Posts tagged with ‘emergency fund’
The good news: 54% of Americans have more savings than debt.
The bad news: About 4 out of 10 Americans are one emergency away from getting into financial troubles.
Nearly a quarter of Americans say they owe more on credit cards than they have saved for emergencies, and 16 percent admit that while they don’t have any debt, they also don’t have any savings. With finances like this, many Americans are living on the edge.
To get yourself financially safe, start building your emergency fund. At minimum, an emergency fund should hold six months’ worth of expenses.
While saving for your emergency fund, continue making minimum payments on your credit cards. Once your emergency fund is built up, focus your efforts on paying off your debt, one card at a time.
In a society that encourages overspending, keeping debt off can be a struggle. To keep your head above water, tune out the spending messages, and get debt and savings under control for good.
Finding money to save
Are you a frequent flier, restaurant regular, or java junkie?
Most of us have a money pit that’s hard to avoid, but if you can harness some of that cash, your finances will thank you.
A flat tire away from financial ruin
This economy has taken car owners for a ride.
A new survey by AAA reveals some grim stats about American drivers:
· 1 in 4 couldn’t afford to make a car repair of $2,000 if they faced one today.
· More than half are holding onto their older vehicles because they don’t want the financial burden of a new one.
· 25 percent admitted to neglecting repairs and maintenance in the past 12 months because of the economy.
But just like your health, ignoring basic car maintenance could lead to more expensive repair bill later.
AAA recommends that drivers properly maintain their vehicles. And building an emergency fund can help you financially handle the unexpected.
Could you swing a major car repair right now?