The Ultimate Survival Guide to Financial Emergencies
September 17, 2020 | Emma Frost
If there’s one thing we can all agree on, it’s that financial emergencies are the worst. At any financial standing, whether you have a solid emergency fund tucked aside to handle a surprise expense or if you live each month paycheck-to-paycheck, financial emergencies can ruin any budget and compromise your ability to provide for yourself. One of the problems that many people experience when facing an emergency is the sudden realization that they have no idea what to do to fix their problems.
When you’re facing the question How do I handle my financial emergency? it’s easy to succumb to the multiple sources that are listed online, all of which have different advice for you. Instead of sifting through these many sources, here’s a comprehensive guide to, not only handling your emergency but surviving it with grace and ease. Here are some tips and tricks to help you handle your situation. If you need money now, I'll show you how you can get up to $1,000 in cash today. Skip out on searching for payday loans near me. Here’s all of the information you need.
First Thing’s First – Examine Your Emergency
When faced with a surprise cost, the first thing you should do is examine it carefully and take note of just how much money you need. This involves cross-referencing what you’re expected to pay with how much money you have, which will give you a clearer idea of how much money you need to locate.
It's never too late to start planning ahead which is why I'm going to show you how to build savings for yourself before I tell you how a payday loan can help you out of a tight financial spot.
Build a Budget
Building a budget is a cornerstone for preparing yourself for a financial emergency because it allows you to free up extra income that can be redirected to an emergency fund. Budgets can also help you to create a focus in your life and give you a monetary goal to work towards. Here’s how to create a budget that can best fit your situation:
- First, take note of your monthly income. Take into account your main source of income and any secondary income.
- Secondly, take note of how much your monthly expenses are. Focus on necessary bills, like rent and your power bill.
- Thirdly, take note of how much money you spend on extraneous costs like streaming and subscription services.
- Finally, try and make your costs lower than your income. If your costs exceed your income, start by taking from your extraneous costs.
The goal with a budget is to make sure you’re spending less than your making each month, which will free up plenty of money which can be directed to an emergency fund. I’ll show you how to build one next!
Build an Emergency Fund
This is a vital step to ensuring that you’re financially prepared to handle any surprise cost that comes your way. The best way to build savings for yourself is to automate your savings. Automating the amount of money that is transferred into your savings account is a great way to passively build the amount in the account especially if you know that you’ll have trouble remembering to transfer money yourself.
Curious as to how much money should be transferred over each month? Well, if you follow a budget, you should know how much money is left over after you handle your bills each month. Take a percentage of this and make that the amount that you transfer over. The best part about automating is that you can handle and monitor this through your banking apps meaning you can change the amount and frequency that this money comes out of your checking.
Now that you have an idea of what to do to make sure you’re building a savings fund, here’s what you can do to get your hands on emergency money.
If you're curious about how to avoid financial emergencies, check out our blog 10 Tips to Avoid Financial Emergencies.
Make Note of Your Loan Options
There are plenty of loan options and ways for you to obtain emergency cash, but here’s a list of some of the most common options.
Borrowing from Friends and Family
While not a favored option by many, borrowing money from friends and family who have extra finances and are in a position to help you can be a great way to obtain fast cash. You can also have the opportunity to create a repayment plan that best suits your income.
Personal loans are a popular loan option that involves securing a loan through a bank. Approval for these loans is often dependent upon your credit score, so without an above-average score, you might not be approved for one.
Payday loans are a short-term loan option type that you can apply for and be approved for with poor credit. Applying for a payday loan is easy, thanks to the Fast Payday Loans, In. process. Here’s how you can secure one today.
How to Find a Payday Loan Near You
When you’re ready to apply for a payday loan online, you can start your process by navigating to our Home Page where you can fill out a short form that will prompt you to choose the store location that is closest to you. We serve several locations throughout Florida to make sure that searching for payday loans near me is painless. Check out our Locations Page to find your nearest store!
After submitting your online form, you’ll be contacted by a store representative who will schedule a face-to-face meeting. During this meeting, you’ll be asked to provide a few pieces of information, which includes:
- A valid driver’s license or state-issued I.D.
- Your most recent paystub as proof of employment
- A blank check to the bank account in your name
Once you’re comfortable with the process and have filled out the paperwork, the funds will be deposited directly into your account. The entire process can take as little as 30 minutes. If you need the money and are in a tight spot, apply for a payday loan today and take charge of your financial situation today.