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Building a Monthly Budget to Avoid Financial Crisis

BudgetingLooking to get a grip on your financial well-being? It all starts with a budget that you and your family can follow from month to month. Putting together a budget can help you get control of your spending and keep you prepared in case of a financial emergency. Follow these easy steps to stay on top of your finances.

 

Set Goals

 

Take some time to figure out exactly what you want to accomplish both immediately and in the long term. You may wish to pay off all of your debt or save for a vacation. If you have children, you may want to save for their college education and somewhere among all of your financial goals may be saving for retirement. Your goals can be flexible, too. Things may change over time.

 

Income versus Expenses

 

You have to understand how much money you have coming in versus how much needs to go out each month to meet your obligations. It is important to understand the difference between gross pay and net pay. Do not forget to subtract out taxes and other deductions. Also, do not forget to add in all of your income sources. Your net income will be used to help you manage your expenses.

 

Track Your Spending

 

You will need to list all of your monthly obligations. Items such as mortgage, rent, utilities, and others need to be entered into your monthly spending. Your fixed expenses – mortgage, for example – are easy to track. It is the variable expenses like groceries and entertainment that are much harder to manage. As long as you have a good estimate of your expenses, you will have the makings of a solid budget.

 

Develop Your Plan

 

Your plan will depend, in large part, upon your goals. Be sure to meet all of your basic needs – housing and food for example – first. Take a look at where you can cut your spending to provide you with the means to meet your goals. You may wish to cut entertainment spending by a certain percentage and use the savings to pay off a credit card. Have a plan for each month’s additional savings and slowly build your emergency funds, college funds, and retirement accounts.

 

Adapt Your Budget

 

Things change and, as a result, so can your budget. Look for a way to save money while at the same time looking for ways to boost your income. If you have a lot of debt, you might consider a car title loan from Embassy Loans. You can consolidate your payments into one lower payment and pay off the balance much more quickly. Then, you can use the savings to meet your other financial goals.



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.