Smart Payday Loan Choices As A Parent

Posted on: 7 August 2015

Payday loans are designed to give you quick access to cash when an unexpected emergency strikes. Unfortunately, many people misuse payday loans to cover routine expenses or purchases that are not essential, which can cause extra financial strain on an individual or family. If you have young children, then you know that financial emergencies are bound to come up, perhaps more often than you would like. Below are some ways to make smart choices about using payday loans for your family emergencies. 

Running Out of Diapers 

Diapers are an essential part of hygiene for your baby or toddler, but they can be expensive, especially with a newborn going through 6 to 10 diapers every day. If you find yourself near the end of the month without enough diapers, you may need to take out a small payday loan to cover the cost of a few packages of diapers. 

Since diapers are a recurring expense, if you do not change your budget or diapering habits, you may find yourself running into this problem every month, which can make paying back a payday loan more difficult. Instead of using a payday loan to purchase more disposable diapers, consider taking out a loan to purchase cloth diapers. 

Modern cloth diapers are easy to care for and can save you money in the long run, freeing up your budget for other necessities. However, they will only save you significant money if you opt for less expensive or previously used cloth diapers

Running Out of Formula

Similar to diapers, formula is a recurring expense, so it doesn't make sense to use a payday loan to pay for your formula every month. Instead, consider using your payday loan to pay for a consultation with a baby nutritionist, to create a meal plan that gives your child all of the appropriate nutrients while costing you less than you are currently paying for formula. 

Your Child Needs Emergency Medical Care or Medication 

A medical emergency is a valid reason to take out a payday loan. However, because children may have frequent illnesses or injuries as they grow up, you should find out about low-cost or free health care programs your child may be eligible for. Although it is best to find this information while your child is still healthy, you can take the opportunity to speak with the doctor caring for you sick child about various programs available in your area. 

Unable to Afford Childcare During an Emergency 

Childcare can be one of the most expensive parts of raising a child. Similar to your medical needs, this should be something you plan for regularly as opposed to relying on a payday loan when an emergency happens. Ideally, you should look for ways to lower your monthly childcare costs, such as nanny-sharing or enrolling your child in a home-based daycare as opposed to a center-based daycare.

However, when an emergency does arise, your child's safety is important. When you take out a payday loan to pay for emergency child care, you should make sure you are using a provider you trust or is vouched for through a professional agency. 

Purchasing Clothing for Your Child

Keeping a growing child in clothes can be a difficult task. If you need money for clothes immediately, a payday loan can cover that expense. However, you might think about making the expense smaller by extending the amount of time your child can use clothing with onesie extenders, or purchasing gently used clothing at second hand stores. 

While a payday loan can help cover emergency parenting expenses, it is important to be financially responsible while you are raising children. Budget as much as possible for emergencies and use payday loans only when you really need them to keep your finances flowing. Check out sites like if you need to take out a quick loan.