Take Advantage Of The New Year With A Budget Audit
The calendar has just flipped into the new year, giving us a fresh start and the perfect opportunity for you to perform a budget audit (i.e., reviewing your personal finances). By kicking the year off with a clear financial slate, you're setting yourself and your household up for success in 2024.
The following sections detail everything you need to know about conducting a budget audit. Get ready to say goodbye to monetary stress and strain!
And when it comes to financial emergency, you can alway consider a title loan or installment loan in Idaho.
How Regularly Should You Perform A Budget Audit?
You should perform a budget audit at least once per year. Hence, the new year is the perfect opportunity for you to grab the financial bull with both hands. It allows you to get your plans and goals aligned for the upcoming months.
That said, you should conduct more frequent finance audits if you've recently gone through a financial hardship or there's an ongoing financial strain. In this case, a quarterly audit is perhaps the most beneficial.
How To Perform A Budget Audit
Know that you know how often to review your finances, let's take a look at how to perform a financial audit that can help you reach your goals this year.
1. Look At Your Spending Habits And Records
You need access to all your financial records to perform a proper budget audit. You should review and organize your:
- checking accounts
- credit cards
- bills
- loans
- savings accounts
- investment accounts, and
- credit score.
Divide your bills into two categories — fixed and variable. The former means you pay the same every month. The latter changes. To consider how to budget your variable expenses, add 2023 and divide by 12 to get the average cost.
2. Devise A Plan
You can increase your chances of achieving your goals by planning to attain them. From the first step, you'll realize the areas where you can cut spending or automate savings for the new year.
3. Control
After that, ensure you're in control of your daily spending. It’s understandable if you are spending more, thanks to the rise of inflation. So, you'll need to consider whether you can keep spending at your current rate or if you need to slow it down. If you find that your spending plans need adjusting to align with your goals, do so to guarantee you are living within your means.
4. Look To The Future
You may not want to think about retirement yet, but it's essential to secure enough money for your twilight years. Having a strategy in place now (and a secure retirement fund) will give you and your loved ones much-needed peace of mind as time moves forward.
5. Consider The Unexpected
Life has a terrible habit of being unpredictable. Whether it's illness, home repairs, or divorce, situations can easily take you by surprise and wreck your best-laid plans. However, you can increase your monetary resilience by building an emergency fund.
Ideally, you should save a minimum of three months' expenses in an account to cover you if a crisis strikes. That said, you have a safe, convenient option if an emergency arises before you've saved enough — a title loan from us.
With our loan, you can borrow up to $15,000 to cover unexpected costs like vet bills, medical bills, or home repairs. It's a short-term loan, designed for one-off shortfalls, and shouldn't be used to deal with long-term financial concerns.
To qualify for a title loan from us at Idaho Title Loans, Inc., you will need the following three things:
- State-issued identification (driver's license, passport, student ID card, etc.)
- Vehicle for inspection (car, truck, or van only)
- Lien-free vehicle title (no other title types will be accepted)
Provided you have the above, follow these steps to get a title loan:
- Fill in the online request form to send your basic information to your local store. Alternatively, contact us by phone during regular business hours.
- Once the form has been received, we'll give you a call to confirm your information, answer your questions, and ensure you have the necessary items to qualify. We'll also schedule a meeting.
- Upon arrival at the meeting, we'll examine your documents and vehicle to determine whether you qualify.
- If you qualify, we'll help you complete the paperwork.
- Finally, you'll receive the money on the same or the following business day.
Get A Loan From Idaho Title Loans, Inc. Right Now!
As you now know, the new year is the perfect time to perform a budget audit. With the above-mentioned five steps, you can conduct the audit almost effortlessly, unlocking the secret to a financially healthy 2024 and a solid plan for the unexpected.
Life can throw a curveball at any time, but with title loans, you can adequately be prepared to deal with such an unexpected event. Give us a call or submit the short online request form to get the title loan process started. Our Idaho Title, Inc. representatives are waiting to help you with the rest.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.