While we all know the importance of preparing for a financial emergency, the truth is, most people are not prepared.
According to Bankrate’s Financial Security Index, “Just four in 10 U.S. adults (41 percent) would cover the cost of a $1,000 car repair or emergency room visit using savings.”¹
The issue is many financial emergencies cost more than $1,000. The same Bankrate survey reports, “Among respondents who reported that they or a close relative paid for a major unanticipated expense in the past year (28 percent), the average cost was $3,518.”²
While we can’t always control when a financial emergency occurs, we can take steps to prepare.
Prepare for whatever comes your way with these 5 simple steps.
