Do You Have an Emergency Fund?
Across Kansas, people just like you are proving you can start small, and think big. Kansas Savers are setting financial goals, tracking their spending and taking control of their financial future. Having an emergency savings fund may be the most important difference between those who manage to stay afloat and those who are sinking financially. That’s because an emergency savings fund of $500 - $1000 allows you to easily meet unexpected financial challenges.
Building an emergency fund is the top goal of American Savers. Nearly a quarter of savers who have pledged to save locally or nationally have chosen “emergency savings” as their first wealth-building goal. An emergency savings fund consists of a small amount of money, usually in a savings account that you do not have easy access to. Saving for this fund starts with small, regularly scheduled contributions that build up over time.
Emergency expenditures can range from the bill for an unexpected car repair to living expenses that are tough to cover because of a layoff. According to a Federal Reserve Board survey, the typical low- and middle-income household says it desires $3,000 in "precautionary savings." However, an emergency fund of as little as $500 can make a difference. One research report showed that low-income families with at least $500 in an emergency fund were better off financially than moderate-income families with less than this amount.
To sign up for Kansas Saves go to www.kansassaves.org and also find more tips on how to set a goal and make a plan to reach that goal. Whatever goal you choose – whether it’s buying a car, buying a house, or getting out from under your debts – learn about proven savings strategies and get simple tips on the best ways to save.
For additional information, contact the Wildcat Extension District, Crawford County, 620-724-8233, Labette County, 620-784-5337, Montgomery County, 620-331-2690, Pittsburg Office, Expanded Food and Nutrition Education (EFNEP), 620-232-1930.
Wildcat District Extension Agent
Labette County office
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