5 Simple Tips For How To Improve Your Finances
March 12, 2021 | Emma Frost
If 2020 has shown us anything, it’s that we could all use a bit more financial security. But many seem to have trouble figuring out how to improve finances is hard, especially when they’re stretched thin.
We’ve got good news and bad news.
The good news is that the answer to how to improve finances is simple and only consists of 5 easy tips that have been repeated by numerous financial experts over and over.
The bad news is that it’s not easy. There are no shortcuts. If you wish to build a better financial future, you’ll need to put in diligent work and stick to it long-term.
Here are the 5 things you need to be doing if you’re trying to figure out how to improve finances.
How To Improve Your Finances
1. Start Budgeting
Budgeting is the #1 tool that will help you manage your money, keep your expenses in check, and, most importantly, avoid lifestyle creep, which in turn is often the reason people can’t improve their financial situation even if they increase their income.
2. Figure Out Where You’re Overspending
When setting up the budget, you need to take a careful look at your bank statements and figure out where you can cut your expenses.
It doesn’t mean you need to go scorch earth and never pay for anything aside from rent and food, you just need to figure out if you need everything you’re spending on – and if you need to be spending more smartly. For instance, cut the subscriptions you’re not actively using, cut down on takeout and cook more at home, buy generics instead of name brands – that sort of thing.
3. Start Saving for Emergencies
Emergency savings are the foundation of how to improve finances. Keeping around 6 months’ worth of expenses in a (high-yield) savings account is how you ensure you’re safe even if something drastic – like a job loss – strikes.
Keep your savings automated – deposit a set percentage of your income into the savings account as soon as you get it. This is how you set the habit.
Related content: The Ultimate Survival Guide To Financial Emergencies
4. Set Goals for Retirement
An emergency fund is a short-term goal. When it’s set, you need to start thinking about long-term goals.
The money you’ve been putting in the emergency fund isn’t something you can use for casual spending when the fund is set – you should repurpose it into retirement investments (and increase them over time).
5. Increase Your Income
Of course, increased income is also an important answer to how to improve finances question. Find a side-hustle or an online freelance, ask for a salary increase, or even start looking for a new job (emergency fund gives you the safety to take the risk). But remember to stick to the budget and avoid lifestyle creep in the process.
How Do I Handle An Emergency If My Fund Isn’t Set Yet?
While we consider all of the abovementioned tips essential elements of your “how to improve finances” strategy, if we were to choose just one you should prioritize over everything else – it would be the emergency fund.
This is because a financial emergency is probably the #1 reason you’ll bust your budget if you’re not prepared for it. What’s worse is that you’re unlikely to be able to postpone it – unless you’re willing to risk spending more in the future. This is because emergencies tend to escalate with time (that’s why they’re, well, emergencies) and become harder to fix.
Health problems, car problems, home repair problems all tend to escalate with time, turning from a comparatively-easy-to-fix problem into something that requires a lot more funds.
So when coming up with a strategy on how to improve finances, do remember that sometimes patience isn’t a virtue. If you’re dealing with an emergency, you need to deal with it fast – even if you’ve yet to save for an emergency fund. If that’s the case, a short-term fast loan – like a title loan – could work for you.
What Makes A Title Loan An Option During An Emergency?
A title loan has three advantages over conventional loans:
- It’s accessible for most people – as long as you’re over 18, own a car, and that car’s lien-free title is in your name, you can apply for a title loan. Your credit score won’t be checked, so you’re eligible for approval even if your credit is bad or nonexistent.
- It accommodates all kinds of income – unlike the bank, which will deny you the loan, if they don’t like your employment record, with a title loan, it doesn’t matter where your income is coming from.
- It’s fast – the entire application-approval process lasts, on average, around 30 to 45 minutes, and if approved you’ll get the cash the same day.
How Do I Apply For A Title Loan?
Applying for a title loan at Nevada Title And Payday Loans is not only easy but comfortable as well since you can easily start the process online, without having to come to the store:
- Go to the website homepage and fill out the online form.
- Answer the call from the loan representative, who’ll set up a meeting with you.
- Bring your car, your lien-free car title, and your government-issued ID to the meeting, so that the loan representative can assess everything and determine if you qualify for the loan.
- Get approved and get the cash.
Get a Nevada Title Loan Today!
Now that you know how to improve your finances, get started today and take action towards a better financial future. And for now, get a title loan to help with immediate emergencies that can’t wait. A better financial path awaits!