I recently read a statistic that 53% of Americans could not cover an unexpected $1,000 emergency.* That is a frightening statistic as it doesn’t take much to hit that threshold for an unexpected bill. Life is expensive these days and a simple car or appliance repair could easily top that price tag. What happens when we can’t cover the price of something that is a necessity? This is how debt can easily creep into our lives, and if left unchecked, can become a way of life.
Take a proactive stance instead this week by creating margin in your life. Look at your budget and make some tough choices to cut expenses and increase your savings. Even saving $50-$100 a week can build up that emergency fund to $1000 before you know it. Cooking a meal at home instead of having dinner out can really be the difference in building that buffer between you and life’s unexpected emergencies.
*https://www.bankrate.com/banking/savings/emergency-savings-report/