How to Prevent Another Financial Emergency

October 21, 2020 | Louis Tully

 

 Woman saving title cash.

 

A financial emergency can hit anyone. There's really no way to completely guarantee that you won't ever find yourself in such a dilemma because it is sometimes beyond your control. A natural catastrophe may hit or large-scale faults in pay systems may show up. Or a sudden illness, like a pandemic, might result in complete financial helplessness. There is an endless list of sudden, unforeseen events that can result in an emergency like this.

But this does not mean you can't actively prevent a financial emergency. Pre-crisis management can go a long way in making you financially secure even when times get rough. All you need is a plan and its practical application. Here are some tips you can use to avoid falling into this tunnel as well as how you can secure fast financial relief through title loans or fast payday loans.

Have a Budget

You really can't proactively prevent a financial emergency if you have no budget. You need a spending plan for your money to ensure that you have enough funds for most things and situations. Furthermore, you should always extend this budget towards the future keeping long-term plans and possible events in mind. This means you will be prepared ahead of time. If your finances are on track, and you're saving some money on the side-the chances of being left helpless and drained are unlikely in any situation.

Build Your Emergency Fund

An emergency fund is the most crucial way to stay prepared for a rainy day. In fact, it is the only way your financial worries won't turn into a full-blown crisis. You can create this fund by setting aside some amount of money every month. Remember, this fund should not be used for every event when you need some extra cash, for instance, for repairs or gift-giving. You should seriously save this money for life emergencies. It can be a lifesaver.

Create a Crisis Budget

A regular budget keeps your spending in check in your normal routine. But you need a well-established crisis budget too. This is for the times when a rough patch surfaces, or when you face a financial loss or need that brings down your spendable income. A crisis budget is basically your new plan to follow-with trimmed costs and spending.

Daily coffeehouse trips, weekend movie plans, food deliveries will all be deducted from this new crisis budget. In this way, you won't be panicking and confusion-stricken if and when a problem arises. Rather, you will fall back on your crisis budget which will be your main guide to buckle down on costs.

Get Familiar With the Value of Your Liquid Assets

During uncertain times in the financial markets, it is a good idea to take stock of liquid assets that are tied to central banks. You must ensure that your investments will be secure if the markets are going through a financial crisis. Plus, you should know how quickly you could turn the accounts into cash if the need arises.

You should also get acquainted with the value of your liquid assets such as your home, jewelry, car, and other valuable possessions. Monitoring these assets will keep you updated on what you could do to handle a financial emergency when need be.

Get a Title Loan

In times of urgent need- whether it's an accident, medical concern, or a sudden emergency, title loans, or online payday loans Louisiana can be a convenient way to immediately access cash. The whole processing time takes less than an hour, and within the same day- you will have your money. Because title loans and payday loans are based on the value of your vehicle title and your current employment status, you can secure your loans without credit checks. Here’s how they work:

Benefits of Title Loans and Online Payday Loans

Quick and Easy to Acquire

Title loans and online payday loans are very convenient and easy to access. Plus, with Cash Cow Louisiana, you are guaranteed instant payment. In addition, the process is very simple and quick and takes less than 30 minutes. All you have to do is fill out an online application, meet with a representative to fill out some brief paperwork and discuss the process, and your loan money will be deposited into your bank account directly.

Credit Checks Are Not Required

Strong credit history is not a precursor to make you eligible for a title loan or payday loan. In fact, your credit history is not even checked. There is no complicated and long paperwork either.

No Asset Is Held for Collateral With a Payday Loan

With an online payday loan, the best advantage is that it's an unsecured debt. This means none of your assets will be held as collateral or get seized in case of late payment.

 

 Woman holding payday loan.

 

You Keep Using Your Car With a Title Loan

Although your car is the main collateral when getting cash for your title, it is not seized during or after the loan period-just make sure to pay on the due date. Plus, you are free to keep driving your car throughout the loan.

Financial emergencies are hard to prevent, it’s true, but there are things you can do to soften their blow when they do happen. The bottom line is: they don’t have to break you. And, even with all of your preparation, if you don’t have enough money to cover the cost of the challenge you face, Cash Cow is here to help you whenever you need it most.