5 Proven Ways to Have More Financial Stability in Your Life

Most Americans have the wrong idea of what financial stability is all about. Many think you need to be rich to be financially stable. While there might be a kernel of truth in this – it’s easier to be financially stable when you make six figures – it’s not the truth.

The thing about financial stability is that it’s about money management first and the amount of money second: you can make millions and still not be financially stable. Yet you could be living paycheck-to-paycheck and obtain it if you only make a few changes to your lifestyle. And if you run into an emergency, a title loan may help.

Here are 5 things everyone – rich or poor – should do to attain more financial stability.

Attaining Financial Stability

1. Create a Budget and Track Your Spending

When you know where your money is going you can control it. When you control your money – specifically how much and on what you’re spending – you can optimize your finances in a way that renders you more gain.

Many seem to think that budgeting is all about cutting expenses – and it can be if you’re overspending in multiple categories. But what budgeting is, first and foremost, is giving yourself control.

If you want fun money, you can include fun money in your budget. You just have to make sure it’s a reasonable amount and not the culprit of your paycheck-to-paycheck lifestyle.

2. Don’t Try to Keep Up with the Joneses

Being bombarded by beautiful pictures on social media tempts millions of people to spend money on things they can’t afford. It’s an advertising trick: to make people, like you, believe they’re missing out on life if they don’t experience certain things.

The truth is, most of the people on Instagram can’t afford what they’re showing off either.

Stop trying to keep up with the Joneses. They’re broke and they’re going to make you go broke at this rate.

3. Try to Diversify Your Income Streams

If there’s one thing the coronavirus pandemic has shown us, is that being dependent on one single job can be precarious even in the best of scenarios. The more income streams you have, the less the chances that losing one of them will put you in financial peril.

In other words: learn how to hustle. Try to put the skills (and property) you have to use: find freelance jobs on platforms such as Upwork and Fiverr if you can write or have a knack for graphic design or know how to code. Even doing something passive, like putting ads on your car can earn you additional dollars.

4. Start Planning for Your Retirement

At the very least, you should continuously keep contributing to your (Roth) IRA and maxing out your employer’s contributions to your 401K. But most importantly? Learn about investing and start doing it.

Investments might seem scary and complicated – but they’re what’ll contribute the most to your future nest egg. If you don’t trust yourself with investing – do some research and get help from professionals (the internet has thankfully made this part much easier). It may cost you a little, but what you’ll gain from it will cover the cost in the future.

5. Make Sure You’re Always Ready to Deal with Emergencies

Last, but not least – keep a well-funded emergency fund. The number one reason for financial instabilities for most American families are emergencies. Or rather the inability to timely take care of emergencies. Most Americans wouldn’t be able to come up with $500 on spot – and many emergencies in this country tend to cost significantly more than that.

And what’s worse is that the longer you put off dealing with an emergency, the worse it gets. For example, if your car keeps making suspicious noises and you don’t take it for a check-up because you don’t have the cash – soon enough you might not even have a car.

So, prioritize creating an emergency fund. And if you encounter an emergency without one – prioritize dealing with it. If you have no way of pinching enough pennies together, you may want to think about getting a title loan.

Why a Title Loan?

For a car owner, car title loans are the quickest and easiest loans to acquire. Lenders like Missouri Title Loans Inc. work with all kinds of income and don’t pay attention to credit scores, so you can apply and qualify even if your credit is bad or non-existent.

How do I find title loans near me?

The easiest way is to apply for a car title loan online. Go to MissouriTitleLoansInc.com and fill the application form. After you are done, a loan representative will contact you and set up a meeting.

You’ll need to provide them with a few documents (the car’s lien-free title and a government-issued ID to prove you’re over 18 and it’s your name on the car’s title) and your car for an appraisal. The whole approval process takes on average 30-45 minutes.

Once you have completed the process title loan cash will be yours in no time at all.

Financial stability is one of the most important factors to a stress-free, happy life, so why not get started on ensuring a better future? If you need help, a Missouri auto title loan is available to provide the help you need today.

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