How to Start a New Budget for the New Year
The new year is just around the corner, and there’s no time like the holidays to remind us of the importance of being financially prepared. It seems like all we do at this time of year is spend more money, and there’s no worse time for an emergency to occur. The best way to be prepared is to have a good plan in place.
Budget, we cringe when we hear the word but really, everyone should have one. A good budget is an indispensable tool, your best friend, and a vehicle to achieving your dreams.
The truth is, it’s not as hard as we make it out to be. All it takes is a commitment to the process and a few simple steps to start a new budget just in time for the new year.
Where Is All the Money Going?
The first and most important thing in creating a good budget is transparency. Just like the word suggests it means you really want to shed light on every purchase you make so you can plan for it. Start your budget by grabbing a notebook, it doesn’t need to be fancy. If you prefer to use your computer, go right ahead, the important thing is to start recording your expenses.
Fixed Expenses
Start by listing all your fixed expenses, these are the things that come up every month. The things you could set your watch to, you know, rent, internet, cell phone bills, car payments, insurance, etc.
An excellent way to make sure your list is accurate is to check your bank statement. Take some time to review all of your expenses from the previous month. Make sure to start on the 1st of the month, so you don't miss anything.
Variable Expenses
This is the stuff that changes month to month. Things like clothing and entertainment. Try and track those expenses for a week. Remember to include everything. Take 5 minutes at the end of each day to write down each item you purchased.
Put It All Together
Now that you have a list of your operational expenses, it's time to make a plan. Categorize your expenses and get an idea of how much money you need each month to cover all the bases. Try to be as realistic as possible. Remember, the best budget is the one you follow, so be honest with yourself.
Set Some Goals
Here’s the fun part. This is where your budget becomes the plan for achieving your dreams. Think of one big financial goal and add it to your plan. Just follow these three simple criteria;
- Make something you really want
- Make it attainable
- Make it trackable
Track Your Progress
One of the best ways to achieve your budgeting goals is to track them. How do you know what you’ve done if don’t keep track? Tracking your expenses and following up with the budget on a regular basis helps to keep you anchored to the goal.
If you are budgeting with a partner make sure to set time aside to review the budget together once a week. Sitting down to talk about the budget provides a source of comfort to everyone because there is a plan in place.
What to Do in A Financial Emergency
Sometimes even the best-laid plans can’t prepare you for a financial emergency. You’ve covered all the bases and suddenly you have a car accident or a member of your family needs medical care. The situation doesn’t even have to be that dire, sometimes it’s a heater that breaks down in the middle of winter or an appliance repair that won’t wait until payday.
Whatever your emergency, we here at Texas Car Title and Payday Loan Services, Inc. offer online payday loans and title loans to help get you through in a pinch. Title loans and payday loans are short term financing options that can help in times of financial distress.
What You Need
Traditional financing options require time, a good credit score, and a lot of paperwork, but you can get title loans or payday loans in as little as 30 minutes and you only need a few items. You don’t need to search for title loans near me. Just visit Texas Car Title and Payday Loan Services, Inc. for instant access to common questions about our short-term financing options, and pick one of the several store location option convenient to you.
Here’s a quick list of the things you need for a car title loan.
- Driver’s License or state-issued ID
- Lien-free title to your car or truck
- Proof of income
- Your vehicle for inspection
Secure up to $15,000 now with a car title loan or bring these simple items with you for a payday loan.
- Driver’s License or State Issued ID
- Most recent pay stub/proof of ability to pay the loan
- A blank check from your active checking account
Don't worry about credit scores, we work with folks from all different financial backgrounds. We're here to help. That’s all it takes, and in about 30 minutes you can have the cash you need to get you through.
There is no need to stress over the new year and a new budget if you have outstanding bills. A fast and easy title loan can help with that. In no time at all, you can get yourself back on track, so that your budget doesn’t suffer. Just complete the online request form at Texas Car Title and Payday Loan Services, Inc. to get the answers you need today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.