Should You Be Saving For Health Care?

As we all know, healthcare and medical bills in the US can be very expensive. In fact, the prices are so high that millions of Americans are skipping visits to the doctors and avoiding any check-ups, vaccinations, or medications that they may routinley need. So, for many Americans, agreeing to make use of the healthcare system will only disrupt their finances further. If you’re already short of money, you might find it difficult to bring yourself to seek medical attention, even if it’s perhaps needed. However, this shouldn’t be the case. Americans shouldn’t be risking something more serious to avoid falling into debt. However, at the same time, debt is a very serious financial issue that could potentially lead to other problems. So, what can you do to ensure you both avoid falling into debt and seek medical attention when needed?  

Is Saving An Option?

Saving is the process of building up funds on the side of your average spending account. Usually, people will save money to repay any bills or prepare for any unexpected financial issues that could occur. Although this takes away some of your disposable income, building up a sum of savings will keep you covered for any problems. If you’re hit with an unexpected bill, you won’t need to turn to a payday or short term lender to help. Even though borrowing a loan can be very helpful, especially in emergencies, loans also come with various risks. Therefore, before borrowing, we suggest doing your research and receiving the best possible result. 

3 Ways You Can Start Saving

Saving isn’t an easy task. However, once you’ve found a saving method that works for you, the process will become much simpler. Some people don’t know where to start when it comes to saving. So, in order to help, here are 3 methods you could use…

50/30/20 Rule

The 50/30/20 rule divides your income into three sections. Firstly is 50%. This should be used on the essentials. For example, bills and grocery shopping. Following this is 30%. This section is to be used on the things you may want. For example, shopping, eating out, and overall activities. Finally, there is the remaining 20%. This last section is to be saved. This will ensure your savings are growing and that they’re not being abandoned, helping you in the long run. 

Envelope Method

The envelope method is created by using numerous envelopes and organizing them accordingly. You will create a category for every expense you may have each month and put them all into separate envelopes. Each envelope will contain the exact amount needed, meaning you will not overspend.

Traditional Methods

Everybody works in different ways. Even though the world is advancing and you can now even use apps to save money, people still prefer the traditional methods. A traditional method keeps your financial records simplified and straightforward, allowing you to reflect without any confusion. 

Even though saving for any medical bills relating to your health may take a while, knowing your savings are building up can help to put your mind at rest. If you are hit by a bill and cannot repay it all, at least you know you’ve got a partial amount to offer.

Why Payday Loans have such a bad reputation

It’s no secret that payday loans have a less than stellar reputation. But most people don’t know the real story behind it all of the negativity associated with them. If you are in desperate need of cash because you have some sort of crucial emergency expense. You will definitely want to learn all you can about these loans and the truth about them. A lot of people tend to avoid payday loans. However, mainly because negative things have been said from people who don’t even know what they are talking about.

Misconceptions about interest rates

One of the most common negative remarks about payday loans has to do with the interest rates that come with them. While it is true that rates on these loans tend to be a bit higher than many others. They really aren’t as bad as you might have been lead to believe. The interest rate that you get on your payday loan will depend on a number of factors. Some including where you live and what your credit is like. It is important to keep in mind that you won’t necessarily pay through the nose with interest with a payday loan.

Private lenders

Another common reason that payday loans are looked down upon by so many is because they are offered almost exclusively by private lenders. Or in other words not banks or credit unions. There are definitely some shady and disreputable private lenders out there who give out payday loans. However,  a vast majority are completely trustworthy. You shouldn’t avoid getting one of these loans simply because it is through a private lender. The more time you take to find the right lender to get a payday loan from, the more likely you will be to get a great deal on a loan.

Related content: Why you need health insurance

People are still living in the past

Many of the people who are vehemently against payday loans are simply living in the past in the sense that they aren’t aware of all the legislation that has been passed over the years to protect borrowers. It is true that there used to be far fewer regulations and laws to protect those who took out payday loans, but that simply is not the case anymore. These new regulations make it more difficult for private lenders to take advantage of their customers, which is a good thing for obvious reasons.

They have never actually gotten one before

Those who harshly and unfairly criticise payday loans usually have actually taken one out themselves, so they therefore aren’t really in a position to say anything about them. Once you have actually gone through the process of getting a payday loan, you will quickly discover that there really isn’t anything to be afraid of at all. Most people’s experiences with payday loans are perfectly fine and don’t involve sinking deeper into debt or anything of the sort.

What to remember when getting a payday loan

Payday loans aren’t nearly as scary or horrible as a lot of people make them out to be. But it’s still very important that you take the time to consider a few things before getting one yourself. The very first thing you should do is to think about whether or not you actually need a payday loan. If you just want some money to go shopping at the mall, you will most likely want to avoid borrowing money and instead simply save up yourself. Those who need to pay for an important car repair, medical bill or something else that is time sensitive could benefit greatly from one of these loans though.

You should also make a point of going online and researching your lender options. As there will be lots of them to choose from. The last thing you want to do is to select the wrong lender to borrow from. This is because you will definitely end up regretting it. A reputable lender will help you get the money you need without spending more than necessary. As long as you take the time to do this research, you should be able to get exactly what you need.