A study in 2021 revealed that older people know more about handling finances than younger Americans. That isn't shocking but it does tell a story. They show that 59 percent of baby boomers scored between 51 to 100 percent on a financial facts literacy test, compared to 48 percent of Gen X and millennial adults, and 36 percent of Gen Z adults.

Maybe baby boomers were raised to handle and view money differently or perhaps their life experience taught them a few things. However, understanding money and finances is an important life skill.  Some aspects are the most important financial facts to remember forever.

Remember These Important Financial Facts

Money Is Finite

Yes, you can make an untold amount of money and there is possibly an infinite amount of money to be made in the world but the money you have in your bank account is finite. It must last until the next payday.

A Budget Is Necessary

No one can just wing it through the month paying as they go. It's important to look at the money coming in for the entire money and set your budget with priorities. Setting a budget will determine if you can go out to a movie on Friday night or plan that weekend vacation at the end of the month. 

Setting a budget calendar also helps you plan your savings and retirement.

Retirement Will Come

One day, you will face retirement age. That may seem far away when you're in your 20s, but time has a way of passing quickly. You should start planning early and saving for that day.

Simple Lives Save Money

Many people want a fancy lifestyle and the dual incomes of a newly married couple can allow for that. However, the financial facts are that's not a doable long-term lifestyle. It's best for a family's financial future if you learn to live off one income and save the rest.

That way, when you have children, you have extra money available and one of you can stay home without worrying about losing the second income.

Saving Is Important

Most financial experts suggest that people set aside 20 percent of their income for what are deemed "high priority" expenses. That includes putting money into savings, slipping some into retirement accounts, and paying off debt.

Paying off debt will instantly boost your disposable income because you won't be paying interest.

Having savings is important, especially if you have an emergency.

You Will Need Emergency Money

Some people find themselves in a situation where they don't have savings when an emergency happens. Some financial facts are that banks are tightening up on loans and often take a long time to process, even for a small loan.

Payday loans are an option for these types of situations. These are short-term loans that are designed to help pay for an unexpected expense or help with cash flow until your next payday. 

Alabama Title Loans, Inc. offers payday loans ranging from $100 to $500. Getting a payday loan can take 30 minutes or less and you can get the money you need either that day or the next business day. Alabama Title Loans, Inc. has locations all over the state so it's always convenient.

What Is Required

Alabama Title Loans, Inc. requires a few things to apply for a payday loan. Applicants need a government-issued photo identification like a driver's license or state ID, a Social Security card, a recent 30-day bank statement from your checking account, the most recent pay stub you have, and a blank check from an active checking account that's in your name.

Getting a payday loan is easy because you just fill out an online form on the Alabama Title Loans, Inc. website. A representative will call you to set up an appointment at a nearby store.

The representative will validate everything and guide you through the loan process. The paperwork is simple to understand. You get the money after gaining approval.

Find Out More

The financial facts are that emergencies happen. Sometimes you need cash now. You can submit an inquiry using the online form to find out more about the payday loan process with Alabama Title Loans, Inc.

A representative will call you and they will be happy to answer all of your questions. An inquiry doesn't obligate you to a loan and won't result in a credit check. Fill out the form to find out more!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.