In the beginning of the year, South Dakota Governor, Dennis Daugaard, announced that South Dakota’s economy is improving South Dakota’s unemployment rate is below the national average at 4.3 percent but it’s still not where it was before the economic recession. South Dakota had 4,000 less jobs than it did before the recession.
That’s because, according to the governor, the fewer number of jobs is due in part to the lack of new business coming into the area; 80 percent of private employment in South Dakota is from businesses that comprise 20 employees or less. If you’re employed or unemployed in South Dakota and are struggling to make ends meet, here are some things to consider:
Setting up a budget
This is the most important thing to consider as you try to get your finances back on track. For a month, write everything down or put it in the computer. A simple excel sheet that shows what your expenses are and how much you have each month can curb your spending on frivolous things. Sometimes, when someone sees it on paper or a computer screen, they can see where they’re spending their money wastefully and change their actions to balance their budget.
Contact your credit card companies
Oftentimes, if you contact your credit card company and explain your situation, they will work with you to help you pay off your debt in a manner that is easy for you. They would much prefer that you pay off your balance than not and go into collections. Therefore, they’ll often work out a payment plan with their customers. At the very least, it’s worth a try, rather than dealing with the harassment of debt collectors.
Download a debt calculator
Â If you have a lot of debt, it can be overwhelming to know where to start. Luckily, there are numerous debt calculators out there that can help you organize your debt and pay it off as quickly as possible. You’ll have a number of plans to choose from. You can pay off the smallest balance first to give you a springboard effect, pay an equal amount on all cards, or handle the highest balance first. Whichever you choose, a debt calculator will set up a plan for you that you can work with, so you’re not overwhelmed with debt
Payday loans are tricky. If you’re looking for South Dakota loans, make sure to look for a provider that will offer favorable interest rates and give you plenty of time to pay off your payday loan. Oftentimes, you have as little as two weeks to pay off your loan, and if you try to pay it off early, you’ll get hit with a penalty. If you can find a loan provider that will offer fair rates and a reasonable payoff schedule, a payday loan can be a way to make ends meet if you’re in a bind and need money now.
These are just some of the ways you can stay financially sound in any South Dakota economy. By practicing prudence and researching how to pay off debt and get favorable loans, you should be able to find financial stability.