cash loan comes with certain challenges of its own. One of the biggest being the brutal interest charge. So, if you are using fast cash methods to pay for your wants you’re in trouble. Financial vehicles like this are there for a reason and have their benefits but if you abuse them, and become dependant on them as part of your regular budgeting, they can put you in a horrible financial mess and can often snowball out of your control very quickly.

So, next time you are considering the easy route of fast cash, ask yourself the exact reason why you need it. If it is serving your fundamental needs then there is a legitimate justification. If you do decide you have to opt for this route, make sure you consider a trusted and reliable fast cash provider. Take the time to research where you can get the best deals that balance the interest rate and the immediate availability of the funds when you need. By using fast cash methods judiciously you will ensure that you maintain a financial discipline that is critical to survive in this economy. See Wonga.com for more info.

 

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Category: Personal Finance