Why you shouldn’t borrow money before your payday

The advent of loan apps and loan sharks has made people more comfortable and addicted to the habit of borrowing money.   

Some even go to the extent of borrowing ahead of their payday. They then end up using their entire salary to pay up debts with no other option than to borrow ahead of the next payday.  

As much as some people may have justifiable reasons to do so, I feel borrowing ahead of your payday is just an unhealthy habit that is a result of an individual’s lack of financial discipline, planning, budgeting and savings habit.   

No matter your reason for doing so, borrowing before your payday is wrong and is a habit that should be discouraged.   

Discussed in this article are reasons you should desist from borrowing ahead of your payday.  

1. It prevents you from being financially disciplined   

Borrowing before your payday is an unhealthy behaviour that prevents you from being financially disciplined.  

There are times when you see some things that you want but you don’t need at the time, that is, you can still do without these things without your life being affected in any way.   

Your ability to discipline yourself financially will help you take your eyes off such items so you don’t end up borrowing just to get them.  

When you borrow always before your payday, you can never become a financially independent individual.   

2. It reduces your chances of having a savings plan   

People who constantly borrow before their payday can never have a savings plan.   

When you choose to always borrow before your payday,  by the time you get your salary, you use it to pay back your debts and consequently you can never have it in mind to have savings.   

Even if you have the mind to save, your debt circle will never give you the opportunity to do so because you will only be looking for means to pay back your debts.   

3. It will never help you see the need to budget your finance  

Budgeting is very important to anyone who wants to be financially disciplined and independent in life.  

Your ability to budget every aspect of your finance helps you maintain a good standard of living regardless of the economic downturn.  

When you are in the habit of borrowing before your payday, you will never see the need to budget your finance and this is very dangerous if you must achieve financial success in life.   

4. It is addictive  

Borrowing is a very addictive habit. You only need to start, and before you know it, it becomes very hard for you to break the habit.   

Borrowing before your payday can lead you into a debt circle you can almost never recover from.   

And borrowing ahead of your payday will never make you see the need to save rather it will encourage you to become addicted to spending more than you earn, thus, getting you stuck in debt.  

5. It can lead to bankruptcy   

At worst, borrowing before your payday can lead you to bankruptcy.   

This doesn’t happen instantaneously, but with a consistent routine of borrowing ahead of your payday, you will go bankrupt.   

When you have no savings and no financial discipline, in the long run, you will end up in bankruptcy.   

Not borrowing gives you peace of mind.   

So, instead of losing your peace of mind as a result of borrowing money ahead of your payday; discipline yourself, have a savings plan and prioritise your needs so you can give yourself the peace of mind you deserve.   

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