I feel broke if I don't have that much on me, I like paying cash. My bank almost always has a branch within 1 or 2 miles of me when in a town.
snip~
Minor emergencies like a busted pipe, flat tire or a root canal happen all the time. But for the majority of Americans, such inconveniences are potential recipes for financial ruin, according to a new survey by finance site Bankrate.com.
In the survey released on Wednesday, Bankrate found that 63 percent of Americans don't have enough saved to cover even a $500 financial setback. And just half of higher income respondents (defined as $75,000 or more in annual earnings) said they have enough cash to handle such an emergency.
About a quarter of respondents said they would cut back their spending in the event of such an emergency, and 15 percent would be able to borrow money from family or friends. Another 15 percent, said they would use a credit card to pay for the emergency.
more @
http://www.nbcnews.com/business/personal-finance/most-americans-lack-reserve-cash-cover-500-emergency-survey-n493096
That's really bad.
Too many people don't know how to work a budget and cut coroners. I've seen people spend every last dime they have on unnecessary things, not thinking ahead for those rainy days.
Quote from: Dori on January 10, 2016, 11:17:29 AM
That's really bad.
Too many people don't know how to work a budget and cut coroners. I've seen people spend every last dime they have on unnecessary things, not thinking ahead for those rainy days.
There is always a rainy day for young people.
With 96+ million people not in the workforce, I can believe it.
It's crazy how people seem OK to live on the edge like that. I'd be panicking like crazy and eating rice and beans to save up.
Quote from: tac on January 10, 2016, 11:59:37 AM
With 96+ million people not in the workforce, I can believe it.
Absolutely! Some are still living with their parents, others are sharing houses & apartments to make ends meet, and those who have a job haven't seen raises to keep up with the rising cost of living.
Beans and Rice... been eating them for a long time, along with Ramen noodles.