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Step 1
Gather up your bills in one place. It's hard to get an accurate picture of your financial situation if you have no idea what bills you have and when they are due. You may want to buy a cheap notebook or organizer to keep them all in one place.
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Step 2
Draw up a simple budget. The first things you'll want to pay each month before anything else are the necessities--food, housing and utilities. Then allot amounts for the remaining bills on your list. You can find simple budgeting forms online that will help you get started.
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Step 3
Bring in more income. If you have more money going out than coming in each month, you'll want to tip the scales back in your favor. Consider a second job, selling items online, or picking up an online job that you can do from home in your spare time. Your budget won't work if you don't have money to pay all your bills.
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Step 4
Pay off your payday loans. Once you have more money coming in than going out each month, use the extra funds to pay off your payday loans. If you have more than one payday loan, pay off the smallest loan first, then work on the next larger loan until all are paid off. This may take several weeks, and you may have to roll your payday loans into new loans several more times, but the end is now in sight.
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Step 5
Save money for emergencies. Once you are out from under the weight of your payday loans, you need to save at least $1000 in an emergency fund. Once this emergency fund is in place, continue to save until you have at least three to six months of living expenses built up. This will ensure that you never have to avail yourself of a payday loan ever again.
