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prepare for financial hardship

A Beginner’s Guide: Being Prepared For Financial Struggle

All of a sudden, the unthinkable has happened. You’ve gotten into a car accident, your house caught fire, you’re involved in a lawsuit, a loved one has passed away- any of these situations can happen to anyone, and if you aren’t prepared for it, these situations can send you into financial ruin.

You’re not alone. Most everyone will experience a financial emergency situation at some point in their lives. Thankfully, there are ways to prevent being caught off guard so that you can manage financial struggle in the best way possible. From preparing ahead of time to emergency loans through auto title loans, here’s how to handle financial struggles like a boss.

First Of All – Make A Budget

Making a budget is one of the most effective and easy ways to ensure that you’ll have funds set aside for any unexpected circumstances. In order to make the most successful budget for yourself, spend a month tracking how you spend your money. This way, you’ll become familiar with your expenses and you can come up with a budgeting plan that allows you to save for financial emergencies.

A good rule of thumb is to have an emergency fund that is worth three to six months’ worth of your regular expenses. Calculate this number and figure out what percentage of your income you should use to save up this amount at a speed that is manageable for you.

Eliminate Unnecessary Expenses

Start out by planning ahead and minimizing your monthly expenses by eliminating anything that isn’t an absolute necessity to you. You’d be surprised just how much subscription services, convenience food, and impulse buys add up. You can always factor these into your budget, but if you want to have a decent amount of money in your emergency fund, the best course of action is to minimize these expenses as much as you can and use that money for those unexpected circumstances.

Look Into Having A Stream of Income Specific For Emergency Funding

Is your main form of income hardly covering all of your monthly expenses? No room leftover to save? Having a side hustle to fund specific expenses has never been more popular. You don’t have to get a second formal job - look into freelancing work, making an online shop through your hobbies, or even YouTube and use all of the revenue you collect from those endeavors to fund your emergency budget.

Get The Credit Card With The Best Deal That You Qualify For

A lot of people aren’t very familiar with the ins and outs of credit cards, and some people simply apply for whatever was recommended to them. This is a bigger mistake than you might think it is. Do your own research! Depending on your credit score, you can be eligible for credit cards that have lower rates, cash-back benefits, milage benefits, and more. You can use these benefits to save more here and there, which will always add up.

You can even contact your credit card company to see if they will lower your rates. It’s easier and more cost-effective for them to keep you as a customer than to find an entirely new one- you’d be surprised what can happen if you just ask.

Handle Your Financial Emergency With Southwest Title Loans

If you’ve found yourself in an unexpected situation that has drained your wallet dry and you’re located in the Arizona area, look into Southwest Title Loans to secure some extra funding to get you through your emergency.

What Is A Title Loan

A title loan is a relatively small loan that involves allowing a lender to place a lien on their car title in exchange for a loan until you are able to pay off the debt. They are usually used to fund people experiencing a financial emergency due to home or auto repairs, medical bills, unexpected travel, etc.

The Benefits of a Title Loan

If you choose to explore how to get a title loan, the best benefit is that you’ll have your cash fast. Title loans have one of the lowest processing times of any kind of loan out there. You also don’t need to have a perfect credit score to secure a title loan. We welcome and accept all forms of credit out there.

It’s also far better than selling your car to fund the emergency payments if that was your alternative because everyone needs to be able to use their car.


Man checking bank for title loan


The Process of Getting a Title Loan Through Southwest Title Loans

Getting and finding title loans near me is easy and straightforward, thanks to our easy application process. Here’s what it looks like:

  • Complete the online form on Southwest Title Loans’ homepage.
  • Submit your form and receive a phone call to schedule a meeting from your local store. You’ll be asked to supply your driver’s license, the title to your vehicle, your car for inspection, and a blank check to your bank account.
  • After meeting with the representative, you’ll find out how much money you’ll receive on your auto title loan, with a maximum being $15,000!
  • The money will be deposited directly into your bank account.

There are always things you can do to prepare for financial struggle but if you find your budget unable to handle what is looming on the horizon, online title loans are easy for you to find thanks to Southwest Title Loans.

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

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.

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