Top 6 Lessons About Financial Emergencies
September 1, 2020 | Emma Frost
Whether your financial emergency is the result of medical bills, unexpected home or auto repairs, or you suddenly find yourself unemployed, any one of these can be straining. And these almost always come about when you least can handle them – but really have to before they tank your credit. But, as stressful as these can be, there are lessons you can take away from them to either avoid the next one or know how to better handle them. From looking at title cash to securing your emergency funds, there are things you should be doing after an emergency. Here are the six lessons you should be taking away from your financial emergencies.
Take These Lessons From Your Next Financial Emergency
Look At Title Loans For Help
When it comes to emergencies, you are definitely going to need cash quickly – whether you have it or not. When you need help getting cash quickly you should look to title cash from Carolina Title Loans. These title loans use your vehicle’s title as collateral to get the emergency cash – between $601 - $15,000. Getting this cash is simple in South Carolina. Just start by either filling out our online form or giving us a call and doing the application over the phone.
If you fill out the online form then you will receive a phone call from one of our loan reps who will tell you the next steps. After, grab your vehicle, your vehicle’s title, and your state issued ID and drive to the nearest location. If you give us a call to start, just let the loan rep know where to meet you and we will come to you! – you never have to step foot inside our stores. You still have to bring your vehicle for an inspection to determine how much you qualify for, your title free of prior loans and in your name, and your ID that states you are 18 or older.
Take A Hard Look At Your Budget More Often
Creating a budget is only one part of being responsible with your money. The next part is making sure to actually stick to your budget. It is easy to slack off on your budget when things are financially smooth. But once you hit a snag in your finances, your slacking off starts to weigh on you. This is why it is important to take the time to look over your budget and make the necessary adjustments every so often. You may find that you are spending too much on unnecessary expenses instead of taking care of your necessary expenses. Or you may find that you have some free money to put into your savings once you make your adjustments.
Make Sure Your Emergency Fund Is Set
Having an emergency fund is very important for every one of us. Having this money can really help get you out of the red when it comes to bad situations. Financial experts say that you should have at least three to six months’ worth of money in your fund. Just think of it like this: if you were to find yourself unemployed tomorrow, how much would you need to keep up with your necessary expenses? Not necessarily keep up with your current lifestyle, but to at least have a life where you can still stay afloat until you have another job. However much that is, that’s how much you should have in your fund.
Get Your Savings Separate From Emergency Fund
Now, you may think a savings and an emergency fund is the same thing. Well, as it turns out, you’d be wrong. So it isn’t a good idea to keep these two things together. You should have one account for your savings and another for your emergency fund. Your fund is supposed to be easy for you to access only when you have an unexpected emergency situation that you cannot handle on your own. A savings is what you set up when you want to hit goals. I am talking about goals like buying your own car, your own home, traveling, things like that. If you keep those funds separate, you will have a clear idea of what is for what.
Have Your Insurance Ready And Know Your Coverage
It is important to have insurance – whether medical, home, or vehicle. Insurance can really have your back when you find yourself in a jam and need help. But instead of just picking some insurance, it is important for you to know just exactly what kind of insurance you are getting and what exactly it covers. Knowing what you need and what your insurance covers is important because it’ll allow you to tailor your insurance to your needs. You need to know all of this before you find yourself in a financial problem because imagine just how bad it’ll be if you find yourself in trouble and realize you don’t have the coverage to help you out.
Look For Opportunities To Make Some Extra Cash
It is never a bad idea to make some extra cash. Whether you use it to start an emergency fund or a savings account, it is never a bad thing to have that cushion. Whether you look for an actual part-time job or you turn to quick ways to make some extra money, there are plenty of things for you to do. You could even sell some of your belongings or look for credit cards that offer very low interest. Whatever you decide, it is always a positive to give yourself a financial cushion in your pocket or bank account when you can.
Remember These Next Time You Face A Financial Emergency
These lessons are important ones you have to take with you and remember when you are going through your next emergency – which you know will definitely go through and it will most definitely be at the worst time – I know, it’s unfair. Keeping these in mind and actually working on these lessons could be the trick to handling – or avoiding – your next emergency. Whether you look up “title loan companies near me” or make sure your emergency fund is in shape, take the time to figure out what works best for you.