Those who are dealing with financial stress might often feel like they're trapped and there is no way out of the vicious circle. 

No matter what you’re going through at the moment, things will get a lot better, if you manage to implement effective financial practices into your life.

Here are a few basics that you can begin with.

How To Manage Financial Stress

The first thing that you need to do is figure out where the stress is coming from. The most common sources of financial anxiety include:

• High levels of debt
• Not having money for emergency expenses
• Worries about losing your job
• Not being able to pay the bills on time

Once you identify the main cause of your negative emotions, you’ll be able to come up with a proper plan for tackling the issue that might include some of the following steps.

Creating A Budget

Knowing that you have all your finances planned out can be enough to help reduce stress.

And it won’t take you too long to come up with a budget. Simply write down your overall income and your necessary expenses.

To get a clearer picture of where your money is going, download your bank statement for the last 2-3 months. If more than 30% of your income is going towards your ‘wants’ (entertainment, clothes, ordering takeout, and so on), you would have to work on reducing your non-essential expenses.

Starting An Emergency Fund

Anyone can start a reserve fund if they follow these two simple tips:

1. Save first, and spend later. Once you receive your paycheck, ensure that the very first thing that you do is set aside a certain sum toward your emergency fund. And only then adjust your budget in accordance with what is left.
2. Though, ideally, you would want to save at least 20% of your income, it might not always be possible, especially, if you have a low income. But the amount doesn’t really matter. Save as much as you can, just make sure that you do it regularly.

Setting Up Automatic Payments

If you automate your savings, you won’t feel like you’re depriving yourself of something if it is taken out before ever seeing it.

Furthermore, automating some of your monthly bills, like utility and insurance bills, can help avoid late fees.

Knowing that you’re up-to-date with the required payments can also have a very positive psychological effect and help provide peace of mind.

Learning Healthy Communication Styles

There are cases when financial stress might be coming from miscommunication with your partner or other family member. If you’re not on the same page with the person with whom you share a budget, you will find yourself constantly worrying about how your money is being handled.

The only way to deal with the misunderstanding is to set aside some time to sit down with your loved one and discuss any financial-related questions you have.

Increasing Your Income

If you start earning more, you will be able to pay down your debt or set up an emergency fund a lot faster.

You might want to start by asking for a raise at your current job. If you are ready to spend a few extra hours every day on earning additional cash, then you can pick up a few side hustles (babysitting, dog walking, driving for Uber…) or find an extra source of income that is directly related to your main job (start a podcast, offer lessons and consultations, etc.).

How Can Alabama Title Loans, Inc. Help?

The professionals at Alabama Title Loans, Inc. are committed to helping you relieve your financial stress by offering you the money that you need.

In fact, you might be able to qualify for a title pawn and get up to $15,000 in as little as 30 minutes.

FAQs About Title Pawns

Can I Apply Online?

You can submit the inquiry form online and then meet up with a verification agent at a location of your choice if you’d prefer not to drive to the store.

What Documents Will I Need?

Alabama Title Loans, Inc. is a lender that wouldn’t require you to prepare a ton of documents. You’re only going to need your vehicle, a lien-free title, and your driver’s license or state-issued ID.

How Long Will It Take To Get Approved?

The agent might be able to inspect your car and determine the amount that you qualify for in just 30 minutes. If approved, you will receive the money the same day or the following business day.

Say Goodbye To Financial Stress!

A title pawn can help cope with quite a few sources of financial stress. Use the money to take care of emergency expenses or cover your bills and finally get the weight off your shoulders!

With Alabama Title Loans, Inc., you might end up getting up to $15,000 today. Simply fill out an online inquiry form to get started.

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