Begin Your New Year By Reviewing Your Budget And Make Financial Goals
At Southwest Title Loans, we advocate for financial responsibility. Now that another year is coming to an end, it’s the perfect time to improve your financial well-being and just in time for the new year.
Reviewing your budget at the beginning of the year lets you know where you stand financially so that you can create a clear plan and make progress toward both your short and long-term money-related goals. Sure, it's not as exciting as making other New Year's resolutions like eating healthier or traveling more, but we'd like to remind you that financial wellness is directly linked to your mental and physical health.
Here are some of the best ways you can set yourself up for financial success this coming new year.
Set Yourself Up For Financial Success This New Year
Review Your Household Budget
Begin the year by revisiting your household budget. Take the time to sit down and assess your monthly income, your monthly expenses, and other important financial obligations. This way, you will be able to determine the year’s financial priorities and set your budget accordingly.
Don’t forget to set a flexible budget to accommodate inflation - you might need to allocate a little extra for essentials such as gas or groceries.
Revisit Your Emergency Fund
Having available cash for emergencies or unexpected circumstances is extremely important. These instances may include unemployment, unexpected medical bills, or even a natural disaster. An emergency fund can help you get through tough times without worrying about money.
According to experts, an ideal emergency fund consists of three to six months’ worth of living expenses. Knowing that you have extra cash saved up eases stress and will help keep you financially afloat, especially now that the economy is uncertain.
Tackle Your Debt
Even if you have a debt management plan in place, there are still plenty of ways to reduce or consolidate it further. For example, if you get a mid-year or year-end bonus, you can apply the extra funds to debt balances that have high interest rates.
Looking for various ways to reduce your debt not only helps you pay for it quicker, but also eases money-related stress and simplifies your financial life.
Set New Financial Goals
It’s ideal to check whether you’re still on track with your financial goals and whether you achieved both your short and long-term goals by the end of the year. If not, don’t worry - now is the perfect time to set new financial goals, such as saving for a big-ticket item or investing in your retirement.
It’s essential to set realistic goals that you know are achievable so that once they are set, you can commit to them and ensure that each goal is ticked off your list by the end of the year.
Update Your Insurance Plans
The new year is a great time to revisit your existing estate or insurance plans. If you don’t have any, consider creating one this coming year.
Create Or Update Your Estate Plan: An estate plan determines what will happen to your assets when you pass away. It usually consists of a Last Will and Testament, a power of attorney, or a health care proxy that will all be beneficial and will help take care of your loved ones after your death.
Review Or Update Your Insurance Policies: If you don't have an insurance plan, consider getting one that caters to your family's financial needs. If you already have policies in place, make sure that they provide sufficient coverage for your family's changing needs.
Consider Getting A Title Loan
We all know that Christmas and New Year are two of the most expensive holidays there is, that's why managing expenses is particularly hard around this time. If you have an urgent expense that needs to be taken care of before the new year, getting a title loan is ideal.
A title loan is a type of short-term loan that provides you with cash, usually only requiring a lien-free vehicle title as collateral.
Submit Your Title Loan Inquiry Online Today!
Getting a title loan from Southwest Title Loans is quick and easy. We’re extremely flexible with our customers and we only require the following:
- Valid Driver’s License
- Lien-Free Vehicle Title in Your Name
- Proof of Income
- Proof of Residence
Once you have the requirements ready, all you have to do are the following:
- Call our hotline (623.266.9163) or fill out the short online form on our website. Once submitted, one of our friendly agents will call you to set up an appointment to validate your documents and begin the loan process.
- Head on over to one of Southwest Title Loans locations at the scheduled time to finish up the process.
- Get your money the same or the next business day.
- Stick to your agreed-upon repayment schedule for the amount borrowed and get your vehicle title back as soon as it is paid in full.
Reach Your New Year's Financial Goals
The new year is the perfect time to review your budget and set new financial goals. It’s important to have a clear plan to follow to ensure that all your money-related goals can be achieved by the end of the year.
If you need some extra help paying down urgent bills or addressing a financial emergency Southwest Title Loans can help with a quick and easy title loan process. Use the online form to get started right now.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.