How to Prevent Another Financial Emergency
October 22, 2020 | June Mckaig
We've all found ourselves in financial situations that are less than desirable at some point in our lives. Dealing with a financial emergency is difficult, to say the least. The uncertainty and stress can really get to you. And it can be hard to find the motivation to get out of the predicament.
But while we can't predict what our financial situation will be like in the future, we can prepare to ensure we don't fall back into another financial crisis. Here are a few tips on how to take control of your financial situation and prevent another financial emergency.
Identify Spending Habits; Alter Them Accordingly
To be able to take control of your financial situation, you'll need to know what exactly it entails. Check your bank statements and financial records to get familiar with your spending habits. Identify where your money is being spent. Are there unnecessary expenses that can be avoided?
You could be spending money on subscriptions or memberships that you don't use, for example. See where you can cut costs, even if you feel you won't be saving much. Every penny counts!
Create A Realistic Budget
Once you've familiarized yourself with your spending habits, you can alter them accordingly. Creating a budget is a great way to ensure you're living within your means and not spending recklessly. Make a budget that includes saving a portion of your income every month, and stick to it.
However, your budget should be realistic. It should reflect your spending and saving abilities. You don't want to create unrealistic goals for yourself. Start off with making small adjustments to your spending, and when you're more comfortable with living within your budget, you can make more adjustments.
It's important to remember that sticking to a budget is easier said than done. Don't be hard on yourself if you find yourself struggling to stick to your budget, especially in the first few months. Budgeting is a skill that comes with practice. The more familiar you become with the idea of having a budget, the better you'll get at spending within that budget.
Identify Financial Goals; Priorities
Another important tip is to identify your financial goals and priorities. What are your priorities? Is your current financial situation hindering your ability to achieve your goals? Once you've answered these questions, you can think about working towards your goals.
Make a list of short-term and a long-term goals, and devise a plan on how to achieve those goals. Your short-term goals should be realistic and feasible, and should work towards achieving your long-term goals.
Consider Other Ways To Earn More Income
You may also want to consider ways to earn extra income. There are tons of ways to earn some extra money on the side, like getting a side job or investing in stock. And for emergencies you could think about taking out a short-term loan such as a title loan.
What Is A Title Loan?
Sometimes you go through an emergency that is too big for you to handle alone. You need help to keep it from getting out of control. That is where title loans play a part. An auto title loan is a short-term secured loan that involves using your car (title) as collateral. The borrower exchanges their car title for cash which is returned when the loan is repaid. Title loans are a good option for people in need of quick cash, as they're easy to obtain and repay.
Why Would You Take Out A Title Loan?
There are plenty of advantages to title loans compared to traditional loans. For starters, the process of taking out a title loan is much simpler than taking out a traditional loan. There are also fewer requirements.
We here at Illinois Title Loans, inc. have no interest in your credit history, so you don't need to have a great credit score to be eligible. In fact, to be eligible for a title loan, all you need is your car title, the car that matches the title, and a government ID. You must make sure your title is in your name and is free of prior loans.
Not only are title loans easy to obtain, but they're also super quick. The application process takes minutes, and – if you are approved – you can expect the loan cash within minutes of you walking into the store. The best part of it all is that you can continue to drive your car!
How Do You Take Out A Title Loan?
The process of taking out a title loan is very simple. It begins with you going to our website and filling out our online form. After we’ve submitted the form, you will receive a phone call from one of our loan representatives. The representative will walk you through the rest of the process and tell you the necessary items. After the phone call you can research ‘title loans near me’ and come see us.
When you arrive and sit down with a loan representative, we will look through your items and conduct a vehicle inspection. This inspection is to determine the value and condition of your vehicle so we know how much you qualify for. You will also learn if you’ve been approved and what the loan terms are. If you are approved you're set! You can expect the title cash in your hand within 30 minutes or less.