How to Prevent Another Financial Emergency
October 21, 2020 | Daniel Dewitt
Still reeling with the after-effects of a financial crisis? Having some savings in such times can greatly mitigate the problem. If you have learned anything from a financial setback you weren’t ready for, it should be how much better the situation could have been if you had been proactive with your spending and saving.
Start Saving Money To Avoid Another Financial Crisis
Now is a good time to start turning things around. What happened can’t be changed, but these emergencies can be avoided in the future by taking care of these few things.
Set A Budget Today
You need to keep track of how much money comes and goes from your pockets. You may be spending more than your means and have no idea. Sit down with a list of your bills and other expenses like utilities and subscription fees – all the way down to the smallest expenditures – and tally them up. Are you left with any money at the end of the month to put into your savings? Or are you barely making it through the month?
Set a proper monthly budget and keep track of it.
Save And Invest
Start saving. If you are just living paycheck-to-paycheck, one missed paycheck or financial crisis will put you in a lot of trouble. You may be earning a good income, but still not be left with any money to save or invest at the end of the day. Your spending habits are going unchecked.
Stop right there. Think of what would happen if you lost your job or had some other accident. At the very least you should have enough savings to cover you for 3 months. Even if you have a small income, you should be saving a little every month and putting it in your emergency fund.
Cut Down On Luxuries
Cancel your expensive subscriptions and gym and club memberships. Stop dining out all the time, and shift to home-cooked meals. Limit your shopping sprees. Get into the habit of DIY and recycling. Just don’t buy anything unless you really need it!
Start Earning On The Side
Look for a side job that can get you some extra money. Start freelancing, online tutoring, walking people’s pets, babysitting, waiting tables, or delivery service. What’s more, you can even rent out a portion of your house or your car or sell off some unused items in the house to make a bit of extra money without even having to exert yourself.
Prevention Is Better Than A Cure
Taking good care of not just your health, but of everything else in the house, will prevent bigger mishaps in future. Do regular maintenance checks and fix every problem right when it starts instead of letting it grow into a monster.
Manage Your Bills
Pay all your bills on time, from rent to credit card bills. Avoid piling up debt at all costs. Also minimize your bills by going for a more affordable insurance plan, switching to a different mobile plan, and conserving electricity.
Saving money today will give you a considerable cushion to face any financial blow in the long run. However, you still might come across a situation where you run out of savings and need some fast liquid cash. In that case, the easiest option is to get a title loan.
How To Tackle A Financial Emergency When You Don’t Have Enough Savings
A title loan is a fast loan you can get in return for proof of vehicle ownership. In other words, your vehicle’s title becomes your collateral. Our title loan center in Arizona, provide very convenient title loans.
Advantages Of Title Loans
Title loans are great for a number of reasons such as:
- You do not need a wonderful credit score to qualify
- You get to keep your vehicle while you repay the loan
- You can use your title cash for big emergencies
- The application process is quick and easy
- Your cash is handed to you the same day you apply – if you are approved
Like I said, getting a title loan in Arizona is fast and easy. There’s a reason it’s called a fast cash title loan; we make sure you learn if you’ve been approved and have your cash quickly. In fact, we give you two ways of going through our process; either you come to a Fast Auto Loans nearest you, or we will come to you!
It starts with you filling out the online form. Once you are done with that and we receive it, we will give you a call. During the call, we will let you know how the rest of the process will go. We will give you the required items you must have with you and answer any questions. This is also the time where you will give us a location to meet you – if you are choosing that option. Either way, you will have to have your ID or driver’s license, your vehicle’s title, and your vehicle. To determine how much you receive, a short vehicle inspection is done to see the vehicle’s value and condition.
You will also learn all the details of your loan agreement and sign it once you agree. If we can approve you and you fill everything out, you are finished! You’ll either get your cash the same day or the next bank business day.