Building a Better Emergency Fund in Virginia

May 01, 2020 | Mason Roberts

With the chance of viruses like COVID-19, shifts in the job market, and changes in the economy, and more, building a stable financial net to fall back on is critical. Building better emergency funds means diversifying your source of funds and have different emergency funds to fall back on.

Man planning budget for fast loans in Virginia.

Quick fast loans like title loans offer those who need emergency funds in Virginia the opportunity to get up to $15,000. Besides getting speedy title loans from Fast Auto Loans, Inc., there are numerous ways to save and types of emergency funds.

Types of Emergency Funds

Your savings could exist in multiple ways and probably should be diverse. While the most common type of emergency fund is a simple savings account, you can also have money to fall back on in other ways. For example, if you contribute to a 401K, then you may be able to pull money out of that in a serious emergency. However, that is not a simple or easy process and will be subject to taxes. It would be much easier to apply for fast loans like title loans.

You may not be able to save much during your financial emergency but you can start building your emergency funds. You can set aside money in your regular bank savings account and keep that solely for an emergency. Whether the financial emergency relates to car issues affecting your job or home repairs, you can rest a bit easier knowing you have an emergency fund ready. If you qualify, you always have the option of getting fast loans in a pinch.

Avoid Overspending

During a financial emergency, it can be beneficial to cut down on expensive items and get cheaper variants instead. For example, almost everyone enjoys a good cup of coffee. However, if you are going and getting a dollar coffee or an expensive caffeinated beverage at Starbucks then you are paying too much.

Woman budgeting and using fast loans in Virginia.

It’s much cheaper to just buy affordable coffee and brew it at home. You also don’t need an expensive coffee machine as small capacity drip machines can cost you around $10 to $20 only! In the end, you also get to make coffee exactly how you want it.

Cancel Services You Do Not Need

With the number of subscriptions and monthly payments, one can get into nowadays, that $10 subscription can become a bit much. Also, you have to ask yourself just how often do you even use these services anyway? If you have multiple subscriptions for streaming services, maybe pick one to stick to. You also typically have the option to downgrade your service if you are on a higher tier. Maybe cancel the services altogether if you find you just don’t even have enough time to use them. However, you should keep services around that can be beneficial or are great deals. This way you can have more funds to put towards your emergency fund.

Consistently Place Money into Your Savings

Another advantage of a budget and ensuring you don’t spend outside your limit is consistently saving. Part of your budget should include some money for small emergencies or unforeseen issues. You should have a buffer in your checking account so you do not take from your savings. You will never truly be building your emergency fund if you are constantly pulling funds from it. You can build a better emergency fund like ensuring you put funds towards your savings whenever you can rather than spending on superfluous stuff you do not need.

Easy Ways to Get Emergency Funds

If you find that your savings are not enough to cover an emergency, don’t fret. There are other ways to quickly get the cash that can ease your financial burden. Options like a vehicle title loan a max amount of $15,000 as soon as a single banking day. You may even get the funds you need the same day as approval if you apply and receive approval before noon. You can find your nearest Fast Auto Loans, Inc. provider here.

Get a Fast Title Loan Today!

Fast loans cash and car title loan cut out on table.

If you own a vehicle, then vehicle title loans from Fast Auto Loans, Inc. can be a fantastic way to get emergency funds without drastic measures like selling off your property. Getting that last-minute cash is easy when using your car. You can get upwards to $15,000, even with bad credit with fast loans like a title loan. Every day you can do something to improve your emergency fund so keep these tips in mind when saving up.

Blurb and illustration of fast loans blog writer Mason Roberts.