Seems like we’re all trying to save some money. Here’s an excerpt from a Business Week article published last month.

• Trading down is becoming chic. The word “frugalista” has crept into the lexicon. McDonald’s (MCD) McCafé sales are up, while Starbuck’s (SBUX) are down. Subaru and Hyundai are hotter brands than BMW and Mercedes-Benz. The recession, flirting with becoming a full-on Depression, is reshaping consumer buying habits, as well as the product plans of companies ranging from Ford (F) to Mercedes-Benz, Burberry (BBRYF), and Coach (COH).
• But in the world of automobiles, consumers still find it hard to trade down from luxury brands, which after all represent status that was attained through financial success. “Many people equate the kind of car they can afford to buy with their station in life,” says independent marketing consultant Dennis Keene. “They wear vehicles like wardrobes…for many they are what they drive—as superficial as that sounds.”

Taking out a title loan is a big step when it comes to getting your finances under control.  Customer representatives at Title Loans of California can’t prepare a budget for you, but one of the things they look at when considering your application is your ability to repay the loan.

Several finance websites recommend the following budget guidelines:

Housing:  Spend a maximum of 35% of your net income on housing.  What makes up housing? Mortgage or rent, insurance, taxes, association fees, utilities, and home maintenance

Savings: Try to save at least 10% of your income each payday until you have a minimum of three to six months in an emergency fund.

Transportation: Spend a maximum of 15% of your net income on transportation. 

Debt: No more than 15% of net income on loans, credit cards, medical debts

Other: Maximum 25% of net income — food, clothing, child care, medical expenses, vacation …..

If it seems impossible to meet these goals, take comfort knowing that you’re not alone.  But even baby steps are a step in the right direction, so why not challenge yourself to see if you can keep track of where your money goes — every penny — for a few days?

Before the economic shake-up, it seemed like banks were eager to lend money. Not anymore.  And definately not at my bank.  My loan officer didn’t exactly throw me a meaty treat, pat me on the head, and call me a good dog, but asking for an increase in my credit line felt a lot like begging.  So before January turns into February, and then into the holiday season again, it’s a good idea to figure out where you’ll turn if you need money in a hurry. 

That’s what I was trying to do today; increase my credit line just in case.  It can’t hurt, and might help to investigate the lending options realistically available to you.  It might be a line of credit, cash advance, title loan, payday loan — each of us will have a different situation, but the end result is the same if a financial emergency comes up. 

So if you want an Alabama title loan, find out what their lending requirements are today before you’re in a panic.  Think of it like a financial “hurricane disaster plan.”  Every hurricane season we hear about how important it is to be prepared for the worst.  Noone wants to get hit by a category 5, but it happens.  A little planning goes a long way — for hurricanes and finances.