If you've ever faced a financial emergency, you probably don’t want to go through it again. While some emergencies are unavoidable, following smart financial habits can help you stay prepared.
In this guide, we’ll cover five steps to prevent another financial emergency and explain how a car title loan near me can provide quick relief when needed.
5 Steps To Prevent A Financial Emergency
1. Build An 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.
Pro Tip: Set up automatic transfers to a separate savings account to build your fund consistently.
2. Increase Your Income & Reduce Expenses
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.
3. Seek Financial Support When Needed
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!
4. Review & Update Your Insurance Policies
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.
Pro Tip: Compare different insurance providers regularly to ensure you're getting the best rates and coverage.
5. 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.
Need Fast Cash? Find a Car Title Loan 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.
What Is a Car Title Loan?
A car title loan is a short-term loan that lets you use your vehicle's title as collateral while still driving your car.
Benefits of a Car Title Loan Near Me
The first benefit 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.
How to Apply for a Car Title Loan Near Me
Step 1: Start online by filling out a quick application.
Step 2: A loan representative will contact you to discuss the process and required documents.
Step 3: Bring your car and title for a quick inspection to determine your loan amount.
Step 4: If approved, receive your cash the same day or the next business day.
Want to know how much you qualify for? Apply Now!
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.
Be Prepared for Any 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.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
