Getting Ready For The New Year By Updating Your Budget  

Financially, planning for the new year isn't everybody's idea of a good time. However, creating a budget tends to be more accessible and much less painful than you might believe. The right tips and tricks can make the task feel like less of a chore.

Nevada Title and Payday Loans, Inc. is here to help you avoid facing another year of less-than-stellar finances. So, we're just bringing you our five steps to revise and fine-tune your budget for 2024 right here. Your money plans will stay the same!

5 Steps To Update Your Budget For The New Year

1. Look At Your Bills And Debts

First, you'll need to look at your debts and bills. Yes, it might make you uncomfortable, but it's a necessary evil in budgeting. You can only plan your money properly if you know how much you must spend.

Collate old bank statements and track them on a sheet of your choice (i.e., pen and paper, an app, or a spreadsheet). Aptly named a "tracking sheet," you should include debt and monthly expenses, their minimum payments, and their due dates.

Plenty of online printables will save you time if you want to avoid setting up a spreadsheet. Once you're finished, you should be left with a list of your annual and monthly expenses.

2. Think About How To Record Incoming And Outgoing Money

In the future, your budgeting method needs to work for you and your family. Whether it's an Excel spreadsheet, a budget binder, or a financial tracker like Every Dollar, your household needs to be on board so you can hold each other accountable. Regardless of your chosen method, ensure you can easily update it to ensure money doesn't go astray, bills get paid, and you aren't constantly overdrafted.

3. Cut Expenses

Cutting expenses is one of the most beneficial as you get ready to crush your new year financial goals. Of course, expenses like your rent and car payments won't have much wiggle room (if any), but there are areas you can reduce. 

Incidentals, like treats and groceries, tend to have much room for improvement. And despite being challenging to manage (especially when you're used to having such things), living within your means is essential for securing your financial future. It gives you the freedom not to be trapped in the ever-recurring "paying back debt cycle."

4. Include Sinking Funds

Most people don't create sinking funds, but they definitely should! These pots are added regularly to pay for something you know requires payment in the future.

Perhaps one of the most outstanding examples is the holidays. You know they occur every December, and you'll want to purchase food, gifts, decor, and anything else that springs to mind. Saving just $20 monthly will give you a decent chunk of money when the festive season returns.

Another example is car repairs. No matter what the car is, it will need tune-ups, tires, and more as they deal with everyday wear and tear. Saving for these ahead of time ensures you aren't hit by. a considerable lump sum payment halfway through the year.

5. Start An Emergency Fund

Your emergency fund should hold at least three months of living expenses. However, building that takes a while, so you should start soon. Like a sinking fund, you'll gradually grow your emergency pot, eventually having enough to give yourself some breathing room if the worst-case scenario occurs. 

What happens if a crisis hits and you don't have enough money in your emergency pot to cover it? You have a few options, one of which is getting a loan from Nevada Title and Payday Loans, Inc. We offer convenient title, payday, and signature loans. Your choice depends on whether you meet the requirements and how much you need to borrow. Just take a look at this table to find out the best one for you sorted by the loan type with borrowing limits and requirements:

• Title Loans - Borrowing Limit up to $15,000 (in-store only) valid ID, lien-free title, and vehicle. 
• Payday Loans - Borrowing limit of $500 (in-store only) valid ID, most recent pay stub, and a blank check. 
• Signature Installment Loans - Borrowing limit up to $1,500 (in-store only) valid ID, proof of income, and a blank check. 

Secure A Loan From Nevada Title And Payday Loans, Inc. In A Matter Of Moments!

By considering your bills, thinking about how to record your money, slashing expenses, starting an emergency fund, and making sinking funds, you are setting yourself up for financial success in the new year.

Remember, you can get a loan from us if an emergency arises before you've saved enough cash. Just complete our online form, and we'll be in touch to go through the process. We'll guide you through every step of the way!

 

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