Without taking out loans, many people are having trouble getting their financial issues under control. Although receiving a loan is a great way to solve financial issues, there are many challenges and setbacks along the way. I’ve had issues like this for a very long time, so I truly struggle to find a way out of this bind. As a result, whenever I find myself in financial trouble, I just call my friends and family to ask for a quick loan; occasionally, I also end up utilizing a lending app.
It is straightforward to apply for loans from most of these loan providers because they frequently make their services available through loan applications.
Although it was sort of insane and unusual, at one time in my life I had approximately ten loan applications on my smartphone since I was living paycheck to paycheck. If I don’t get paid, a loan was the only way I could receive cash.
This progressed to the point that I began installing applications from different Loan Sharks. Most of these loan sharks would even give you significant sums of money with the demand that you repay them with an interest of 30% within 7 days.
But who gave a damn at that point? I only needed some money in my bank account to get my financial situation under control.
As soon as I started to see that things were getting out of hand, I understood that I needed a way out of this debt and the difficulties I was having with borrowing money to address financial issues.
In today’s essay, I’ll explain how I circumvented utilizing loans to deal with my money issues. I believe that if you use this approach as directed, it will work for you just as well as it has for me.
Let’s go directly to the secret of how to fix financial problems quickly and without borrowing money.
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Also Read: What Are The Loan Companies That Offer Loans With Monthly Repayment in Nigeria?
5 Solutions to Financial Problems Without a Digital Loan
- Piggy Bank
- Starting a Business
- Proper Planning
- Piggy Vest Wallet
- Avoid Loan Apps
Piggy Bank
Using a piggy bank is one of the most popular ways for people in Africa to save money, particularly among market women. Once they have completed selling for the day, they use that to save a portion of their earnings. This approach of conserving money is effective since you can’t calculate your savings. All you need to do is set aside any cash you plan to spend before the month or year is out.
I’ll admit that at first, I didn’t think much of using a piggy bank to save money since I believed it was too traditional. But ultimately I decided to try it. I went and bought a wooden box-shaped piggy bank from a carpenter. For a while, I was able to save as much as I required, but I eventually ran into trouble waiting until the day I decided to spend the money.
The thing was made of wood, which allowed me to swiftly demolish it. I eventually realized it wasn’t a good idea to construct a piggy bank out of wood, so I had to adjust by creating one out of sturdy metal, and ever since then, I’ve been able to save money wisely.
Starting A Business
Owning your own business is a fantastic way to achieve financial independence. Having a business requires work to get off the ground, but it is eventually worthwhile.
One option to solve financial issues without getting a loan is to start your own business. This will first consume a lot of your time and resources, but with careful management, you’ll eventually achieve financial freedom.
Proper Planning
Careful preparation is a great financial habit. It encourages restraint and financial prudence.
But even though I was spending at the time because I thought I would get paid soon, I later saw that I wasn’t actually buying things I needed.
On the day I asked myself this question, I immediately thought of good financial planning. What happens if your job is lost today? How would you make ends meet till you found a job?
At that moment, I became aware of a problem. So I started keeping a list of everything I need and the associated costs in an Excel spreadsheet. Since it contains a summary of all the expenditures I would incur, including those for my electricity bill, internet service, clothing, and rent, I gave the last document the name “BALANCE SHEET.” I discovered by doing this that I am managing my money well and no longer use loans to solve my financial issues.
Piggy Vest Wallet
Piggyvest is yet another fantastic way to handle your finances in Nigeria. Let me describe what a piggy vest is in case you don’t know what it is. Piggyvest is an excellent online wallet and money-saving tool. Any amount of money may be saved using the app, and you can withdraw it whenever you choose. You may choose when you want to use the money you have saved as a consequence.
For instance, if you want to pay your rent, you may select how much you want to save each month until you can finish your renting instead of needing or relying on a loan to do so.
I didn’t initially trust the app, but after having so many second thoughts about it, I decided to give it a shot. Since that time, I’ve been able to efficiently manage my savings and find financial solutions without borrowing money.
Avoid Loan Apps
This is the most important element. When doing anything that involves money, try to avoid having a loan app—or too many loan apps—on your smartphone. By making you reliant on loans for survival, these programs encourage you to take out extra loans when you go over your budget.
I’m not saying that having a loan app on your phone is bad, but it might become problematic if you rely on it for funding.
Final Verdict/ Conclusion
I hope this essay will assist you in going back and reviewing how to avoid loans if you ever find yourself in financial hardship. Sincere wishes for enjoyable reading. If you do, don’t forget to share. This will encourage us to offer more illuminating and educational information in the future.
In the comment section, you may ask questions and make remarks. They may anticipate hearing from us as soon as they can. Thank you for reading.
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Good one
Great
Money making is necessary
Money is sweet join
Money is necessary