Navigating through the normal expenses of life can be a struggle much less planning for a financial emergency on top of it. Most of us can't say that we keep strictly to a budget with a straight face. We have all the good intentions, but it's difficult because life is messy and things come up, so our budget bends a bit.

Prioritizing emergencies is part of life and creating a game plan for a financial emergency is essential in adhering to a budget and not sinking in the quicksand. Here are a few ways to successfully plan for a financial emergency without breaking the budget, including how you can secure emergency money through car title loans.

1. Identify Life’s Emergencies

Creating a plan requires that you effectively identify what life's emergencies are and list them similarly to a budget. Things that you will want to include in this list are things like:

• Death, bereavement and the associated cost of funeral and travel
• Income loss - due to layoff, disability, or termination, etc.
• Loss of transportation - using alternative means to get to work and run errands
• Natural disaster - fire, flood, epidemics
• Home emergency - appliances, roof leaks, burglary
• Medical emergency - surgery, dental
• The lawsuit - pool accidents, slippery sidewalks, professional

These are just a few to jot on your list. If there are other emergencies that apply to you, make sure that you list them. For example, if you have a boat, motorcycle, or RV, there are other things to consider. Your lifestyle plays a part in what emergencies you may face. Do you jump off cliffs into the ocean?

2. Write The Plan Down

Once you have your list of emergencies, pick one. Essentially, you are going to create a budget for it that will replace the everyday budget that you currently use should the emergency befall you. For example, let's take a look at death as that is the first one on our list.

In our normal budget, we have a line item for death to determine how much we should be putting aside for it. We are now going to create the budget. Say that a funeral costs $6,000. If all of your family lives within the state, you won't have high travel costs. If they live out of state, you will want to include those.

One thing to note is that even if there is insurance to offset the costs of funerals, payment normally comes upfront to be reimbursed later. So, it is prudent to just count the expenses, so you have the money. If the total cost is $6,000 then you divide that by 12 months and put that number in your normal budget under this option.

Ideally, $500/month would go towards death until the $6,000 target number was hit, after that, the dollar amount can be significantly lessened and only raised when the cost of living goes up. It is best to attack one emergency at a time. If emergencies spring up before you are ready, a car title loan could help in the cost.

Get a Title Loan To Help With Your Emergency

The Advantages of Car Title Loans

A car title loan is a short-term loan option type that allows you to secure up to $10,000 in emergency relief by leveraging the value of a title to your vehicle. Finding title loans near me is easy and they come with a number of different advantages.

• Up to $10,000 fast cash
• Streamlined application process - we come to you!
• You keep your car so there is no disruption to your daily life
• Online payment options
• All kinds of credit accepted: good, bad, or non-existent

How You Can Secure Your Car Title Loan

• Fill out the short form found on our homepage and submit it.
• Once you submit the form, a representative will contact you within an hour.
• They’ll schedule a meeting and tell you what you need to bring for your meeting:
  • Your driver’s license
  • The title to your vehicle
  • Your car for inspection
  • A blank check to your bank account
• Your car will be inspected during the meeting and you’ll find out how much money you’ll receive.
• The money will be deposited into your bank account.

 

 

 

What Can I Spend My Title Loan On?

In short, you can use your title loan to handle any emergency you’re facing, whether it’s a repair, a sudden bill, or a surprise costs. The possibilities are endless and you can use the money as you see fit.

Preparing for an emergency is difficult because it can be hard to prepare for the unknown. Even with all of your preparation, emergencies can still catch us off guard and, when that happens, title loans, New Mexico will always be an option for you when other options fail.

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