Avoid These Top 5 Budget Breakers
Even if you’ve planned your monthly budget down to the last cent, there will be situations that’ll cause you to overspend. These are known as ‘budget breakers’, and they’ll make you spend more than you ever thought you were going to. You might ask yourself, “What’s the big deal about breaking my budget, anyway?”. Well, it’s simple. If you exceed your budget in one area, that means you’ll have less to spend on the other priorities in your overall budget.
Budget Breakers You Need To Avoid At All Costs
Thankfully, you can prevent breaking your budget by planning ahead. So, here are the top five budget breakers that you’ll want to plan around and avoid.
Spontaneous Special Outings
We’re not talking about birthdays, anniversary, and Christmas; those special occasions are straightforward to plan for. What we’re talking about are the spontaneous ‘special’ occasions like a destination wedding or an out-of-town birthday party for a friend. Depending on how thoughtful your friends are, you might not even have a couple of weeks to save up for those events!
If you have the additional disposable income to take part in these spontaneous special occasions, then go right ahead and enjoy yourself. If you don’t, then you might want to reconsider altogether. There’s no point paying to attend someone else’s special event if it means you can’t pay your utility bills this month!
Emergency Medical Expenses
Another major budget breaker is emergency medical expenses. Of course, when this kind of emergency happens, you’ll gladly pay for it. But some people go deep into debt or even go bankrupt trying to do so.
So, how do you avoid getting hit with a massive medical bill? Firstly, you can invest in better health insurance. Sure, that might be easier said than done, but if it is at all possible, you should make it a priority.
Second, you can also ‘self-insure’ by building an emergency medical fund. Put a little money into this fund each month, so if or when a medical emergency happens, at least you won’t have to worry about the bill too much.
Just like emergency medical bills, pet owners also break their budget with veterinary bills for their beloved pets. For many people, this is entirely unavoidable, especially if they consider their pets as members of the family.
How do you avoid breaking your budget with surprise veterinary bills? Surprisingly, most people don’t realize that you can use the same methods mentioned previously for human medical emergencies. First, consider spending some money on pet insurance. That coverage will help you foot the bill in the event of a pet medical emergency. Second, set up a pet emergency fund! Talk to your vet to figure out how much medical treatments cost, and slowly build up a fund that’s enough to cover them.
Annual payments for things like gym memberships or subscriptions, they’re great. They usually offer you a discount if you go annual, plus you can pay for it and forget about it. That’s the problem, though. When it comes to annual payments, we tend to forget about them very quickly. That is until the bill is due and we suddenly break our budget trying to pay for it. Sometimes, a monthly payment might be easier to manage. Since it's more frequent, the amount is smaller, and the odds of you forgetting it are slim.
Spontaneous Night Out
Last but not least, a typical budget breaker is spontaneous nights out with your friends. Of course, an excellent financial budget will account for your food and drink every month. Still, we all have that one friend that pushes us to go out more often than we should. Careful! Each additional night out on the town eats into the rest of your month’s budget.
What To Do When Your Budget Is Broken
If you suddenly find yourself in the middle of an emergency that turns into a budget breaker to your monthly finances, don’t fret! You can always catch up on urgent payments by using Alabama title pawns or Alabama payday loans.
Here at Alabama Title Loans, Inc., we offer you a useful solution in times like these with Alabama title pawns. A title pawn is when you borrow money and secure the loan by handing over your vehicle until you pay it off.
Advantages To Title Pawns
- The application process is quick and easy.
- We won’t turn you away due to poor credit.
- You will get the money quickly if you are approved.
Advantages To Payday Loans
- We don’t require any collateral for the loan.
- No credit check is required.
- You will find out if you are approved within minutes.
How To Apply For A Title Pawn Or Payday Loan
Applying for either a title pawn or a payday loan is easy here. Just look for ‘title pawns near me open now’ and you will discover our website and all the locations available to you. Once you are on our website, you will fill out the online form and submit it. This form lets us know which one you are going for – either payday loans or title pawns – and give us your basic information. As soon as we receive your form, you will receive a phone call from the nearest Alabama Title Loans, Inc. to confirm your information. We will also let you know what you have to bring in with you and how the rest of the process will go.
For a title pawn, you must have with you your ID or driver’s license, your vehicle’s title that is in your name and lien-free, and your vehicle. To determine how much you can qualify for, we will conduct a short vehicle inspection to determine its value and condition. For payday loans, you need to bring in your ID, social security card, a recent 30-day bank statement from your checking account, a blank check from an active account, and your most recent pay stub.
Once you are here we will sit down with you. For either the loan or the pawn we will go over your items and go over the loan agreement. If everything checks out, you are approved, and you agree with the terms, you will sign the agreement and we will hand you the cash.
Get Those Budget Breakers Taken Care Of
Once you get your hands on the cash you need, you can use it whichever way is best to fix your broken budget. Whether it’s with a title pawn or Alabama online payday loans, catch up on bill payments or pay for that repair that you know you need for your home or car. Use it wisely, and it’ll help you get back on track with your finances immediately!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.