The Ultimate Survival Guide To Financial Emergencies
September 18, 2020 | Daniel Dewitt
If there are survival guides for emergencies like surviving in the woods, why aren’t there any for surviving financial emergencies? After all, financial emergencies are far more common, and can easily be just as terrifying, catastrophic, and unexpected.
Financial emergencies are also much harder to recover from in the long term. Studies show that the majority of Americans can only handle around a $400 emergency before being plunged into debt.
So how do you survive an emergency? How do you thrive after? That’s what we’re here to explore today.
Take Preventative Measures
The first tip to surviving a financial emergency is to prevent it in the first place. After all, why fight a battle if you don’t have to? Each financial emergency requires its own specific kind of prevention, but in general what you can do is look at different aspects of your life and analyze what could go wrong with them.
For example, one of the most common ways to prevent emergencies is routine maintenance. Whether it’s your health, teeth, or car, routine checkups and maintenance are key. Though it may be tempting to put them off for both cost and time reasons, biting the bullet and getting regular maintenance is far less of a pain than dealing with an emergency later on.
Related content: The Top 5 Emergency Repairs That Require Same-Day Cash
Have an Emergency Fund in Place
Another method for preparing for a financial emergency is to have a dedicated savings account where you save money each paycheck to hold in reserve for when an emergency does hit. Having rapid access to cash can be invaluable in an emergency, and be just what you need to stop the bleeding.
Though useful, there are a few downsides to be aware of with an emergency. Largely, you simply don’t want to prioritize it over either the preventative measures mentioned above, or reducing your debt. Because so many Americans suffer under the yoke of one type of debt or another, this is relevant to almost everyone. Interest rates are often horrifically high, which means any money you put into an emergency fund is essentially losing you money since it’s not going towards reducing your interest payments.
Know Your Title Loan Places
Even when you’ve done what you can to avoid a financial emergency, there’s still the possibility you’ll be struck by one at the most inopportune time. And if you haven’t had time or the ability to create an emergency fund, then are you simply out of luck?
Well, not quite.
One of the simplest ways to handle a financial emergency is with a title loan. Title loans are a type of fast, convenient loan that depend on your car for the amount of your loan.
Title loan places can often get you in and out of the door in as little as a half hour should you already have the items you’ll require. Don’t worry, they’re pretty simple: a state issued I.D. like a driver’s license, the lien-free title of your vehicle, and your vehicle itself. While unfortunately you can’t know beforehand what amount of a loan you’ll be eligible for, in the state of Nevada you may be able to get up to $15,000.