How to Prevent Another Financial Emergency

October 21, 2020 | June Mckaig

 financial emergency struggles

 

If you've experienced a financial emergency in the past, you probably don't want to have to go through it again. Luckily, it's quite easy to prevent by following our 5 simple steps.

Follow These 5 Steps To Prevent A Financial Emergency

Build Up A Substantial Emergency Fund

You won't be able to prevent all emergencies. So, to cope with this, you should work on your crisis fund. In other words, set aside money so you'll be able to cover your monthly expenses should something go wrong.

Ideally, you'll need to have a buffer of 3 to 6 months’ worth of cash. However, this takes time to build. Make sure you incorporate it into your budget and set up an automatic direct debit to a savings account. This is your lifeline in an emergency.

See If There Are Ways You Can Increase Your Income

There are always ways to increase your income. And no, we don't necessarily mean learning a new skill and trying for a higher paying day job. Instead, try to slash your monthly expenses to free up some money.

Alternatively, you could try to start a side hustle. If you like making jewelry, why not start selling it? You could write a book – although this takes a bunch of time. Or you could do surveys online to make a quick buck. The options are really endless.

Be Able To Ask For Help

There are loads of organizations out there that can help alleviate some of the struggles when trying to prevent financial emergencies. You could go to see a therapist or speak to a job counselor. However, you might benefit from simply talking to a family member. Whatever helps take some weight off your shoulders!

Check Your Insurance Plan

If you can find the same amount of insurance coverage cheaper with another provider, make the switch. You also need to make sure your insurance is covering what you need. Some medical procedures or equipment aren’t covered by certain insurance. It is important to not just look for the best priced one but to also make sure they cover what you need. This allows you to have even more freed money should an emergency arise.

Identify Your Non-Cash Assets

Being prepared isn't just about having a stack of cash. You need to look at all your options. Have you got extra food in the house if your steady income plummets? Do you have any air miles? All of these can help if you use them wisely.

 

 financial emergency problems

 

If Crisis Has Already Hit, Title Loans Are Here For You

Advantages Of Title Loans Near Me

There are so many advantages to choosing title loans. Before I get into that, let me explain what a title loan even is. A Delaware car title loan is a loan you receive when you use your vehicle’s title as collateral. Now, for the advantages!

The first advantage is you get to keep your car. We aren’t using your car as collateral – just the title. So if you are making payments to the loan on time, you’ll be able to keep your vehicle. And, just because this is sometimes referred to as a “car title loan,” doesn’t mean you can only get it with a car. Meaning, if you don’t happen to own a car but you own a truck, SUV, or motorcycle, you can use that as collateral! You can use any vehicle’s title – just make sure it’s in your name and free of prior loans.

another advantage is how easy it is to apply. You can even set it up so that we come to you; you’ll never have to come into the store! Just start by filling out the online form and we will give you a call. Then we will explain the process, tell you the required items you need, and answer any questions. This is also where you will let us know where to meet you – if you choose that option. You can also choose to come to a loan center in Delaware much you qualify for, and see if you are approved. If you are then you will either get your money the same day or the very next day.

If you were worried about having a poor credit score, then I introduce you to your next advantage. Unlike traditional loans where a poor credit score can be a hassle, we do things differently. Whether your credit is great or you have bad credit, we won’t turn you away. We will work with you regardless of what your credit looks like.

Remember These When Faced With A Financial Emergency

Sometimes, no matter what you do, an emergency is unavoidable. We’ve all experienced them at one point or another. But the good news is there are ways to handle them. You should remember these tips when you are faced with an unexpected situation. Just getting assistance from title loans and insurance can really make all the difference.