Emergency Fund

60% of Americans can’t cover a $1000 emergency

These days you can hardly sneeze without incurring $1000 expense it seems. Unexpected medical visits, vet bills, car repairs, ac breakdowns. Yet 6 out of 10 of us will have to go into debt to cover such an expense. And we wonder why so many Americans are in debt.

We need to change this statistic.
How?
We need to change the narrative.

We are a consumption society, buy now pay later. Immediate gratification. Why? For many we have convinced ourselves we work hard so we deserve it. Or we need to consciously or even subconsciously keep up with the Jones. But even more so, for most generations still alive it’s all we know. In our fast paced, everything at your fingertips society many have grown up knowing no other way.

It is our responsibility to our children and future generations to show them something different. We need to not only teach, but practice financial responsibility. Anyone with kids knows what I’m saying here…your kids learn more through example than lectures. Practice delayed gratification and intentional spending.

You have no idea the stress that is reduced when money isn’t the determining factor in an emergency. Sure no one likes to have to pay for a new ac or car repair. It’s still money gone. But when you have the money in the bank to cover it your emergency becomes an inconvenience not a nightmare.

If you are one of the 6 Make it a goal to have $1000 in the bank…more goals to come.