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Whether you’re new to the lending process, just weighing out your options, or looking for creative ways to save money, find the answers you’ve been looking for right here on the Always Money blog. Every week, we’ll update you with the latest loan tips from industry leaders and share insight on practical money-saving tips to put extra cash in your pocket! Also remember, if you like a post, share it with friends!

How to make the most of your money when you’re starting in a crunch

Categories: Financial Tips, Money saving tips

Whether you’ve just received a loan or you’re short on cash, knowing how to make the most of your money when you’re in a crunch can be essential to brightening up your financial picture. If you’re not sure where to begin, then look to these three tips below and you’ll be well on your way to seeing breakthrough results that can help you get a better handle on your money and your financial future.



  1. Clearly Define What You Have and Your Financial Goals

In order to get to where you’re going, you have to first realize what you have and where you are right now. The first step to making the most of your money is being clear about exactly how much money you currently bring in, where your money is kept (is it in the right bank?), how much debt you’ve accumulated (if any), and how much money you spend on a monthly basis (as well as where that money goes).


After you’ve realized where you are and what you have, sit down and map out where you’d like to go. You can start by asking, what are your financial goals this year? Is it to have an extra $50 a month? Is it to improve your credit score? Visualize where you’d like to go, then ask if you’re on the right track.


  1. Then, Create a Spending Plan

Only after completing the first step can you pinpoint what budget will work for you to help you get to where you’d like to go. If your goal is to have an extra $50 a month, you may find that there areas where you can redirect your spending into a savings plan? Like cutting cable or holding off on getting a new outfit for a couple months or so. If you’re not sure how much you should budget for each category, test it out for a month and spend how you normally would, but track your spending by keeping all of your receipts for at least 30 days. Store them in an envelope and at the end of the month, calculate how much you’ve spent and on what.


Extra Credit: Create your budget in spreadsheet each month, and review it regularly. Doing your budget this way can help you look back on how you’ve done and project if you’re going to reach your financial goals this year.


  1. Build An Emergency Fund.

When making a budget, every dollar should have a name. One of those names should be Save. Whether you’re saving for your retirement in a 401K, saving for a rainy day, or saving for your next big purchase, it’s always a good idea to save a portion of what you bring in no matter what you make and no matter how small the amount you save is – everything adds up!

Emergency funds are the financial cushion to get you out of a rut should you ever find yourself in one again. Generally, a good rule of thumb is to save a minimum of 10% of your income. If that seems like too much out of your budget, then that’s a good sign that you need to find ways to increase your income, rethink your living arrangements, or downsize your lifestyle until you’re able to build a minimum emergency fund of $1,000 to start, then gradually build it to be able to support 3 to 6 months’ worth of living expenses.


For over 20 years, Always Money Finance has been a regional leader in providing affordable credit solutions to customers across the southeast looking for a convenient and confidential way to meet their needs. Getting a handle on your money takes time, and Always Money understands. If you’re in a jam and need immediate help, any of Always Money’s small personal loan options may be just what you need to get you going in the right direction. 

To get started,

  • Visit a store near you (Click here to find the store nearest you),
  • Call 1-888-618-9217 to get pre-approved over the phone, or
  • Apply Online Now!


Related articles: 5 instances when you SHOULD get a payday loan | How do I figure out which loan type works best for me?

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