Did you know that nearly 80% of Americans feel anxious about their current financial situation? Money-related stress is one of the main signs of mismanaged finances. If you have no idea how you are spending, saving, and investing your money, then you won’t feel secure about your future.

Thankfully, it is never too late to change that. We review some helpful tips on effectively managing your finances. You are mismanaging your finances, if some of the following statements are true for you. Additionally, learn how getting a title loan can benefit you with your finances.

What Are The Effects Of Mismanaged Finances?

You Do Not Have Any Money Set Aside

If your emergency fund has less than 3-months’ worth of expenses in it, then it’s pretty much the same as not having a reserve fund at all. Usually, those people who prefer to not plan their budget have to deal with a scarcity of savings.

You may think that saving might be a good idea, but you never manage to set aside any sum at the end of the month. But the truth is that you should not be saving the amount that you have found to be ‘extra’. Instead, your spending habits should be dictated by the sum you set aside each month.

You Are Living From Paycheck To Paycheck

You might be thinking that if your salary was a little higher, you would definitely be able to not only improve your life but also start saving. This isn’t always the case as plenty of millionaires live from paycheck to paycheck as well, and that is typically a tell-tale sign of mismanaged finances.

You Are Constantly Experiencing Financial-Related Stress

If you become a personal finance expert at budgeting, you will start feeling a lot more secure. Knowing exactly where your money is going and having a reserve fund helps gain confidence in tomorrow. Without such a form of protection, you will be stressing out all the time about even the slightest price increase or an unexpected bill.

3 Tips For Personal Finance Management

1. Follow a budget: Budgeting can become a guiding light through practically any financial situation. Review your spending habits – what part of your budget have you been spending on your ‘needs’ and how much went towards your ‘wants’? After you figure out the amount that you should be paying regularly for the ‘needs’ (utility bills, food, gasoline, etc.), establish an emergency fund and put aside 20% of what you earn. Whatever you have left can be spent on your ‘wants’.
2. Automate your bills and savings: Set up auto payment whenever it is possible. In such a way, you will be able to cover your utilities, mortgages, rent, insurance, and other monthly bills as soon as you get your paycheck. You won't have to worry about late payments or extra fees when automating your payments. By the way, you should try to automate your savings as well. Such a trick takes away the mental barrier of having to remove money from your checking account manually and you’re more likely to stick to the saving habit if you don’t have to think about it.
3. Focus on generating more income: Ideally, you would want to figure out how to not only spend less but also earn more. Ask for a raise or add a few extra bucks to your rate, if you’re self-employed. Create another income stream by renting out a room in your apartment, for example, or selling what you no longer need, and so on.

When Can A Title Loan Help?

Though everything mentioned above may seem like a great plan, a financial disaster might strike before you are able to implement these tactics into your life. If you don’t have any money in your reserve fund to cover an urgent bill, then you might want to go for a title loan. It will help quickly take care of the expenses so that you can get back to your normal life.

How To Take Out A Title Loan

With Carolina Title Loans, Inc. applying for a loan is as easy as it can possibly be. Here are the steps you will need to take to get through the process and find out if you qualify for approval: 

1. Prepare your vehicle, ID, and lien-free title.
2. Fill out the online form.
3. Schedule a vehicle inspection when the lender representative calls you (you won’t have to drive to the store, the agent will come to you).
4. Meet the representative and find out if you qualify.
5. If you are approved, sign the final paperwork, and receive anything between $601 and $15,000 on the same or the following bank business day.

Submit Your Inquiry Right Now!

Mismanaged finances can easily make your life a lot more complicated. The good news is that it is never too late to learn how to properly take care of your money. Even if you haven’t yet had a chance to establish an emergency fund, there is a way to take care of your urgent expenses without experiencing additional stress.

Carolina Title Loans, Inc. offers competitive title loans that can help you receive the much-needed cash in the shortest timeframe. To get started, fill out a short inquiry form right now.

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