Jumpstart Your Finances: Financial Tips To Get Back On Track In Nevada

Getting a good grip on your finances is trickier than many people like to make out. Whether you've been struggling with your budget for a while or are only just dipping your toes into money management waters, it takes hard work and dedication to navigate the often-confusing fiscal landscape. 

With that in mind, we're divulging our top ten financial planning tips for Nevadans like you to get their money back on the straight and narrow.

10 Financial Planning Tips For Nevadans

Contrary to popular belief, financial planning is an ongoing process that considers your entire monetary situation to craft strategies for obtaining short and long-term goals. The idea is that planning for the future will help you build a nest egg, support your current needs, and reduce stress related to your finances.

Let's look at the ten financial planning tips Nevada residents should consider:

1. Know The Difference Between Wants And Needs

Avoiding the temptation of a new bag or shoe may be tricky, but distinguishing between wants and needs can help you avoid missing bill payments and other essential things. Always take care of your needs first and only satisfy your wants when you have the funds to do so comfortably.

The most common expenses falling under the "needs" category are as follows:

• Transportation
• Housing
• Insurance
• Food
• Gas, electricity, and water

Wants, on the other hand, are expenses that help you live comfortably. In other words, they're things that you buy for fun/leisure, such as:

• Gym memberships
• Travel
• Entertainment
• Coffee shop drinks
• Restaurant meals
• Designer Clothing

They aren't the same for everybody, but use this list as a starting point.

2. Use Credit Carefully

Too many people fall into the "using credit for impulse buys" trap — don't be one of them. Use it for planned spending and emergencies only, charging only what you can afford to pay off every month (if possible).

When you do use it, pay more than the minimum due and track what you spend. When you pay interest, the cost of your purchases increases drastically. Plus, do not charge more every month than you're repaying. Your credit payments should be at most one-fifth of your net income.

Note: If you're in serious debt, you should discontinue credit use. Otherwise, you risk keeping yourself in a downward financial spiral.

3. Involve Your Partner

If you live with your significant other, make sure you include them in your financial planning endeavors!

Managing money as a couple involves open communication, shared goals, and mutual respect. With all three in place, you're set to have a pretty easy monetary ride. But make sure you check in regularly after your initial "money meeting" to ensure everything is on track.

4. Plan For Retirement

Any financial advisor will ask these two questions: Do you have an employer-sponsored retirement plan, and does your employer match your contribution? While 401(k) contributions decrease your current take-home pay, you should try to put in the total matching amount (i.e., free money). 

Generally speaking, you should gradually expand your contributions toward the IRS limit if you have a 401(k), 403(b), or related plan. However, other tax-advantaged individual retirement arrangement accounts can further build savings for your twilight years, so it's worth adding both to your financial plan.

5. Find A Budgeting Method That Works For You

Do you keep throwing your budget out the window? Don't panic; you need to find the proper budgeting method!

Take a look at these standard models and give them a try until one sticks:

• Zero-based budget — Here, your income minus expenses will equal zero. This might be a good option for you if you have a set income every month or can estimate your monthly income reasonably accurately.
• Envelope system—This one is similar to the above, but you do it all with cash and envelopes. Write a spending category on each envelope and fill it with the allocated money for that category.
• 50/30/20 — 50% of your money goes on necessary expenses. 30% of your income goes on discretionary spending. 20% goes on savings and debt payments.
• No-budget budget — With this method, you focus on spending within your means by using a budgeting app and knowing when recurring bills come out.

6. Get To Know Your Net Worth

You should understand your big-picture finances just as well as your small ones. That's right; it isn't solely celebrities who should care about their net worth!

To calculate it, subtract your liabilities (i.e., what you owe) from your assets (i.e., what you own). The former can be auto loans, credit card debt, and student loan debt, while the latter includes investments, real estate, vehicles, money, and anything else of value.

7. Slash Variable Expenses

Break monthly spending into categories: fixed and variable. 

Your fixed expenses are the same monthly (e.g., loan payments, insurance, rent, etc.). Your variable expenses change monthly (e.g., groceries, shopping, etc.). These are easier to reduce than fixed payments, so find ways to cut back.

8. Choose Your Priorities

Pick one or two substantial priority categories, and you're willing to splurge on them. Then, reduce spending everywhere else.

For instance, going to comedy shows and eating out should not be top priorities over saving for your needs. Spend the most discretionary money on these two categories and limit how much you spend on clothing or groceries. 

9. Say No To Unnecessary Spending

Sometimes, saying no when somebody invites you to something super-fun is hard, but this often leads to unnecessary spending. It means spending money on things you could be more thrilled about. Therefore, we recommend implementing this rule — only spend money to spend time with people you genuinely enjoy hanging out with.

10. Budget For Emergencies

Even if you feel financially secure right now, you are still determining what the future holds. So, try to save three to six months' worth of expenses to cover yourself during unforeseen situations. 

And if something occurs before you've saved enough, you can turn to Nevada Title and Payday Loans Inc. We offer title loans, payday loans, and signature installment loans to cover all sorts of urgencies.

How Can You Get An Emergency Loan In Nevada?

Regardless of the type of loan you choose, follow the steps below to get your hands on an emergency loan:

1. Start by completing the online form on our website. Make sure you select the right loan type.
2. Wait for us to give you a call. We'll set up a meeting location, review the requirements, and answer any of your questions.
3. Bring the requirements (they differ depending on the type of loan you're requesting) to the meeting location at the right time.
4. We'll analyze your documents and tell you how much you can borrow.
5. If you're happy with the amount you can borrow, we'll show you where to sign the forms to confirm you agree with the terms and conditions.
6. After that, you just need to wait for the money you qualify for! It should be with you within just 48 hours, but actual timings can vary.

Secure An Emergency Loan From Nevada Title And Payday Loans, Inc. Today!

With our top ten financial planning tips, you're well on your way to meeting short- and long-term goals. And with us by your side, you won't have to let emergencies foil your plans. Fill out our inquiry form and get the emergency cash you need 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.