I’m a bit concerned at this news story about how 64% of Americans don’t have enough cash to cover a $1,000 emergency.
Survey respondents said they’d sell items, borrow from someone, take a cash advance on their credit card, or skip other debt payments to come up with the money. Yikes.
Thinking about how many people would be in a serious jam if a simple emergency popped up makes me a lot more worried than I am about the crazy roller coaster stock market.
I think Dave Ramsey’s first baby step of saving $1,000 for emergencies is so key. It prevents you from having to borrow from others or take out high-interest cash advances or the like. It gives you some breathing room.
If you don’t have that $1,000 starter emergency fund sitting there in your bank account at the ready, why not?
What can you do to squirrel that money away as fast as you can?
The global economy is uncertain. We have to make our own finances as stable as we can.