Do you have an emergency fund? Is that important to you? According to a recent article by USA Today, and emergency fund should definitely be a priority.
“There’s a reason we’re all told to put money aside for emergencies. You never know when your car might break down, a pipe might burst at home, or your employer might inform you that you’re suddenly out of a job. Without emergency savings, you’ll most likely be forced to borrow the money you need to pay for an unplanned expense, and that could kick-start a very unhealthy debt cycle.”
Though the article explains that an emergency fund, it also claims a large portion of Americans have not saved any for ‘just in case.’ The article state student debt is the major reason people aren’t saving.
“And while it’s easy to blame that statistic on excessive spending, there may be another culprit at play: student debt.”
If you fall into this category of Americans, have hope! The article goes on to give a few examples of how to start digging out…and saving up.
To read the full article, visit the USA Today site here.