Struggling with Money? Here's How to Manage Money Better

It’s safe to say that more people are struggling with money nowadays than ever before – thus figuring out how to manage money better is something more and more Americans are interested in. The truth is the steps to taking control of your money are simple – but they require diligence and determination to implement. Also, we will explain when a title loan can help.

5 Tips To Know When Learning How To Manage Money Better

1. Reassess Your Spending Habits

The first step is to track your spending. Take a look at your bank statements and figure out which expenses you could cut outright, and which you could cut down on.

Remember that small expenses - $5 here, $7 there – have a tendency to pile up. The chances are if you find those small expenses and mitigate them, you’ll be able to take better control of your finances.

2. Start Budgeting

Here’s the answer to how to manage money better problem – set a budget. Most financial experts agree that there’s no better money management tool.

When setting up a budget, you’ll need to divide prospective expenses into 3 parts: 1) needs; 2) savings; 3) wants.

This means you budget for necessary expenses first (rent, utilities, groceries); you put a set percentage of your income into your savings, and you budget for anything else with what’s left.

3. Set Up An Emergency Fund

Emergencies could turn your life upside down, especially when you're struggling with money. An emergency fund could be what stands between you and a financial hole.

Thus, an emergency fund is what you should be saving money for above all else. When figuring out how to manage money better, remember that smart money habits need time to form – and you’ll need to put effort to form them.

Automating your savings could help (say 10% of your income goes into savings and you budget with what’s left).

Your emergency fund needs to cover around 6 months’ worth of expenses – prioritize it over everything else. You won’t be able to fix your money troubles unless you have a security blanket that stops the situation from getting worse.

4. Find Ways to Increase Your Income

Increasing income is important when facing financial troubles. More money could mean accelerated debt payoff, emergency fund savings, not having to count pennies at the very least. The best way to increase your income is to ask for a pay raise, but if that’s not an option – get a side hustle. Do you have special skills? Monetize them. Or freelance online – even if you have no special skills like writing or graphic design, you could become a transcriber or a mock juror.

Just remember that sticking to the budget and not letting lifestyle creep get to you is the key to learning how to manage money better.

How to Deal with A Financial Problem If Your Emergency Fund Isn’t Up Yet

Saving money for emergencies takes time when you’re struggling with money, even if you figure out how to manage money better. It’s a process you’ll need to stick to.

This means there’s a chance you might find yourself facing a financial problem before the funds in place.

If it happens, you need to figure out 2 things: 1) how urgent it is; 2) how you can get the cash together.

If the problem isn’t too urgent, you can make a long-term plan and save up to deal with it. But if it’s time-sensitive and there’s an escalation risk, you need to handle it immediately – even if you have to accrue additional debt. For example, health problems, car problems, home repairs all run a risk of not only getting worse but costing you more in the future if you don’t handle them ASAP. If you find yourself facing any, you should think about applying for a title loan.

What Makes A Title Loan An Option?

If you’re struggling with money, a more traditional financial institution may deny you the loan. Not a case with a title loan – you can apply and get approved even if your credit is bad (or outright non-existent), and any type of income will be accommodated.

Additionally, title loans are fast – the entire application-approval process lasts on average around 30 minutes and, if approved, you get the cash the same day.

How Do I Apply For A Title Loan?

You can easily apply for a title loan from the comfort of your own home, by going to the website and filling out the online form.

You’ll be contacted by the loan representative, who’ll set up a meeting with you. Drive your car to the meeting and have your government-issued ID and lien-free car title with you. The loan representative will go over everything and determine if you qualify for the loan.

If you’re approved, you get the cash you qualified for.

If you were wondering how to manage money better, wonder no longer. Let us at Missouri Title Loans, Inc. help you out with a quick same day title loan.

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