5 Options to Consider When You Haven’t Saved

By Robert Lear posted 04-22-2020 08:29 AM


Sitting in a pickle when you haven’t got any money saved can be quite terrifying. The worst thing you can do is to panic. When you find yourself in this situation, take a deep breath and think logically. 

You may be surprised to find that you have far more options than you previously thought. This is what happens when you remain calm, put on your thinking hat, and start to get creative. You can save the day and start afresh even if you don’t have money saved right now. 

Use your car as collateral to access cash

Obviously, this option will only work if you do have a car and the title deed to prove that it is registered in your name. You can then take your proof of ownership of the vehicle and apply for online title loans

This proof gives you sufficient collateral to make it worthwhile to get a Lending Bear installment loan to tide you over. After getting your money approved online and paid into your bank account, you can then start to make plans for managing your finances better in the future.

Evaluate your net worth

Get out a pen and paper or sit in front of your notebook. Start making a list of all your assets in one column and your debts in another. If you have fixed assets, list these separately to your other assets. You may be pleasantly surprised to find that your assets exceed your debts, meaning that your net worth is positive. 

If your debts exceed your assets, at least you know where you stand. Once you know your status, you can take the necessary steps to start building a positive net worth and keep up this positive habit for the rest of your life to build your wealth.

Make a note of the goods you don’t need

Start going through your home to find goods that you don’t need or use. You may have 3 television sets or several music centers that you don’t use. Perhaps you have more furniture than needed or have spare electronic equipment in your garage. 

Make a list of all these items and advertise them for free online, have a Saturday garage sale or use these items to pawn in return for cash. This is the quickest and easiest way to get cash in hand to start a savings account to secure your future.

Build constructive financial habits

If you haven’t been putting money away for a nest egg, now is the time to write up your budget. Make a list of all your fixed monthly costs such as rental, mortgage, car payments, power and so on. These fixed costs are those that you cannot easily change. 

Then make a list of items such as how much you spend on your grocery bill, cable and other ‘necessities.’ You may find that you can save money by reducing your power bill or reducing your grocery bill. Cut these and all other household costs where you can to give you more disposable income to deposit into a savings account.

Do a lifestyle audit

This is one of those exercises in life that are difficult to do, but also help to build character. Make it your mission in life to see how much and where you can reduce costs. This may mean canceling a gym membership (because you never go) or taking up running for exercise. 

Cut back on your bill for buying morning coffee by making your own. Set aside a night in the week where you cook yourself restaurant food. There are many ways to reduce your spending to increase your savings so that you never have to be in the position again where you need money but don’t have savings.

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