How to Stop Being Broke and Finally Save Money
How to stop being broke is probably one of the most oft-searched questions. Though, it’s probably not surprising considering the fact that the majority of Americans are living paycheck to paycheck, and are, essentially, broke.
This is not because they don’t want to stop, but because they think “not broke” means “rich”. It doesn’t. That’s the first lesson. Not broke means “financially stable and in full control of your finances”.
Here’s how to stop being broke for real. Learn that it’s a process and start small. Also, learn when it's time to get a title loan.
1. Pay Attention to Small Unplanned Expenses
Small expenses are sneaky. We seldom pay attention to an extra $5-10 here and there – but they tend to add up by the end of the month. Instead, when shopping, have a clear list of things you want – and a cap of how much money you’ll be leaving in the store. That extra $5 might not seem like much now, but that’s the gist of learning how to stop being broke – every dollar matters.
2. Get on a Budget Setting the Right Priorities
You need to get on a budget, there’s no way around it. People who aren’t on a budget have far fewer chances to stop being broke than those who are. When setting up a budget, your priorities should go like this: 1) the needs (rent, utilities, debt, groceries, etc.); 2) your savings; 3) everything else. And remember, busting your budget is okay when starting – what’s not okay is dropping it altogether.
3. Cut Out Unnecessary Monthly Expenses
How to stop being broke? Pay attention to where the money’s going. Are there things you regularly pay for – and don’t even use that often – among your expenses? Monthly subscription services, premium apps, food/makeup/book boxes, cable – anything that you don’t necessarily need (or can be changed with a free alternative), needs to go.
4. Drop Bad Habits
Did you know that an average smoker spends up to $200 on cigarettes a month? And that a regular drinker spends around half that much on alcohol? Not only that, but your bad habits are likely to influence other areas of your spending – for example, health and life insurance terms tend to be worse for smokers (while medical bills are usually higher). If you need a good reason to get healthy, here it is – getting healthy is how to stop being broke.
5. Automate your Savings
In the end, it all comes down to habits. If saving money doesn’t become your habit, you will always find a way to spend it – even if you cut down on regular expenses. The easiest way to form a saving habit is to automate your savings. Have a set amount of cash go directly into your savings account the moment you get your paycheck – and budget with the rest as if your salary has been cut.
How Do I Handle an Emergency If I Haven’t Saved Money Yet?
The harsh truth is that figuring out how to stop being broke isn’t going to change your life overnight – you’ll still need to put in time and effort. Building financial stability is a long process requiring diligence and commitment. And it means you’re not going to stop being vulnerable to financial problems anytime soon.
When hit by an emergency, the first thing you need to do is figure out if it will become more expensive to deal with it if you postpone handling it.
If not – you should try to get some cash together from avenues that won’t add to your existing debt (or put you into one). If it will – then getting cash fast should be your priority. In which case, a title loan could be of great help.
Usually, when someone asks how to stop being broke, they’re advised to pay the debt off, not add to it. But utilizing debt smartly can help – as long as you don’t abuse it!
Why a Title Loan?
Title loans are accessible and fast. As long as you’re over 18 and own a car, you can be eligible for a title loan even if your credit is bad – or outright nonexistent!
The application process is quick and simple, lasts on average only around 30-45 minutes, and – if approved, you’ll get the cash the next bank business day at the latest, enabling you to handle your emergency immediately. What’s more, At Home Title Loans, Inc. will accept all kinds of income, and accommodate your payoff schedule.
How Do I Apply for a Title Loan?
- Your car;
- The car’s title – must be in your name and completely lien-free;
- Your government-issued ID.
Apply for a title loan online by going to the Home Page of At Home Title Loans and filling out the inquiry form. After the form is processed, you’ll be contacted by a loan representative who’ll provide further instructions and set up your meeting with a verification agent.
Take the required items to the meeting, so that the agent can verify your car’s VIN and title. If you’re approved, you’ll get documents for the e-signature in the e-mail, and money in your deposit. That’s how easy online title loans really are! If you have any additional questions make sure to check out our online title loan FAQs
Apply for Your Title Loan Today!
If your financial issue is urgent and cannot be postponed, then don’t wait and apply for your title loan today! Time is money, so, don’t lose it, especially if it takes only 30 minutes to get it!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.