Go From Financial Emergency to Financial Relief in 3 Easy Steps
August 17, 2020 | Emma Frost
There are few events in our lives that are as stressful as a financial emergency, which is particularly true when you consider just how many people in this country are living each month paycheck-to-paycheck. This stress is common particularly during these stressful and uncertain times. It’s so common that an estimated 53% of working adults have no emergency savings to handle an unexpected event, which means that many people are just one unexpected cost away from financial ruin.
When an unexpected event adds a costly bill to your already tight budget, there are different ways to fix your financial situation along with ways to make sure you’re prepared for your next unprecedented event. Before you search for title loans near me, here are 3 easy things you can do to turn your financial emergency around.
1. Analyze Your Situation
When your budget takes a blow, don’t panic. Panicking can make you prone to making irrational decisions that can negatively impact you in the long-run. The first thing you should do when something doesn’t go according to plan is to take a deep breath to stay calm. This will make it easier for you to assess your situation.
When you set out to analyze your situation, you’re going to want to look at everything. I’m talking about your monthly costs, your income, all miscellaneous purchases like that late-night trip to the gas station to buy a bag of chips and your subscription services. Make a note of everything. If you’ve overspent for a month and accidentally purchased over your budget, analyzing your situation will help you determine where you went wrong. This can also help you identify any unnecessary costs that can easily be eliminated.
Remember - Cutting back on miscellaneous purchases can be temporary. You can always add these costs back once you’re more financially stable.
2. Create a Budget for Yourself
This next step is best conducted after you analyze your situation because you’ll have a clearer idea of how much money you need to make each month.
Start creating your budget by taking note of your current income or the amount of money that you have in your bank account if your emergency involves sudden unemployment. Follow this by writing down your expenses, such as:
- Electric bill
- Your utilities
- Any insurance you might be paying whether it’s health, car, or home insurance
- Your closest approximation for how much money you spend on groceries
- Any other cost you encounter each month
With your budget on hand, you can easily see how much money you need to make each month. The goal is to have your costs be lower than your income, which will allow you to save money for an emergency fund.
3. Take Note of Your Loan Options
The third and final step to turning your financial emergency around is to take note of your different loan options. There are many loan options out there but not all of them will fit your needs. Some different options include:
- Asking your friends or family for a loan: While this may not be the most appealing option to you, your friends and family might be able to offer you money that can be repaid at your financial convenience.
- Personal loans: Personal loans are loan option type that is convenient, but they usually come with a long application process, which won't help you if you need money in a pinch. They’re also often dependent upon your credit scores. If you don’t have a good credit score, you might not qualify for a personal loan.
- Credit cards: Credit cards can be found with low-interest rates and 0% APR introductory periods, which means any purchase you make with your credit card won’t accrue interest. This period won’t last forever, though! Anything left on the card will begin gathering interest.
- Title Loans: Title loans are a quick method of obtaining cash quickly when you need it the most. Here’s how they work!
Title loans are an easy-to-apply-for loan option that specializes in getting you up to $4,000 on the same day that you apply, thanks to the Illinois Title Loans, Inc. application process that can be started from your personal computer, in the comfort of your home. During the application, you’ll share your address which will be used to connect you to your nearest store.
Once you submit your information, a representative will contact you to set up a meeting at the time and on the day of your choice. Once you arrive at the store to meet with your representative, you’ll be asked to provide a few pieces of information, which include:
- Your vehicle for inspection
- The lien-free title to your vehicle
- Your driver’s license or state-issued I.D.
- A blank check to a bank account in your name
The best part about car title loans? They aren’t dependent upon your credit score. Title loans use your car as collateral to get you the funds you need to change your financial situation. We won't take a look at your financial history and we can have your loan deposited into your bank account on the same day that you apply.
Instead of searching for title loans near me, visit the Illinois Title Loans, Inc. website and get the help you need today.