The Biggest Problem With Your Personal Finance Budget And How To Fix It

April 15, 2021 | Emma Frost

personal finance budget fix

 

So you’ve gotten tired of living paycheck to paycheck and decided to set up a personal finance budget. Only it doesn’t seem to be working; your savings are still empty, the bills seem to be sucking the life out of you, and you just can’t seem to stop busting the budget!

First things first – don’t give up! The hardest thing about a personal finance budget is to set the first one up. Once you’ve started, it can only get easier.

But here are some reasons for the biggest likely problem with your personal finance budget and why you can’t seem to make it work. And when you've gone beyond your budget and need help now see how a Nevada Title Loan can help.

Your Personal Finance Budget Is Likely Not Personalized Enough

There are multiple strategies for setting up a personal finance budget online. Some people are fans of the 50/30/20 method where 50% of your money goes to the necessities, 30% to wants, and 20% to savings. Others advocate for extremes such as saving over 60% of income by cutting all unnecessary expenses. Others still utilize sinking funds for big purchases, while being frivolous with smaller ones.

And the truth is? None of these approaches to the personal finance budget is 100% correct. You need to find the one that reaches an optimal compromise between what you can stick with and what will help you curb your bad money habits.

What You Can Do To Identify Why Your Budget Keeps Failing

When it comes to your failing budget, there are a few things you can do to identify just why it keeps failing. Those three things are:

  1. Take a good look at your bank statements to find the biggest expenses;
  2. Identify what can be cut or reduced;
  3. Prioritize saving by paying yourself first.

Examples For Improving Your Budget

If your biggest expenses are “unskippable bills”, find a way to mitigate them – at least partially. If it’s the rent – find a cheaper rental or a roommate.

If it’s debt – contact your debtors and try to have the payments negotiated due to hardship, or, if it’s impossible, look into debt consolidation options.

If it’s medical expenses – contact the medical facility, ask for a detailed bill to find out exactly how much you’re paying for and for what, and try to have the bill negotiated. An example would be if you’re having a problem with insurance – contact your insurance agency.

And remember: you can always ask for advice online – chances you’ll find people who’ve been through the same and succeeded!

Prioritize Saving

The only way you’ll be able to save money is to prioritize saving. Have your savings automated so that a part of your paycheck goes into savings account automatically – and budget with what’s left.

While it may seem impossible when you’re still living paycheck to paycheck, you can start with a small amount – say just 2% of your paycheck – and gradually increase it while adjusting your personal finance budget. Remember, success comes from trying over and over again.

 

Nevada title loan money

 

Get A Nevada Title Loan To Deal With Unexpected Expenses

One way to cover unexpected expenses that could bust your budget is to acquire a loan – specifically, a short-term fast loan, like a Nevada title loan.

Title loans are an optimal option in an emergency due to:

  • Accessibility – almost anyone who’s over 18 and owns a car can be eligible;
  • Easiness - you can start the application process comfortably online and you’ll only need a few items;
  • Swiftness – the entire application process typically lasts less than an hour and, if approved, you’ll get the cash the very same day.

But as enticing as getting a Nevada title loan can seem to fix your problems, adding to your financial obligations should never be your first choice of action when money problems arise.

Instead, consider all aspects of the problem and determine if the problem in question is 1) time-sensitive and needs to be deal with as soon as possible not to escalate; 2) if dealing with it down the line could cost you more.

If the answer is no – then you should at least attempt to get cash together without going into debt. But if the answer is yes to at least one of them, then getting a Nevada title loan is wholly justified to fix it.

Good examples of problems that call for a title loan would be medical and dental bills, vet expenses, car breakdowns, necessary house repairs, and so on.

Apply For A Nevada Title Loan Today

Getting a Nevada title loan is easier than you may think. Just go to Nevada Title And Payday Loans, fill out the online form and submit it. You’ll be contacted by the loan representative from the nearest Nevada title loan location, who’ll schedule an appointment for you.

You’ll need to bring certain required items. Those items are:

  • Driver’s license or state-issued ID proving you’re over 18;
  • Your car for a quick inspection to determine how much you could qualify for;
  • Your car title that’s in your name and completely lien-free;

The representative will assess everything and determine if you qualify for the loan. If approved – you’ll complete the simple paperwork and get the cash you qualified for the very same day. This process could last as little as 30 minutes.

When your personal finance budget just isn’t cutting it anymore, there is no reason to stress. Now is the time to sit down and figure out how you can fix it. Whether you use a Nevada title loan or some other method, you can do the work to fix your budget.