The best personal finance plans always include a way to get quick cash in an emergency, like through title loans online by Tennessee Title Loans, Inc. quickly. However, there are several other aspects of a solid personal finance plan that you should consider.

Whenever you want to do a complete evaluation of your personal finances, you must know the right questions to ask yourself. They include questions about your savings, debt, retirement, credit score, and of course, where you can get emergency cash on short notice.

Keep reading to discover which personal finance questions you should be asking yourself regularly. Doing so will help you understand the true state of your personal finances and where you can improve on them. In fact, the best way to assess your financial health is to ask yourself a few crucial personal finance questions such as the following we've provided.

What Are The Personal Finance Questions I Should Be Asking Myself?

1. Do I Have Enough Emergency Savings?

Of all the important personal finance questions to ask, none is more important than asking yourself if you have enough emergency savings. The rule of thumb here is to have enough money to pay for 3-6 months' worth of living expenses if you work a typical 9-5 job. 

However, if your income is less predictable or somewhat unstable, like if you’re self-employed or work in the gig economy, you should keep 9-12 months’ worth of living expenses instead.

2. Am I Carrying Too Much Debt?

Some personal finance questions are quite uncomfortable to ask, but they’re important, nonetheless. For instance, you must ask yourself if you carry too much debt.

The monthly payments to service your debts might not seem like a big deal right now when things are going well. But if your income were to reduce, for whatever reason, could you still sustain the debt you currently have?

If the answer is no, then it might be wise to cut back as much as you can. Remember, there’s good debt and then there's bad debt. Good debt helps you build wealth, and bad debts are the ones that don’t bring you much benefit after the initial purchase.

3. Am I Setting Aside Enough For Retirement?

Next, ask yourself if you’re saving enough money for retirement. Sure, this is likely one of the most often ignored personal finance questions on this list. Still, the money you put aside today will go a long way toward creating a comfortable life for yourself post-retirement.

The rule of thumb here? Ideally, 15% of your regular income should go to some form of retirement savings or investing. You’ve got lots of different options for where to save and grow your retirement money. Still, it’s more important to build the habit of putting money aside regularly as soon as possible.

4. What’s My Credit Score?

Your bank account balances aren’t the only numbers you need to keep track of. Besides that, you should always know your current credit score. That credit score is a helpful snapshot that tells you how healthy your finances are at a certain point in time.

Keeping that score in a healthy range is also important later in life when you want to make important purchases like buying your first home. Higher credit scores tend to result in better financing terms, whether that’s for purchasing cars or homes, for instance. So, keep track of your credit score and do whatever you can to improve it over time.

5. Do I Know Where To Get Quick Cash In An Emergency?

There will be moments in life when you’re faced with a situation that’s too expensive, even for your well-built emergency fund. Due to that, you must have an idea of where to get emergency cash quickly to help you get through that challenge.

For example, you can inquire about title loans online from Tennessee Title Loans, Inc. when you need help. These loans are incredibly helpful in a pinch because they involve a quick and easy application process and a quick payout if you’re eligible for the loan. So, if you’re in a situation where your savings aren’t enough, a title loan is a quick and easy way to add to your emergency funds.

Start Improving Your Personal Finances Today!

The best time to ask yourself these personal finance questions is now. You should ask yourself if you have enough emergency savings, if you’re carrying too much debt, and if you’re saving enough for retirement.

Next, ask yourself about your credit score and whether you know where to get quick cash in an emergency. Remember that inquiring about title loans online from Tennessee Title Loans, Inc. could help you get emergency cash quickly, whether you have good or bad credit, so don’t hesitate to fill out our online inquiry form today!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.