Saving for Unexpected Expenses
A study from Bankrate shows that the majority of Americans lack the funds to deal with an everyday life emergency.
Specifically, the study found that nearly six in 10 Americans don't have enough savings to pay for a $500 car repair or a $1,000 emergency room bill.
As Jill Cornfield, Bankrate.com analyst points out, "It's not a matter of if, but when an unexpected expense will pop up."
Cornfield adds that the survey shows that just under half of adults surveyed said they or a family member had a major expense in the past 12 months.
Just look at the numbers: these are not crazy, rare emergencies we’re talking about here. In fact, $1k in an emergency room or a $500 auto repair qualify as downright reasonable, considering what these types of emergencies typically cost these days, ($2,500 transmission, anyone?).
Are we just going to throw our hands up in helplessness, or are we going to do something to prepare?!
Mutual Security Credit Union can help you put a savings plan into action – one that will give you the necessary emergency funds when you need them.
Saving just a few dollars a day can produce big gains over time. What you need is a partner in saving, and a plan. MSCU will give you both.
With 12 certified financial counselors on staff to assist with one-on-one financial counseling services, MSCU is ready to help you build a better financial future through free, trusted guidance and resources for all of life’s milestones. Whether you are experiencing financial difficulties, need assistance in planning a budget, or want to increase your financial knowledge, our experienced counselors can help in a caring, confidential manner.
Contact us today to get connected to one of our certified financial counselors.