Emergency Funds

The recent Corona Virus gave us all a moment or two to think about what it would be like to go without pay for a period of time. The virus highlighted how few Americans have the kind of savings experts say they need in order to handle a crisis. Forty percent of the federal employees laid off didn’t have savings which seems like a lot, yet Experian reports that 78% of Americans live paycheck to paycheck and 69% have little or nothing saved. $6,375 is the average credit card debt and the average interest rate is over 17%. These numbers are grim and tell us that folks obviously need more financial education. We simply need to get back to the basics. It’s not that hard to build an emergency fund.  Think back to every “emergency” that you have ever had in your life. I use the quotes because we tend […]