The Ultimate Financial Emergency Checklist

November 2, 2020 | Emma Frost

emergency plan readiness

 

Most of us aren’t ready for financial emergencies. Many working adults are living paycheck to paycheck right now. And even those, who can afford to build their savings, are likely to be hit hard by financial emergencies. So hard, in fact, that most probably wouldn’t be able to handle it without seeking financial assistance.

Keep These Questions In Mind For Your Next Emergency

But getting ready for financial emergencies is much easier if you keep these little pointers in mind and act accordingly. Here’s our ultimate financial checklist.

Do You Have An Emergency Fund?

Emergencies can come up to $1000 – or even over. If you’re living paycheck to paycheck that could dig you into quite a hole. Make building your emergency safety net your priority until you have a decent emergency fund. We recommend at least three to six months’ worth of expenses.

Do You Have Sinking Funds?

Big purchases and celebrations aren’t emergencies. Still, many tend to drain their emergency fund for them because that’s the only kind of savings they have available. Set up sinking funds that you will keep separate from your emergency fund. Your finances for handling car repairs, new washing machine, and holiday shopping should never overlap.

Do You Budget?

Just because your emergency and sinking funds are secure, doesn’t mean you can blow your entire paycheck. There’s no bigger temptation to drain your savings than knowing you’ll have to spend the week before salary on instant noodles. Budgeting helps with controlling your expenses and avoiding those situations.

Do You Automate Your Savings?

Not only for the emergency and sinking funds, but generally – are you saving for the future, and are your savings automated?

If not – we recommend you get a high-yielding savings account and automate the transfers. You should also make it so that it’s the first expense from your paycheck every pay period. Then you can budget the rest.

 

emergency plan safety net

 

Do You Know About Title Loans And Payday Loans?

Sometimes emergencies happen at unexpected times. The amount you have saved in your emergency, or sinking fund, may not be enough to cover it.

If you find yourself facing an emergency that is draining your finances, then taking out a short-term loan—like either title loans Nevada or payday loans—may be the best decision you can make to either partially or fully cover the expenses and work the payoff schedule into the budget not to put too much strain on your finances.

The Advantages Of Title Loans And Payday Loans Near Me

There are many benefits to getting either a title loan or payday loan from Nevada. You must know these benefits so you know what you are getting into. Those benefits are:

  • Both title loans and payday loans are really fast to acquire. If we can approve you, it will take all of 30 minutes from the time you walk in for you to walk out of the store with the cash you need.
  • Even once you obtain the title loan, you can still keep driving. Just be sure to stick to the repayment schedule you agree to and you’ll keep your vehicle.
  • The reason we are so quick is due to our credit policy. We won’t turn you away or deny you based on your credit score. So if you have amazing credit or terrible credit, you can still apply.
  • We are also very convenient. You can begin our online form for either payday and title loans from the comfort of your home. Literally. And once you are finished, you won’t be at one of our stores for too long.

The Quick And Easy Process Of Getting Title Loans and Payday Loans

Like I said our process starts online! Just follow these steps and you'll have your hands on your cash in no time – if we can approve you.

  • Fill out the online form on our homepage. This is where you decide which loan you are going for.
  • Wait for a loan associate to give you a call. The loan rep will go over the necessary items you have to bring with you and answer any of your questions.
  • Head over to a title loan center near Nevada to finish.
  • We will go over your necessary items, see if we can approve you, and discuss the terms in detail.
  • Please do not forget the required items for a payday or title loan.
  • For a title loan, we will have to do a vehicle inspection to determine how much you qualify for. If you are approved and agree with the terms, you can sign the paperwork.
  • If approved, you can walk out with the cash you qualify for. That's all there is to it!

Let’s face it, emergencies are unpredictable and can hit any of us. When you are hit with a financial emergency, you have to be as prepared as possible. Remember this checklist to make sure you are set for the next financial emergency.