First thing to consider -- do you really need that cash advance? Sure, you need cash right away, but have you looked at other options? The fact is, a payday loan is an extremely expensive source of funds, with Annual Percentage Rates (APRs) ranging from 300% to 1000%. So before you take one, see if you can arrange money by taking an advance from your employer or from your credit union.

You could also consider borrowing money from friends or family. Depending on your situation, credit card funding might be an option too, because it’s usually cheaper than a payday loan. Be careful with this alternative, though.

Ask yourself how much you can really repay when next payday rolls around. Work out an exact number you can commit to. Take a cash advance only for amount you can repay, including all charges that apply. Obtain funds from other sources for any additional requirements you may have.

Here’s why. If you choose to roll over all or part of payday loan, you end up paying much more -- additional charges, late fees, etc. Your APRs start climbing rapidly and you may even find yourself trapped in a vicious cycle of payday loan debt. Stay clear of this trap.

If you are like most people you haven't yet gathered all of your tax records, let alone filed your return. Before you get started, take some time to check on some deductions you might possibly qualify for, but are often overlooked. Points on home refinancing; health insurance premiums (including some long-term care premiums); non-cash charitable contributions (those summer clothes you gave to Goodwill); higher education expenses; work-related expenses (such as tools, labor union dues, and education costs to improve your skills); investment and tax preparation expense (deductions for safety deposit box rental and postage costs to send your return last year).