The Ultimate Financial Emergency Checklist
Reaching financial stability is a difficult feat. We've all found ourselves in financial situations that are less than desirable at some point in our lives. As much as we'd like to deny it, a financial crisis can happen to anyone, at any time.
But while we may not be able to predict the future, we can take certain steps that can better prepare us to deal with such circumstances. Here is the ultimate checklist of considerations to take when preparing for a financial emergency.
Grab This Checklist The Next Time An Emergency Arises
Make A Budget
The first and perhaps most important step to take when preparing for a financial emergency is to make a financial budget. This way you'll be able to keep track of your expenses and spending habits, which you can alter accordingly.
Once you've familiarized yourself with your spending habits, see where you can cut down on expenses. Are you paying for monthly subscriptions or memberships that you don't use?
Sticking to a budget makes you more conscious of your spending. But, of course, that being said, it's easier said than done. You'll need some time to get used to sticking to your budget – so don't be disheartened if you find yourself struggling to spend within your limits at the beginning.
Get A Savings Account
Once you start saving more, you'll need a place to deposit your savings. A savings account allows you to earn interest on your savings, which is why it's an important step to take when making financial plans for the future.
Savings accounts are easy to get and maintain — you don't need to do much apart from depositing your savings.
Related content: 7 Types Of Emergency Expenses To Budget For
Invest In Liquid Assets
Liquid assets are assets that easily convert to cash. Investing in liquid assets is a great way to improve your financial profile and keep a tight grip on your cash. Savings accounts are an example of a liquid asset. Other examples of liquid assets include, but are not limited to:
- Marketable securities;
- Certificates of deposits;
- Government bonds.
Be Honest With Yourself
When it comes to preparing for the future, it's important to be honest with yourself. Take a close look at where you currently stand from a financial perspective. What are your goals? What are your plans to achieve them?
It helps to create a list of short-term and long-term goals. Make a list of your long-term financial goals, and then make a list of feasible, practical short-term goals that will guide you towards achieving your long-term goals.
Get A Side Job
Lots of people opt to get a side job to earn some extra cash that they can save or invest. If your current job or lifestyle allows it, you may want to consider taking up a part-time job.
If you do decide to get a side job, keep in mind you'll be in contact with new people, which will widen your professional network. You might also end up gaining new skills that will strengthen your resume. This is definitely something to keep in mind when preparing for financial emergencies.
Take Out A Car Title Loan
Another common way people use to earn extra cash is by taking out a car title loan. Car title loans—also known as just title loans—are secured loans in which borrowers use their car titles as collateral in exchange for cash. They're a great option for people in need of quick cash, as they're easy to get your hands on and don't require much from the borrower.
Related content: Tips For How To Get Emergency Cash For Single Mothers
How Do I Get A Title Loan?
Our process is so simple, we actually offer you two ways of going through it! Both ways start with you filling out our online form. Once that is submitted, a loan associate will give you a call. They will be able to answer your questions and confirm your information. This is also where you have two options of proceeding!
You can always visit one of our many loan places in Mississippi. However, if you’d rather not come to the store, you can give us a location and we will go to you.
The rest of the process is the same whether you come to us or we go to you. You will gather your ID, your vehicle’s title, and your vehicle to meet us. We will then go over your application and your items. We will also do a quick inspection of your vehicle to determine how much you could qualify for. Once we have done all of that, we will let you know if you’ve been approved or not. Then, if you are approved, we will go over the loan terms and have you sign papers.
Once the papers are signed, you are done! If you come to us then you will receive your cash right there. But if you have us come to you, then you can expect your cash in your account the very next bank business day.
Emergencies can be pretty unavoidable sometimes. And they usually come at the very worst time. But with this checklist in hand, you could make your financial emergencies a lot easier to handle.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.