Are you financially prepared for unexpected emergencies? If you aren’t, you are not alone.
According to a recent survey published by bankrate.com, only 24% of Americans have the recommended amount of money set aside in emergency savings. The recommended amount to be used as a cushion for emergencies and unexpected expenses is at least six months’ worth of expenses. The survey also reported that another 24% don’t have any emergency savings at all.
Today’s society is struggling after the recent hit to the economy and the high rates of unemployment with over 6.2 million people out of work. These challenges only prove that there is a sufficient need for emergency savings despite your age, occupation, or current situation. If you haven’t started an emergency fund, start immediately. If you do already have an emergency savings, review your balance and make sure you have savedthe recommended amount. Not only will this prepare you for the unexpected, but it will reduce your financial anxiety if an emergency actually happens!
How can you get started? Start saving NOW! Take a small portion of your paycheck and put it away in case of an emergency. If you can only afford to contribute $10-20 per month, it is still a step in the right direction!