5 Ways That Saving Money Can Improve Your Life

Saving money can have a multitude of positive effects on an individual’s overall financial security as well as quality of life. Having a savings account or other method of savings has the obvious benefit of financial security, but there are also other benefits that may not be so straightforward. By working to cut corners and save money, people may become healthier because they cook more meals at home, they may get beneficial exercise because they walk or bike instead of driving, and they may have time for additional hobbies and activities because they spend less money on entertainment.

Knowing Where the Money Goes

Creating a budget is a worthwhile exercise for virtually everyone. By considering expenses and comparing them against income, it’s possible to make informed decisions about where and how money is spent. A working budget also provides the opportunity to allocate a specific amount of money each month to savings and investments. This mindful spending is an ideal way to make careful decisions about how much money is spent for discretionary expenses such as entertainment. With a planned budget, it’s also possible to cut corners when necessary to pare down spending.

Cutting Down on Anxiety

Living from paycheck to paycheck is an unfortunate reality for many people, but this is not ideal. Having money set aside for emergencies can be an effective way to alleviate overall anxiety levels. Situations can arise without warning that require significant sums of money to resolve, such as car repairs, appliance malfunctions, and health issues. Having money set aside to use for these unexpected expenses can help people feel more secure and prepared for any eventuality. A good rule of thumb is to try to save between three and six months of expenses to have on hand for an emergency. This savings might not accrue overnight, but this is a reasonable goal to work toward.

Protecting Your Credit Score

Having money saved may not have a direct impact on an individual’s credit score, but having this money set aside for emergency expenses can be an effective way to protect your future credit score. Being able to use savings instead of going into debt with a loan or with purchases on a credit card effectively protects your credit score because financing won’t be necessary. The savings also eliminates the risk of potential harm to your credit score because of unpaid bills.

Planning for the Future

Investment opportunities may come along that require funding. Instead of having to go into debt to take advantage of these opportunities, money in savings can fund the investment instead. Savings can provide individuals with important freedom to seize opportunities as they arise, such as buying a home, changing careers, or investing in a new business or other type of venture.

Setting Goals

Anyone with goals such as owning a home or a nice car or moving to a specific location likely realizes that these goals won’t just happen without a plan. A detailed budget can include a plan to save a specific amount of money each month to reach a goal. Seeing monthly progress toward attaining a goal can also be very motivating.

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1 Title-Secured Loans, Secured LOCs and Title Pawns: Maximum pledge amount in Mississippi is $2,500. Maximum loan amount in Tennessee is $6,500, assuming customer qualifies for and accepts both the pledge max of $2,500 and Secured LOC max of $4,000. Refinancing is not available for Mississippi or Tennessee Pledge products. Minimum loan amount for title-secured loans in South Carolina is $601.

Must be at least 18 years of age (19 in Alabama). Account approval requires satisfaction of all eligibility requirements, including a credit inquiry and motor vehicle appraisal. Must present valid government issued ID. Certain other eligibility requirements and terms & conditions apply. Loan/LOC/Pawn amounts vary by states and product. LOC customers are subject to a periodic collateral review to maintain credit limit. Proof of income documentation and ability to repay analysis is required in Missouri, Nevada, some Texas locations, and Utah.

2 Personal Unsecured Loans/LOCs: Unsecured loan amounts and products not available in all stores/states. Max loan amount for first time borrowers is $1,000 ($500 for an in-store personal loan in AZ). Returning customers with a good payment history may qualify for higher loan amounts, currently up to $2,500. Loans above $1,000 ($500 for an in-store personal loan in AZ) require two consecutive pay stubs showing direct deposit. In-Store: Account approval requires satisfaction of all eligibility requirements, including a credit inquiry. Bring in proof of income (dated within the last 30 days), active bank account details (dated within the last 45 days), proof of residency, a voided check, and a valid government-issued ID to apply. In AZ, a valid AZ motor vehicle registration in your name is also required. Min $601 in SC. Without SSN or ITIN, max loan amount is $300. Online: If you do not have an SSN or ITIN, please visit us in store to apply. Additional items required for eligibility, including: a valid and active email address and telephone number, a valid SSN, and proof of residency for the state in which you are applying (currently AZ, DE, KS, MO, MS, SC, TN, TX, UT or WI). Min $610 in SC. Certain other terms and conditions may apply.

– California, Illinois and Virginia Residents: TitleMax® no longer originates new loans in CA, IL or VA, but continues to service existing loans.

– Please see our California Resident Notice at Collection and Privacy Policy: Submit a Verified Consumer Request to understand what information we collect, disclose, or sell, to request that we delete your information, and/or opt out of selling by clicking Do Not Sell My Personal Information.

– In Georgia, TitleMax offers Title Pawns.

– New Mexico Consumers: please see important New Mexico Consumer Information and Disclosures.

– In Nevada, title loans should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any title loan transaction. Ability to repay analysis with income documentation required.

– In Tennessee, TitleMax offers title pledges, and secured and unsecured Lines of Credit (“LOC”). Only one LOC account allowed per customer, inclusive of other lenders. LOC customers are subject to a periodic income (and collateral, if applicable) review/validation.

– TitleMax of Texas, Inc. and TitleMax Online of Texas, Inc., d/b/a TitleMax acts as Credit Services Organizations to assist customers in obtaining a loan through an unaffiliated third-party lender. Please see store associate for details. Please see Texas Schedule of All Fees. TitleMax does not offer pawn loans or pawn transactions in Texas.

– TitleMax®, TitleBucks®, and InstaLoan®, are not considered competitors. Please see a store associate for details.

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