There is an old saying that goes “expect the unexpected.” Many of us have probably heard the saying before. Fewer of us attempt to apply it to our lives. Even fewer apply it to our financial lives. According to USA Today, more than 40% of Americans do not have enough savings to cover a $500 emergency.
For many of us, a low savings balance does not stem from a lack of desire to save money, but either a lack of know how or a lack of ability. While neither are an effective excuse when a medical emergency arises or a vehicle needs new brakes, a lifestyle that leads to living paycheck to paycheck is bound to fall apart at the first sign of a financial hurdle.
So how can you fix it?
In order to put yourself in a position to afford unexpected surprises simply follow these six steps and start your path to financial freedom.
*Pro Tip: If you have an auto loan with another financial institution we could refinance your auto loan to Kansas City Credit Union and you would have 90 Days to make your first payment allowing you to deposit your old car payment into your new savings account for up to 3 months and jump start your savings goals! Click here to apply today.
While it is nearly impossible to know when an emergency will occur and you might need your emergency savings to keep life moving along, we all know that one day that emergency will occur. Follow our tips, and you’ll be ready.