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How do you know if you are doing better than average with your personal finances?
Only one in three Americans can comfortably cover a $400 emergency expense
Source
An emergency fund is basic and essential to financial health. It should be your immediate priority, even if you have debts or other financial concerns. If you pay off your obligations but don't have an emergency fund, you'll be right back in debt when an unexpected need arises. Do you have an emergency fund? Is it enough to cover three to six months of expenses? Do you believe you can comfortably cover a $2,000 emergency expense? If you do, then you are good!
The average American adult holds $6,569 in credit card debt
Source
Do you have credit card debt? Keep it as low as possible. This is especially true if you expect to retire soon. A fixed income upon retirement might make it difficult to pay off credit card debt.
If your credit card debt is less than $6,500, then you're better than most.
Comparing yourself to others? No! If you don’t measure up some metrics, you can do something about it.
References: https://www.bankrate.com/banking/savings/emergency-savings-report/
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Crazy how only one in three Americans would be able to cover a $400 emergency @silversaver888 !😳
I can’t imagine how stressful that would be!😲
That should be a top priority for every household!
So when the average American has to purchase anything, say a part for a truck, he/she need to use her credit card again!!! A never-ending cycle!!!
!!PIZZA
It’s scary where our Country is headed @silversaver888!😲
I like the peace of mind knowing that I have the funds on hand for repairs!
It’s very freeing my friend!😇
Ms. Saver @silversaver888
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Great advice! My theory on credit cards is if I can't pay it all off at the end of the month I shouldn't be using it. Emergency funds are essential, they have saved me more than once!
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Good point. My boyfriend always tell me to put money on my emergency fund debit card so that if there comes a time where I don't receive my salary yet or I don't have any more cash in me, I can use the emergency funds especially for bills payment or transportation fare. I'm still working on my finances and learning how to save and invest. Thank you for this reminder :)
Kind of scary isn't it.
Don't fail to plan for it.
Even my Emergency Fund has a plan; 80% of the fund is for Emergency repairs and living expenses, 20% floor for Emergency Medical needs. Medical needs can draw from the other 80% is priority.
AWL using newly launched Leofinance UI.
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!PIZZA
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It's scary!!!
Education in personal finance is so important, sis!
Hugs and kisses 🤗
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All my bills get paid first before anything else. The only true payment I personally have is my truck. No credit card bills at all, the bill comes in it gets paid.
We and a couple of our stacker-friends know we are lucky because we run our finances as best we can. @silverd510. Even with adversity, we will survive! And we know our limitations, we don't push it by purchasing things we cannot afford. We know how to wait for the appropriate time. We don't give in to pressure.
!PIZZA
I don't have a credit card and I don't like to use it as well.
Good for you, @itwithsm !
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One more crack like that and I'll plaster you!
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Congratulations, @hikergirl !
It is a relief, isn't it, to know you are better than average!
!PIZZA
Of Course🌺
This is so nice with a lot to learn from it and thanks for sharing.
You might want to keep these funds clear of the bank a swell. At least for the near future.. Maybe a bit of silver ??
Ouch $400 emergency is not very much lots of people on the brink of collapse
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That’s a scary thought! Most ‘emergencies’ usually can be more than $400!
In today’s economy, I’d be looking for ways to cut my spending in order to create that emergency fund.
Take for example: an average coffee drink can cost $6 and up. Do that a couple of times a day and holy cow does it add up! Get your own espresso machine and make your own. You’ll be amazed at how much you are saving. And-that’s just one little change! All it takes is a little discipline!
Thanks for sharing sis! Much love , hugs and kisses! 😘🤗❤️🌸 !LADY
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It is scary!!!
You have given an one example, and there are many more! How much stuff don't they use at home? Sell them to start saving that emergency fund! When I started to build my emergency fund, I went shopping for handbags, shoes, and clothes, and in six months, I had accumulated quite an amount!
Hugs and kisses, sis🤗
!LADY😁🌺🤙
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Many years ago when I did the coffee thing, back then coffee was much less expensive than now, but I saved us about $210 per month just on that one thing! Crazy but true! 🌸😘🤗❤️
Ms. Saver @silversaver888
Bye Bye BANKS !
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sad stats for a low emergency
Yay! 🤗
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I just notice a nice spike in the Prices of Silver and Gold this morning...