Worried About Coronavirus? How Title Loans Can Bring Relief
The Coronavirus has taken over everywhere. It’s all over our newspapers, on our Facebook pages, on Twitter. Government officials are warning against going on cruises. Every day a new location is included on the list of Coronavirus outbreaks. And the public response is in overdrive. People are flocking to supermarkets and pharmacies in search of masks and hand sanitizers. They are spreading crazy stories about how the Coronavirus began and what we need to do in order to prevent getting the virus. The CDC is continuously putting out information on real ways to prevent the virus. To say the respiratory illness – shortened to COVID-19 – has taken up a good chunk of our attention is a very fair assessment.
But amongst all the preparations people are making, there is one part we should make sure not to forget to prepare—our financials. With more places being affected by the virus and quarantines taking effect, now is the time where your emergency fund needs to be in place. But what is an emergency fund and how do you start one?
What Is An Emergency Fund?
An emergency fund is exactly as it sounds—a fund you create in case of emergencies. Your fund is set up to cover big, expensive, unexpected events. These can be anything like emergency room visits, major home repair, car repairs, and if you or your partner loses their job. This money is set up into an account in the bank or credit union where you don’t touch it until an emergency appears.
How Do I Set Up An Emergency Fund?
Having an emergency fund can be the difference between being buried in debt when something unexpected happens and having peace of mind about your money. It is easy starting an emergency fund. The easiest way to start is to calculate your monthly expenses and your monthly income. Then it’s important to determine how much in emergency funds you will need. An emergency fund is usually supposed to cover three to six months of your living expenses. A good way to determine this is by imagining you or your partner suddenly becoming unemployed. Based on your living expenses, how much would you need to be able to maintain your life without feeling overwhelmed with not having a job? After you figure out your expenses, income, and your goal, you can start setting a portion of your income aside for your emergency fund.
Now that you are setting a portion of your income aside, where should you put it? It is a great idea to put the money somewhere you can easily access it. A savings account at your bank or credit union is a great place to leave your emergency fund money. It is a good idea to choose a high-yield savings account. In this type of account, your money has an interest which gives you more bang for your buck. Once all of these steps are completed, it is just a matter of you getting into the habit of saving. It’ll feel like a big task at first – especially if you have to cut back on some frivolous expenses – but you’ll definitely feel better giving you and your family this cushion for life’s unexpected moments.
A Wisconsin Auto Title Loan Can Give You Some Extra Help
If you need a little extra help getting your emergency fund set up, a title loan from Wisconsin Auto Title Loans can give you the boost you need. A title loan is a loan using your vehicle’s title as collateral for the loan. This loan is designed as a short-term cash flow solution, but it can still be a great help. If you have debt that is preventing you from putting aside some money, a title loan can be just the thing you need to pay off your debt. You could get anywhere between $300 - $15,000 on your title loan.
How Do I Get A Title Loan?
Everyone over 18 is eligible for a title loan. The process to get a title loan is simple. Just start by filling out our online form and we will give you a call to tell you what else needs to be done. In just 30 minutes you could be walking out with the money you need to start figuring how much emergency fund you need.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.