Welcome to the Longhorn Lending blog. In this blog I hope to discuss title loans, financial preparedness, and other personal finance topics. Not having enough money can feel like it is running your life. You're always checking you bank statements and living paycheck to paycheck with nothing to show for it. Hopefully we can give you some sound advice on managing your money and getting out of debt. The service that we provide, car title loans in Texas, can help you if you don't have any money saved up but had an unexpected expense come up. Hopefully after following this blog for a while you'll have enough money saved up to not need a Texas auto title loan.
The first thing that must be done before you can be financially independent is setting a budget for yourself and your family. If don't know how much you're spending on grocery, gas, leisure expenses and so on, how are you supposed to know if you'll have any money left over?
The first step is to figure out what your monthly expenses are. Take all the things that you spend money on in a month, rent, food, gas, cloths, etc. and add it together. This will give you an idea for how much you spend and if this is in line with your income.
The next thing you want to do is set yearly expenses. These are things like getting your oil changed 2-3 times a year, Christmas gifts, and teeth cleaning. Once you have this total added up, divide it by 12 to see how much money you need to put away every month to make sure you are prepared. Instead of keeping this money in a checking account with the rest of your money, it much easier to keep this money separate. Opening a savings account with automatic withdrawals is the easiest way to this. Not being able to "see" the money makes it much easier to not spend.
And lastly you need to calculate your long term expenses. These are things that would occur at least every 10 years. Examples of this are college tuition for your child, or buying a home at some point. Figure out what each one is going to cost, then divide it buy the amount of time you have in months to get the money together. For instance, If you have child that is two years old, it will be about 16 years until they go to college (192 months). If you are planning on contributing 50,000 to their college education then that is about $260 a month you need to set aside.
Add all you monthly expenses up to see where you fall. If you are over budget, see where you can make cuts to get more in line with your income. Also, it's worth having at least a few months worth of income saved up in case of an emergency. So it might be a good idea to put some money aside for the first year in case you have to take extensive time off of work, need to move, lose your job, or have anything else happen that is unexpected.
I hope that this was of some help to you. I'm going to be flushing out more personal finance topics every week to help you become financially stable. I'm going to be going over tips and tools to make the process easier as well as self disciple to help you stay on track.
If you have had an unexpected expense come up and don't have the means of paying for it right now, a car title loan in Texas could help you. Use this money to help get you back on your feet. After you have paid back the loan use this blog to help you stay financially independent and not use an auto title loan ever again.