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5 Steps to Financial Security (and More Money!)

If you were to ask random strangers if they are secure in their financial situation, chances of them answering “not at all” are much higher than them answering “very secure”.

The harsh truth is that financial security these days isn’t something the majority of Americans have managed to achieve – and the 2020 Covid-19 pandemic has only exacerbated the problem.

These days living paycheck to paycheck doesn’t offer the sense of precarious security by just having a job. Because if 2020 taught us anything – it’s that your job could be gone at any moment, no matter how stable you think it is.

On another, more positive note – 2020 has also shown us that you need much less to achieve financial security than many people think. You don’t need a large income to ensure your finances are taken care of, you just need to take control and manage what you have better.

How to do it? Here’s our step-by-step guide to help ensure your financial security.

Ensure Your Financial Security One Step at A Time

Step One: Set Up an Emergency Fund

Nothing can set you back on your quest of building a better financial future than experiencing a financial emergency. This is why building an emergency fund should be your first priority.

While each financial expert tends to have their own idea about the ideal amount of money you should be keeping in your emergency fund, most agree that it lays somewhere between 3 and 6 months of expenses fully covered.

There’s another (smaller) group that advocates for having 12 months’ worth of expenses covered, especially if you have long-term financial obligations (like a mortgage) which certainly makes sense looking at the last year.

Step Two: Track Your Expenses and Cut the Things You Don’t Need

It doesn’t matter how much you make – if you’re not looking at how much you’re spending and on what, you could be making 6 figures and still be living paycheck to paycheck.

Take a good look at your bank statements and figure out where you’re overspending: are you perhaps ordering too much takeout, have too many subscriptions, smoke too much? Or maybe you’re spending too much on your car, groceries, or clothes?

There are no “safe” categories (other than rent and utilities) – do a full revision and cut what must be cut.

payday loan approval stamped on paper

Step Three: Start Budgeting

The easiest way to take control of your finances is to start budgeting. This doesn’t mean just cutting expenses, it means knowing exactly how much you’re spending in every aspect of your life from month to month: rent and utilities, groceries, savings, etc.

Even “fun money” should be the amount you’ve determined you can spend without harming your financial spending – not something that’s “left after covering everything else”

The idea of the budget is to make yourself spend the money you need to spend, not the money you can or want to spend. That should help you live beneath your means so you can save even more.

Step Four: Increase Your Income

With the income you have taken under control, you can start thinking about increasing your income. Ask for a pay raise, go for the promotion, find a side-hustle.

It doesn’t (quite) matter how you increase your income – but you should try things you’re comfortable doing.

Step Five: Be Smart About Your Debt

While accumulating debt is not a good idea, certain debts work for you and not against you. Utilizing your debt the smart way can be beneficial to your credit score, improve your financial standing (on purchases like a house or car, for example), or at the very least help you not slip further into a financial hole.

For example, if you’re hit by a financial emergency and you’ve yet to set up your emergency fund, it would be smarter to take out a fast loan like a payday loan and take care of it immediately, instead of putting off dealing with it and pay more down the line.

Why Payday Loans?

They’re quick and easy: the lenders will accommodate any kind of income and credit scores do not influence them, so you can qualify even if your credit is bad or nonexistent.

How do I take out a payday loan?

You can apply for fast payday loans online by going to and filling out the form. The store representative will then contact you to set up a meeting.

When you meet, you’ll need to bring your government-issued valid ID (you must be over 18), your most recent pay stub, and a blank check from an active checking account in your name. At that time, the store representative will assess your documents to determine if you qualify for the loan. If you’re approved – you’ll get the cash on the spot.

So what did you learn? If you are not secure in your financial status, then it may be time to start an emergency fund for those unexpected emergencies. You can start by cutting your expenses and budgeting your monthly income. If you need a little help or if you get caught up before you have a chance to prepare, a payday loan near me can give you the extra payday loan cash you need, in no time at all.

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

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.