How to Put Your Emergency Miles Behind You
August 27, 2020 |Emma Frost
It happens to all of us at least once in our lives. Even if we’ve carefully planned out our budget, emergencies strike when we least expect them, causing us to scramble to find extra cash. While they’re frightening and often detrimental, these events don’t completely define your financial situation, especially with the help of payday loans in Kentucky, which can bridge the gaps in your budget.
Once you’ve been given the financial power to handle your situation, there are different ways to improve your ability to save money, giving you the ability to move past your emergency and grow from the experience. Before we jump into how to accomplish this, let’s first take a look at payday loans.
What is a Payday Loan?
A payday loan is a short-term loan option type that doesn’t use your credit score to determine your eligibility for approval. This sets it apart from other loans and credit cards, most of which determine your eligibility through a credit check. If you have less than average credit, you might not be able to secure these loans. Enter payday loans.
Applying for a Payday Loan
It’s easier now than ever before to apply for and be approved for a payday loan, thanks to the fast application process which can be started by filling out an online form found on the Fast Payday Loans, Inc. website. This form takes minutes to complete and, once you submit it, a loan representative will contact you to set up a face-to-face meeting. For this meeting, the representative will ask you to bring some pieces of information with you which includes:
- Your driver’s license or state-issued I.D. to determine your age.
- Your most recent pay stub to prove your employment status.
- A blank check from an active checking account in your name.
Once the representative reviews the information, you’ll receive your loan which will be anywhere from $100-$500! It’s that simple and we’ve streamlined the process to ensure that we’re taking as little of your time as possible so you won’t have to wait for financial relief.
You’ve Handled Your Emergency – Now What?
Now that you’ve been able to handle what was on your plate thanks to the help of payday loans, you’re probably wondering what you can do to improve your financial situation. The bottom line is that your goal should be to build up an emergency fund or a savings account, which can be used to tackle any future challenge. While there are many ways to accomplish this, here are some of the easier things you can do to save money and move past your emergency.
Create and Follow a Budget
It’s one thing to create a budget for yourself, but it’s a totally different thing to follow a budget, especially one that is meant to free up extra cash for you each month. Ultimately, you’re going to want to earn more than what you have to pay each month, which is true of anyone who is employed, and creating a budget will also help you see what you can and can’t afford. You’ll also be less likely to be swayed by impulse purchases like that trip to your favorite coffee shop or those late-night Amazon purchases. Once you have the extra money in your budget, you’ll be able to set that money aside to cushion your financial situation.
Automate Your Savings
The secret to building a savings fund is to routinely transfer money into your account. Sounds pretty straight forward, right? Not necessarily. For some people, transferring money themselves is harder than it seems, especially if it’s a new concept. The best way to passively grow your savings account is to set up an automatic transfer that happens every time you receive a paycheck. You can start small, only transferring a few dollars a month, or go big by transferring all of the leftover money you have in your budget once your bills are paid. Either way, the breakdown for the frequency of transfer should look like this:
- Weekly pay - Weekly transfer.
- Bi-weekly pay - Bi-weekly transfer.
- Monthly pay – Monthly transfer.
This straightforward system is a guaranteed way to build the amount in your emergency fund. If you're interested in other sources that will help you become financially stable, check out this blog about different podcasts that will help boost your budgeting skills!
Take Note of Your Loan Options
Preparing for the unknown is incredibly difficult because you’re left wondering How much should I have set aside? While the recommended amount that should be in your savings account varies between who you ask, the point is that it’s hard to prepare for what you’re not sure will happen. One way to prepare yourself is to take note of your different loan options in the event your savings account isn’t enough to handle a challenge. Here are some options:
- Personal loans: Personal loans are a traditional loan form that is reliant on your credit score for approval.
- Family loans: Borrowing money from your family may hurt your pride, but you may be able to create a personalized repayment plan that suits your needs.
- Credit cards: While credit cards often come with a 0% introductory APR period, any amount left on the card will begin to accrue interest, so be careful if this is an option that appeals to you.
- Payday loans: If all other options fail, Fast Payday Loans, Inc. can help you find fast financial relief when you’re in a pinch. Remember, we serve several locations throughout the state, so getting payday loans in Kentucky is easy. Moving past your emergency isn’t impossible, but when you need extra help, we’ve got your back.