Financial Planning 101: Feel Calm And In Control During Any Financial Emergency

November 7, 2020 | Daniel Dewitt

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Nothing is more stressful or frightening than being in a financial emergency. You or your relative are in the hospital, and you don’t know where to get money for bills. Or, your roof is leaking or your home damaged by a storm, and now you have to figure out how to get it repaired—and pay for it, too.

Make Your Emergencies Much More Manageable With These Tips

That’s why it’s important to have a financial plan. While you can’t control everything in life, at least you know that you have enough money to cover emergency expenses. Here is a simple guide to help you financially prepare for any unexpected events.

Start An Emergency Fund

Just like squirrels will hide nuts for the winter months, save a little each month to add to an emergency fund. Financial coaches suggest setting a reasonable amount that you know you can stick to. Consistency matters because it builds both the size of savings and the habit of saving.

Ideally, your emergency fund should be able to cover 3 to 6 months of your monthly expenses. If you have a family, you may want to save even more. This is especially true in today’s economic situation. The COVID-19 financial crisis has affected a lot of industries, so there’s always the risk that you lose your job and struggle to find another one. The bigger your emergency fund, the more peace of mind you have that you’ll have enough to support your family.

Check Your Insurance Coverage

Hospital bills can be quite high, and even after being discharged, you may have to pay for medicines or rehabilitation or lose income during your recovery time. Health insurance can help cushion the blow, so you don’t have to dip into your emergency fund.

Know Your Financial Skills

Do you live in an area that is prone to natural disasters? Do you have pre-existing health conditions that increase your risk for heart attack or stroke? Do you work in an industry where employment rates are going down?

Knowing these risks can help you plan ahead. If your area is always battered by hurricanes or storms, get home insurance. If you’re worried about your health, start taking better care of yourself and set a budget for regular checkups. If you feel you don’t have job security, develop other skills so it’s easier for you to transition into another job. Or find part-time work in case you’re laid off.

Have A Back-Up Budget

While you already have a regular monthly budget, make an Emergency Budget version that only includes the most basic essentials. This will give you an idea of how to allocate your money if you happen to experience a financial crisis.

Change Your Attitude Toward Money And Spending

Financial coaches say that true wealth and financial peace of mind don’t come from having a lot of money, but knowing how to manage your money wisely. Whether you have 1,000,000 or 1,000, you can feel rich as long as you know you feel you have what you need. If you’re clear about your values, grateful for what you have, and trust that you will always have enough, then you achieve financial serenity.

Find Help When You Need It

What if a crisis strikes, and you really need to raise money in a short amount of time? If you can’t go to family or friends for help, you can get a short-term title loan.

 

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What Is A Title Loan?

Title loans are a kind of short-term loan where you use your vehicle as collateral. It can be a car, truck, motorcycle, SUV, or recreational vehicle. As long as you are the owner and have the registration papers, you can use it to take out a title loan.

Title loans are a good option if you don’t have a good credit history, or if you don’t have the time to go through the usual paperwork required by banks and other lenders.

How Do I Get A Title Loan?

An online title loan is fast and convenient—you can skip the hours of lining up at banks! You can easily find title cash near you with all of our Carolina Title Loans locations. The process is very simple.

It starts with you filling out our online form. Once the form is submitted, you should wait by your phone. As soon as we have your form, a loan associate from your nearest location will give you a call. During this call, you will learn what you have to do next and what mandatory items you have to bring in. This is also when you can give us a location to meet you.

Whether we meet you or you come to us, the rest of the process is the same. You will meet with a loan representative who will go over the loan application, your mandatory items, and perform a vehicle inspection. The mandatory items are very easy – chances are you already travel with them. All you need is your driver’s license or ID, your vehicle’s title, and the vehicle.

The vehicle is for a quick vehicle inspection that’ll determine how much you qualify for. You will also sign the loan agreement if you agree with the terms. Then, if you are approved, you will either have the cash right there or in your account the next bank business day.

When it comes to financial emergencies, the trick is to be prepared. While you can’t anticipate when a financial emergency will occur, that doesn’t mean you can’t start getting prepared. These tips will help you remain calm and relatively stress-free during a particularly stressful time.