Congratulations on your new job! Whether you applied for this job for experience, for pay, or both, here’s how short-term loans can help you get started on the right foot.
Cover Job-Related Expenses
If you were laid off, or you just started working for the first time in your life, you’ll eventually realise that you must spend money in order to keep your job. That means you need to get ready for job-related expenses, such as:
Your new job may require you to use your personal vehicle or take public transport for work-related reasons. Fuel and bus fares can be pretty expensive, especially if you’re travelling a long distance to get to the workplace. Since commuting may not qualify you for tax breaks, it is best to discuss the possibility of reimbursements with your boss for work-related travels. You can also enquire at the tax department about job-related tax deductions, should any of the allowable deductions apply to you.
Does your job require you to travel to various places in order to find new clients or meet potential investors? If so, it is advised to discuss the travel expenses with your employer. If there is a delay between reimbursement can leave you out of pocket so short-term loans can help with this. Whether you will have to pay for it first and be reimbursed later or if they will provide the money upfront every time you travel. Just in case you’ll have to shoulder the cost first, you can rely on short term loans for quick cash. But, always remember to bill your employer so that you won’t have to foot the bill all by yourself. Otherwise, you need to shoulder it and apply for tax deductions for job-related costs later.
Working in style doesn’t have to be expensive. If you have a uniform at work, things would be easier. But, if there’s none, you need to find creative ways to look neat, clean and a little bit stylish. Looking good and being comfortable can boost your productivity simply because you like what you are wearing and you’re proud of it. A short-term loan can help cover these initial expenses.
Look for discount stores that sell high-quality garments at low prices. Choose clothes that can serve double duty. For example, if you’re in the corporate world, buying black pants, skirt (for women) or a jacket would be a great idea. You can match it with a white shirt/blouse and black shoes. Purchase an all-weather coat and great fitting jeans. A tote bag can be very useful too, it can hold your work-related items and you can also use it on casual days. For $1,000 you could easily buy yourself high-quality outfits that last; these items will get you through the first few months of your new job.
Pay Your Existing Debts
Do you have a variety of debts? Perhaps you’re dealing with a car loan, mortgage or a credit card balance.
When you run up a large credit card balance, it won’t be easy to pay it off. The longer it takes you to pay off the balance, the more it can cost you. Make sure that you pay at least the minimum required amount on time. Defaulting on your debts will not only destroy your credit rating, it could mean additional interests and fees, plus increased risk of bankruptcy. While you’re starting on your new job, try to stay in control of all your loans – including your utility bills.
Set Aside Money for Emergency Needs
Put money aside for emergency needs so that you won’t be in a vulnerable financial situation when an unexpected expense hits you.
Set a Budget That You Can Live With
Nothing is more challenging than setting a budget without money to work on. If you would like to stick to a daily budget, get a short-term loan first, and consider it as your first salary. Create a daily budget out of that amount (make sure that you are basing it on the actual salary you are expecting to receive) and follow it. Plan your day and budget your daily meals, transportation expenses, utilities, recreational activities, etc. If you’re fond of eating out, perhaps it’s about time to eat healthy home-cooked meals. You might be too busy to cook on a daily basis, so why don’t you prepare your meals weekly? Stock your meals inside the fridge and simply heat them on the weekdays.
Australian Lending Centre can help employees achieve financial independence. Learn more about our short-term loans by making an enquiry today!