Improve Your Financial Future with These 5 Tips
2020 has forced many Americans to take a careful look at their finances and reassess how they handle them.
It has become clear that if you wish to have a better financial future and build wealth, you need to build up a strong foundation first. Here’re our 5 tips to do just that:
5 Tips on Improving Your Financial Future
1. You Need a Monthly Budget
There’s no way around this – if you wish to manage your finances better, you need a budget. And your budget should cover every single of your expenses – this is one of the keys to prosperous financial future.
You need to break the expenses down into needs and wants before you start, and budget for needs comes first, and whatever is left can go to needs.
And yes, wants are a necessary expense line in a budget – it’s what will keep your spending in check, but keep the budget from becoming a punishment tool instead of an aid.
2. You Need to Stop Overspending
Take a good look at your expenses – do you need everything you’re spending money on? And how much of what you’re spending money on could be obtained for a lower price?
Lifestyle creep is a killing source of successful financial future, so, make sure you know how to avoid it when you start increasing your income.
Cut the unnecessary expenses (cable, premium apps you don’t use, subscription services you only check out once in a while), and try to cut down on the necessary ones (buy generics instead of name brand foods, use apps like Trim and Truebill to negotiate your bills, etc.).
3. You Need to Figure Out Your Debt
Remember that debt can be manageable – if you know how to handle it. Find a payoff method that works for you (debt snowball and debt avalanche are the most popular), be methodical, and set a payoff plan you can work with.
You can also look into debt consolidation (rolling all your debt into one and putting a single payment towards all of it monthly) if you think it will help you with the process. But it’s also important not to rush and do your research first.
4. You Need to Set Retirement Goals (and Act Upon Them)
It’s vital to make long-term plans when deciding your financial future. It’s never too late to start investing, but the earlier you start – the better.
You can stop investing while you’re paying off debt, however, if your employer matches employee retirement contributions, you should definitely take them up on it – and max out your 401k.
5. You Need to Automate Savings
If you don’t have an emergency fund – setting one up should take precedence over everything else. It’s 6 months’ worth of expenses (yes, all expenses) that you put in a (high-yielding) savings account you can access whenever you’re hit by an emergency.
When the emergency fund is in place, you can move onto investments and other types of long-term savings. And the easiest way to save money is to automate savings – have a set amount of your paycheck deposit right away and budget with what’s left. You can start with as little as 5%, what matters is getting used to it and forging a habit you’ll keep up for the rest of your life.
How Do I Deal with Emergencies If I Don’t Have an Emergency Fund?
Here’s the deal with emergencies – you can rarely if ever, postpone dealing with them. Usually, when an emergency hits, it’s one of those things that will get worse with them – or it is the result of the problem being ignored for far too long.
Either way, postponing dealing with it means spending more money down the line – with no guarantees that the situation can be fixed (car breakdowns, home repairs, health problems are the most obvious emergencies, to put it in perspective).
So, the first thing you need to do is figure out how pressing the emergency in question is – sometimes you can postpone dealing with it for a few days, and that might be enough to readjust your budget, work overtime, or get a side-hustle good enough to pay it off.
But more realistically – you’ll likely have to take on a loan. And if that’s the case, getting a title loan is probably your best bet.
What Makes Title Loans an Optimal Emergency Solution?
Title loans are some of the most accessible loans, they’re easy to apply for and fast to obtain.
Anyone who’s over 18 years old and owns a car and has a lien-free title in their name and, is eligible for title loans. A credit score doesn’t influence one’s approval chances – so you can apply even if your credit is bad or nonexistent altogether.
Illinois Title Loans, Inc. specifically will accommodate any type of income and set you up with a comfortable payoff schedule.
How Do I Apply for a Title Loan?
Title loans application process is straightforward, simple, and can easily be started online:
- Go to the Main Page of our website and fill out the form located on the top left.
- Wait for one of our loan representatives to call you and set up a meeting at the location most convenient to you.
- Bring your State-issued ID, your car, and the car’s lien-free title to the meeting for the loan representative to evaluate your items and determine the amount you qualify for.
- Wait until they check everything and determine if you qualify for the loan.
- Get your approval as well as cash the very same day.
This entire application-approval process lasts around 30 to 45 minutes on average.
Get Your Title Loan Today!
With these simple tips, you’re sure to build fruitful financial future and feel more pecuniary freedom. And if you ever run into an emergency, don’t hesitate to take advantage of car title loans of up to $4,000 Illinois Title Loans, Inc. has to offer!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.