How to Avoid the Need for Another Title Loan in Wisconsin

April 24, 2020 | By Peyton Sawyer

 

Man pulling out empty pocket

If you have had a title loan in the past, then you are no stranger to financial struggle. Most people that have received a title loan have done so because they needed quick money to handle a financial emergency. While having the option to grab some extra cash from title loan companies like Wisconsin Auto Title Loans, Inc., no one wants to be put in that type of financial situation. Ideally, you want to have the income needed to satisfy you expenses without having to get the extra money to do it.

Knowing you have access to money, and actually having to access that money to meet your expenses, is two very different things. So, how do you avoid the need for another title loan in Wisconsin?

If you are no stranger to coming up short on cash each and every month or living from paycheck to paycheck, then it is probably time to do something about it. Using title loan companies to access title loan cash, is not the best long-term solution to your financial problems. Yes, getting a same day cash title loan at Wisconsin Auto Title Loans, Inc. can offer you the help need, but you don’t want to do it on a regular basis. Introducing a new financial plan, such as a monthly budget can help you to get back on track, and back to being financially healthy.

Introducing a New Financial Plan to Avoid Another Title Loans

It’s important to create a financial plan that gives you the financial health you need to avoid using another title loan. It is equally important to find the right plan. While there are several budgeting or money saving options out there, there may only be one that works well for you. Let’s take a look at some of the more common options available.

financial plan for title loan companies

Creating a Budget

Budgeting is one of the most effective tools when introducing a better financial plan. Although, for many, it can be difficult when trying to stick to a budget and avoid yet another title loan in Wisconsin. The best way to get good results is to find out where your money is going and how it is being spent. From there, you can try and identify the expenses that are needed from the ones that are not. Knowing the difference between a “need” and a “want” is a crucial part of the budgeting process.

If you tend to use mostly cash, then creating a budget is even more important. With cash there is no real record of your spending, whereas a debit card will provide you with the ability to track everything you spend. If you start by categorizing your expenses, estimating the monthly cost in each category, you may have a better picture of what expenses can be eliminated. While you cannot cut expenses like rent or mortgage, or credit card payments, there are many ways that you can lower your utilities, cable, and more.

Arming Yourself with Budgeting Apps

If tracking your spending is a difficult task to do manually, you can try using one of the many budgeting apps that are available to you. Budgeting apps arm you with the tolls you need to budget successfully. They provide speed, accuracy and convenience of today’s technology right with the touch of a button.

monthly budget and title loan companies

Using the Envelope System

Most of us are familiar with how the envelope system works. By pulling money out of your account at the beginning of the month and organizing it into different envelopes based on expense types, you have the physical aspect of seeing your money and knowing exactly where it is going. The amount you need for bills, food, gas, car payments, and more would each go into its own envelope. Once divided up into different categories, the money inside each envelope is all you’re allowed to spend on that expense type that month. It is a very simple process that can be done without much thought, as long as the money is there.

Knowing Your Financial Limits

Knowing your financial limits is another aspect of the envelope system. With this system, you are forced to put limits on what and how you are spending the money in each envelope. If you have a habit of overspending, you can eliminate that by learning how to only spend what is in each envelope. It helps to set clear, defined limits on your spending. It also helps you to stay clear of car title loans and other lending options that are needed when you go over your spending limit.

Overestimating Your Expenses

Predicting things that will occur is not something we can do. Underestimating how long something will take, how much effort it will require, and how much it will cost, are common mistakes and miscalculations that normally occur. It is best to overestimate and have money left over, than to underestimate and fall short. It is when we fall short that we need to access title loan companies in WI, or other lending options to get back on track. Gaining the financial health and stability needed to live week to week, month to month, and year to year, is a financial goal everyone should set for themselves, including you.