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Why didn’t we think of this?

September 14, 2009 | Illinois, best practices | Comments (0)

In a silly column about how to avoid payday loans,  this Illinois reporter gives some extremely boilerplate suggestions:

2. Plan your spending

Create a budget that accounts for all income and expenses. Plan funds for every category, and discipline yourself not to spend more. Be sure to devote some amount — even if only a few dollars a week — to saving for unexpected costs.

3. Create an emergency fund

Set aside money you will not touch except in an emergency. Jump-start your fund by brown-bagging lunch, avoiding extras like coffee or CDs, holding a yard sale, or taking on a second job. Put the proceeds in a simple savings account that you will not accidentally empty. It is not a good idea to keep a lot of cash around the house, but if you must keep funds in cash, hide the money well — even from yourself.

That third suggestion is a great one, but not always achievable.

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