5 Simple Questions That Will Help You Survive Any Financial Crisis
November 6, 2020 | Mason Roberts
Do you know what to do if you suddenly have a financial emergency? Having a financial plan or safety net can help you stay calm and feel safe even when you’re hit by unexpected expenses or a sudden loss of income. It’s like having a parachute that will help you stay afloat until you hit the stable ground.
Use these simple questions to prepare a financial plan. You can also discuss these with your partner, so you can create this plan together. We’ll also show you how you can secure up to $15,000 through title loans, Utah.
How Much Money Do We Need To Survive For Three Months?
Money management experts say that you need to have at least 3 months’ worth of living expenses in your rainy-day fund. If you have children or have high financial risk (for example, your income is erratic) then you should increase this to six months’ worth of living expenses.
This rainy-day fund should be in a savings or checking account that you can withdraw from without any penalty. Keep it separate from your usual bank account, so your regular expenses accidentally eat into your savings.
How Can We Build Our Rainy-Day Fund?
You should set aside a small amount every month that you will add to your emergency savings. You can put it in a jar and deposit when it’s convenient, electronically transfer it, or arrange for your bank to automatically transfer an amount once a month.
You can try investing in money market accounts, certificates of deposit, or some short-term investments. Don’t invest in stocks, index funds, property, or any financial venture that can be affected by economic fluctuations. It should be low-risk and be relatively easy to liquidate in case you need money right away.
How Can We Lower Our Monthly Regular Expenses?
Set a budget for all your regular expenses. Divide them into fixed and essential expenses (like rent, utilities, groceries, transportation, and gas) and non-essential expenses like entertainment and shopping. See where you can lower your expenses by smarter and more careful planning. Can you rent out a room so someone can share your monthly rent? Can you lower food expenses by cooking your own food instead of eating out?
You can still treat yourself, don’t worry—you just need to set a personal allowance and plan your expenses ahead. Instead of feeling deprived, think of it as being in control over your money.
How Can We Earn More Money?
Maybe you can get a part-time job, do freelance work, help out with someone’s business, or work extra hours at your company. You can also think of low-risk and low-capital home businesses. If friends always compliment your cooking, consider accepting orders. If you’re creative and crafty, look into selling some of your DIY creations on Etsy.
Do We Have Enough Insurance Coverage?
Check your insurance policy to see if you have enough protection against medical emergencies or accidents. If you work in a high-risk job, you may also want to check what kind of coverage you get from your employer if you suffer from a workplace injury.
Where Do We Go If We Need To Raise Cash Quickly?
Sometimes all your planning and savings aren’t enough, and you find yourself in a position where you need to get extra money within a few days. That’s where short-term loans can be a much-needed financial safety net. One such loan type that will never fail you if you own the title to your vehicle are title loans. Title loans are a short-term loan option that allows you to leverage the value of your title in order to secure your loan. Title loans allow you to use your vehicle, whether it’s a car, motorcycle, truck, SUV, or RV as collateral. Here are some of the advantages:
- They’re highly accessible. You can be approved today, even if you don’t have a high credit score because we accept all credit types.
- No red tape. You only need to submit a few documents in order to secure your loan, which includes: your driver's license, the title to your vehicle, your vehicle for inspection, and a blank check to your bank account.
- Convenient. We make it easy to conduct your search to find title loans near me because we serve several locations throughout the state of Utah.
- You can still use your vehicle during the loan. You will be able to use your car just like you did before. No hassle, no stress!
You can secure your title loan online today by visiting the homepage to fill out a quick online form that will allow a representative to contact you. Your application is confidential and risk-free and is only used by the customer service representative to provide better service.
The representative will contact you, explain the title loan process, and present your options. Feel free to ask any questions! We’re here for you every step of the way. Once you’re approved, the money is deposited into your bank account for you to use in your emergency. A financial emergency plan, and short-term loans like title loans, Utah, can help you survive any financial crisis calmly and confidently.