38 Reasons You Need At Least a $500 Emergency Fund

The age-old saying,” When it rains it pours” is especially true when an unexpected emergency pops up- as if you had nothing better to do than fork out $500 on new tires, or visiting the doctor. Recently the Federal Reserve noted that almost half of Americans do not have $400 available in an emergency fund.

Almost HALF.

Here at America  Saves, we see that as a crisis. A SAVINGS CRISIS. We want nothing more than to have more individuals join us in our quest to #ThinkLikeASaver and be prepared for life’s unexpected moments by having at least $500 in a savings account.

In fact, we thought of 38 Reasons Why You Should Have a $500 Emergency Fund. Consider it our “Murphy’s Law List.”

38 Reasons

1. Shattered iPhone
2. Computer hard drive crash (very important for the self-employed]
3. Emergency visit to the dentist for a chipped tooth
4. Tooth extraction for a pet
5. Replace car AC (especially in hot climates)
6. Replace car transmission
7. Red light camera ticket
8. Speeding ticket
9. Replace or fix vacuum for your house
10. Stove repair
11. Broken refrigerator
12. Broken instrument (if a child is in the band)
13. Travel for unexpected loss/funeral/celebration of life
14. Root canal
15. Washer/dryer repair
16. Airline lost your baggage –have to repurchase clothes and toiletries
17. Emergency plumber for clogged plumbing line in home
18. Lost or replacement of work tools
19. Emergency stitches from cutting your finger while preparing dinner = trip a to the emergency room and a copay/deductible
20. Work travel that you have to pay for upfront and then get reimbursed
21. Electric garage door repair
22. Home evasion –replacing items before insurance claims come through
23. Unexpected move required for work
24. Car gets towed
25. Flat tire
26. Missing work due to illness when you’re paid hourly and do not have sick leave/vacation/etc.
27. Fender bender
28. Flooded basement
29. Limb/branch/tree falling on car
30. Limb/branch/tree falling on house
31. Replacement key fob for car
32. Calling a locksmith when you’re locked out of your house
33. Lost glasses (either you or your children)
34. New tires
35. Unexpected travel (to visit sick family member)
36. Prescription costs
37. Increase in utility bills
38. Uniforms for kids sports or extracurricular activities

Of this list, chances are you’ve already experienced quite a few of them. And since we can’t really prevent them or know when Murphy is going to rear his ugly head, the one thing we can do is be prepared.

Saving isn’t a burden, it’s a mindset. Create a simple goal to get you to your $500 goal— one that’s feasible and sustainable. Completely cutting off all the things that make you happy in order to “save” will make saving that much harder. But, much like the tip given by Better Money Habits, choosing one thing to give up would be easier to stick to.

Now that you’re in the savings mindset, and ready to be prepared for whatever life throws your way, head over to take the America Saves pledge, or re-pledge with a new savings goal in mind.

Written by Kia Young

Category: Blog

Published: 05 August 2019

30 Days Savings Challenge from American Saves

We know that a serious illness can easily wreck havoc with family finances. Therefore , we periodically like to highlight  programs and resources that may halp families financially get back on track  Challenge starts today - it's not too late to sign up! View this email in your browser It's not too late to join America Saves, as we support and participate in the Military Families Learning Network's Personal Finance team  30 Days of Savings Challenge. Throughout the challenge we will be encouraging savers to make small deposits that will add up to $100 in just 30 days! Sign up today and encourage clients and students to join you. By modeling your behavior, your clients and students will develop new positive saving strategies. When you sign up you'll receive the daily savings chart and weekly newsletters with savings messages, savings resources, and reminders for upcoming Challenge events scheduled for September. You can elect to register for the Challenge as either a Participant or an Educator, or both. During September, registered Educators will receive weekly emailed newsletters that support their efforts to work with clients and students who are learning new ways to maximize their savings. Military Families Learning Network will be hosting weekly check-ins on Facebook Live that will offer encouragement, an opportunity to share your success stories, and tips for making the savings goals a breeze! Join the conversations we're having about the Challenge and connect with participating colleagues on Facebook and Twitter. So sign up, and encourage colleagues, friends and family to join you and start saving today!         SIGN UP NOW Copyright © 2017 America Saves | Consumer Federation of America, All rights reserved. You are receiving this email because you opted in at americasaves.org or americasavesweek.org. Our mailing address is: America Saves | Consumer Federation of America 1620 I Street, NW Suite 200 Washington, DC 20006 Add us to your address book unsubscribe from this list    update subscription preferences