60% of Americans Do NOT Have an Emergency Fund. They’re One Missed Paycheck From Disaster

Wednesday, October 2, 2019
By Paul Martin

By Daisy Luther
October 2, 2019

What would it mean to you if you had an unexpected trip to the emergency room? If your car required an expensive repair? What if your income was interrupted for a week, or two weeks, or even longer? Do you have an emergency fund built into your budget to see you through these everyday calamities, or are you only one missed paycheck from disaster?

According to a survey released by Bankrate, 60% of Americans do not have the emergency savings to take care of a crisis that costs $1000 or more. How do people handle unexpected expenses? According to the survey:

40% would use savings
15% would use credit cards
14% would cut back on other spending
13% would borrow from friends or family
6% would take out a personal loan

Many said they had no idea how they would cover an unexpected expense of this magnitude. And Forbes says that 23% of Americans save no money at all – but I suspect that number is higher since other reports say that 43% of Americans struggle to pay for food and rent. And when you’re in a financial hole, it’s harder than ever to dig yourself out with a system that seems to be designed to work against you. (If you’re in a situation in which you can’t even pay your current bills, see this article.)

The Rest…HERE

Leave a Reply

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter