creating a personal finances checklist

The Personal Finances Checklist For Those Just Getting Started

It’s never too early to build a strong financial foundation. Even if you’re just starting out and struggling to get through each month, you can still start healthy financial habits. To find out how now, take a look at the personal finances checklist in this article that will help to pave the way for the life you want.

Starting A Personal Finances Checklist

Create A Budget

When it comes to personal finances, most financial experts recommend creating a budget that lists your income, your regular expenses, and a savings target for long-term goals and emergency expenses.

The key is to keep your expenses below your income and to prioritize your expenses so you know that you can cover all your bills. That doesn’t mean that you can’t “enjoy your salary” – you just need to make sure that you have enough for rent, utilities, transportation, etc. Give yourself an allowance for treats, so you don’t feel deprived but don’t overspend either.

Set Financial Goals

Your personal financial checklist should include both your immediate needs and short-term and long-term savings goals. Short-term goals can include saving for something you like, such as a new mobile phone or a vacation. Long-term goals can include bigger, more important expenses like paying off your student loan.

According to experts on personal finances for beginners, setting goals (even if you can only set aside a small amount per month) creates good habits and discipline. You learn to see the “big picture” and to weigh the pros and cons of your purchases.

person working on personal finances checklist

Create A “Rainy-Day Fund”

Financial emergencies can happen anytime to anyone. That’s why a personal finances checklist should include adding to your Rainy-Day Fund.

Ideally, you should have enough in your emergency fund to cover at least 3 months’ worth of your living expenses. To make sure you don’t accidentally use this money, create a separate bank account. You can connect your regular payday account to the savings fund, and automatically transfer some of your salaries on your payday.

Develop Financial Literacy

Most people never learned to talk about money or plan expenses. Oftentimes, they automatically adapt to the habits that their parents or other important adults in their life practice. However, there may be better ways of handling your finances—and the good news is that there are many resources for personal finances for beginners.

Try reading articles and books on how to build your personal wealth, or listening to podcasts and webinars on saving and investing. This information can help you build your personal finances checklist and give you inspiration and motivation.

Build Your Ability To Earn

Aside from managing your money, another aspect of your personal finances checklist is increasing your earning capacity. You want to plan your earnings, whether it’s through pursuing a career or starting your own business.

You can do that by investing in your skills, talents, and experiences. Take classes or short courses. Look for opportunities to learn from other people. Take on tasks at work that will help you be more visible and expand your skill set.

Build Your Credit History

Your credit score will play an important role in your ability to take out a loan. However, as someone who is just starting out, you may not have the credit history to qualify for some types of bank loans. You have what experts call a “thin credit file”.

Ironically, though your credit history disqualifies you for a traditional loan, a loan is the only way you can build your credit history. So, where can you go to get a loan even if you don’t have an extensive credit background?

Carolina Title Loans, Inc. is a trustworthy, registered lender that offers different kinds of loans for people with less-than-perfect credit. Since we have more flexible loan criteria, it’s possible for you to get a personal installment loan even if you are just starting out.

hand of installment loan cash

How To Apply For A Personal Installment Loan

An installment loan can help you improve your credit score because you establish a history of making payments on time. And since you can pay off the loan with smaller, fixed payments you are able to plan your budget accordingly.

Carolina Title Loans, Inc. offers a personal installment loan of up to $1,500. Just follow our simple process to get started.

  • Get a personal loan consultation. Fill out our online inquiry form. One of our loan representatives from the nearest branch will then call you back to personally assist you. He or she can explain our different loan offers and the requirements. You can ask questions anytime!
  • Submit requirements. The loan representative will set up an appointment with you at the branch. We have locations all over the state, so it is easy to find one near you. Bring the following with you: a government-issued photo ID like a driver’s license or passport, a recent statement from a checking account in your name, and your latest pay stub.
  • Complete the final paperwork. If your loan is approved, the loan representative will present the loan packet to you and explain the terms. Then, you just have to sign a couple of papers.
  • Collect your cash. The money is released either the same day or the next business day after the final papers are processed.

Inquire About Your Personal Installment Loan

Now that you know more about how to make a personal finances checklist, you can now manage your money and plan your future. And when you really need it, we are here to help. If you have any questions about how to take out a personal installment loan or deal with financial emergencies, just contact us for your free consultation.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.