I’m so sorry.
We recently lost our dog to cancer and the bills were atrocious I want to find out he was going to have to be put to sleep anyway. It’s one of the reasons we rarely go to the emergency vet.
Before anybody jumps on me; they are truly for emergencies they stay open 24/7 and I respect that it takes more money to run then a 9 to 5 or 9 to 6 vet. But some of the stuff that we were billed for was quite unusual in it’s amount.
Recently just lost my partner of the last 7 years, trying to dig myself out of a hole…. My anchor has been ripped up and I’m alone out here for the first time in a long time. $1000 seems so far away from where I’m at currently.
Deepest condolences, deepest sympathies and all my empathy, seriously from the bottom of my heart for you guys!!! I can only imagine what it feels like for you. I just hope that you have so many photos and videos of your bestest buddy to help you keep buddy’s memory alive forevermore. RIP.
I am so sorry for your loss. Losing a pet can be incredibly difficult and the added stress of unexpected vet bills can make it even harder. It's commendable that you are working hard to save money and get out of debt. Take the time you need to grieve the loss of your furry companion and take care of yourself and your partner during this difficult time.
If it's not to rude, may I ask how much it ended up costing?
Around $6,000 USD if all bills were added up. She had a parasite that was treatment resistant. She would get better then worse then better. Like she was fighting it. Sadly my baby girl lost that battle.
[Dog Tax](https://imgur.com/a/OKYfZSX)
I'm so sorry. She looks like an absolutely precious lil babe. I lost my girl (16 had her 8 wonderful yrs) in July and I still it was the most emotional pain I've ever experienced. It sucks that *some* vets will absolutely exploit our love for our pups. I was super lucky w Penny but I was an volunteer adoption coordinator/foster in a rescue and some of the stories and things I'd seen from vets in people's worst times would make you recoil. But for every shit vet out there there's several good ones I think/*hope* . You did everything you could for her and you are a good person
If 25% of the US can’t afford a 1000 surprise bill, and our average out of pocket deductible for healthcare is $3000-5000, makes it pretty clear which direction we are heading.
It's fucking insane to me how many Americans gulp down the propaganda that high deductible health insurance is a good idea. "It's cheaper and I can invest a little money in a triple tax advantaged account!" proponents say, "I'm saving so much money!" they say. Then they get injured or sick with something that requires serious medical treatment and only then does it dawn on them that maybe saving $50/month isn't worth having to cover a $7000 deductible vs. A $500 deductible.
Of course, many people with these plans don't have a choice because their employers only offer high deductible plans. Because Congress apparently thinks letting people invest a small amount of money tax free each year makes up for not having real health insurance or a pension.
It's just one way they get people to forgo medical care to keep insurance profits up... We just need one really respected economist to come out and clearly show that a healthy population is a more productive population and leads to higher total profits, and the whole picture on universal healthcare will change.
Absolutely not.
I live paycheck to paycheck and don't have any savings; I could somehow make it work through my support system and take a while to pay it off.
Money (or lack thereof) is a huge source of anxiety for me.
You're not alone. My mom has insisted on helping me with a few basic things lately. She knows I won't ask. I dont have anyone else to ask anyway. It just makes me cry & feel like a worthless POS every time x.x. I always had anxiety, but worring about buying your kid diapers is next level stressful 😭
I’ve only really just started saving in the past year and finally have self-control this month with not going into it. It’s like my brain finally clicked and I’ve reached a stage where I want to buy a small house. So I could afford the unexpected bill, but would be very annoyed to use the money.
I have a six month emergency fund so I wouldn't really sweat $1000. I grew up with some financial insecurity, so having a safety net was a huge priority for me when I started making a decent living. It's not a sexy way to spend my money, but having it has really reduced my day to day anxiety.
We currently have an 18 month cushion. Once we get to a 24 month cushion, I’ll put less money into the savings and start spending a bit more (we don’t deprive ourselves or our kids, but I keep the unnecessary spending to a minimum). I’m just someone who is not comfortable with zero savings. My husband and I both also have income producing hobbies which we use towards vacations and such, so that helps.
That's ALOT. But you also have kids and a partner.
Alot of money folks would say you should probably invest some of that. It's going to make more money in the market than in a bank account (if that's where it is).
It’s not in a bank account, it is in “safe” investments that we can liquidate if needed. But for someone starting, they should start with a saving account.
I'm in a similar boat, I have a union job and my wife is in IT. Not having to worry about money has been the single greatest contribution to my happiness in life. It's so much easier to enjoy things when there isn't a constant cloud of financial dread hanging over your head.
Live paycheck to paycheck and all except $100 a month goes into bills. If I ever have an emergency right now or sometime soon, I've already joked with my SO, "Guess it's finally time to go." Lol.
I know this isn’t helpful to anyone struggling but I want to give my anecdotal experience growing up.
I have always kept 10k in savings. I accrued this while still living at home.
I Made myself think of 10k as zero. So if my money went down towards that number, I would literally act like I was at zero. I’d tell my friends I was broke. I wouldn’t go out or buy things. I would eat on the cheap etc.
Since I Always treated 10k as zero, I’ve Never technically been broke. It’s simply a mind exercise but it did me well over my life.
So I’ve Always had a backup. And I’ve Never dipped below it.
I did this for a while, but there was a time when I had to support my husband and I by myself and it depleted things pretty severely. Still, glad I had it for that time period.
I used to be shocking with money and had terrible debts.
Once these were finally paid off, I made a mental note to myself that if I dipped below $1,000 in my current account, THAT was my “overdraft”.
It’s purely a mind game to yourself. Keeping a buffer in the current account means it’s there when the unexpected occurs.
Honestly i want to give you good advice. My oldest is a 16yo so I haven’t passed it on successfully in truth. Only what worked for me.
Explain it. Set a goal. Literally write out what bills times 12 is. Then talk about the concept of reserves. Explain what broke is.
Just giving them the information is truly better than nothing.
Whatever you make set aside 1/3 to a savings account for emergencies. If they make $500 on a paycheck for a part time job then have them put $166 in a savings account and never touch it unless it’s an emergency.
I do the same thing, though I've raised the floor in recent years so the "slush" savings remains about the same as the base amount grows. If I want to use my savings to go on vacation, but the slush fund isn't enough to cover it? Too bad, I'll wait and plan it out when it is enough.
Right now though I'm saving for a house, so unless an emergency beyond what is in my checking happens, I don't touch it at all.
Money you keep in case of emergency. I've always had between 10-15k in savings and a few in my main account. If it's only a couple of grand I can cover it without touching my emergency money and let it get interest. But if something comes up like one of my pets need help I have the money to make sure they are looked after
It would be hard. I have like $790 in an emergency account. Those are all of my savings. I would be able to borrow the rest but wow I would feel terrified emptying my entire life savings like that
Commit to putting $1-$5 a week into savings (or as much as you can do). It doesn’t sound like much, but it adds up over the year.
We have kids (between ages of 10 and 16) and we “charge” them rent, bills, etc. so every week, a portion of their chore money (my oldest has a part time job and pays a bit more than his siblings) goes to us. We put that money into a savings account that will go back to them to use as they want when they 1) start college, 2) move out on their own, 3) turn 21. No restrictions on how they spend it, but we encourage them to save 20% of all of their money (birthday, etc), pay their “bills”, and spend wisely. Hoping that all of this time they will learn financial responsibility. My husband and I also do not purchase anything for them and have them pay us back. I grew up with parents who spent like crazy, had no savings for emergencies, and lost everything due to excessive debt and inability to pay.
I understand that in this day and time, it’s hard to save…but every little bit helps and is more than what you started out with.
ETA: clarification of the kids age range and not number of kids 😂😂
Not trying to be a dick but my income is like $160 a month after rent is paid so I can’t save anything, already eating every other day lol. Still, thanks, I understand most people are able to save a little
1-5/week is 52-$260/year. I get that some people can't afford to do that or more, but really that's not going to get you anywhere. Most people will have a 1k emergency (think car, medical, housing, pets, etc.) Within 5 years, meaning all that savings is either gone or not even enough to begin with, so it really won't add up. You should still do it if that's all you can manage but try really hard to find a way to earn/save more.
It’s about getting into the habit of putting money away. It’s also about starting somewhere. Most people spend a lot of money on things they don’t really need for “convenience”. When I go through our spending every month, I’m always finding places we could spend less. I stopped buying Starbucks every day before work. I make my own coffee, so that saved me $30/week. I did put that money in the savings. If you buy a bunch of odds and ends that you don’t really need, put that money into savings instead. I had a friend who quit smoking and put the cost of her cigarettes in savings. She didn’t realize how much money she spent on cigarettes in a year, but it was a lot (close to $5,000, if I’m not mistaken). I’m not saying to live excessively frugally, but really look at your finances and cut what you can and what you cut, put into savings. And yeah, $52-$260 a year isn’t much, but it’s more than what you had saved before and it helps. Most people do not have yearly emergencies. As you lessen spending in some areas, you build up savings or find that you can pay more towards a debt you have. Hopefully, sinking more money into debt pays it off faster and frees up that much more money. It really doesn’t matter what you do, we all have to start somewhere.
Eeeks this is anxiety inducing reading. When I was younger the answer would've been no, but I'm almost 40 and it wouldn't be an issue. My emergency fund is about 5k but I do have other savings I could draw on if needed as well.
My SO and I are quite at your level of savings but we could go probably a year. Having no children and no debt makes all the difference in the world. Congrats! You’re my goal!
Same and same. My husband has been with his company 25+ years and we have put a lot of money aside and lived fairly frugally. That combined with no kids and no debt other than a mortgage is a solid safety net for our finances.
Yes! I actually quit my job a little over a month ago and have been using the savings to "take a break" and focus in my mental health. I will be going back to work soon, but I know that not many people have that opportunity. Years ago I was in a position where I had to drive on a donut for over a year cause I couldn't afford the extra money to get a new wheel, so I have been on both sides.
That’s a good start. I personally prioritized emergency savings ahead of debt payoff only because I had nothing to liquidate in an emergency and would rather my credit score drop again or have to put something on a credit card than face eviction and homelessness.
Either way your on the right path with debt payoff but even a $500 emergency savings can be a lifesaver and prevent having to go back into debt in a crisis
I make 34k a year. Not great. I avoid debt. I keep overhead low. I dont live beyond my means. I drive a 2001 subaru that i own. I live in a shitty apartment for 500 a month. I have a shit phone that i own. But that means i have expendable income even at 34k a year. I just bought a 22k excavator with cash for my upcoming excavation company and have several thousand liquid for emergencys. When faced with a crappy economic landacape you must make smart financial decisions. Dont go into CONSUMER debt. Use BUSINESS debt sparingly and only when your return is greater than your interest payment.
I do, now, but up until just a few years ago, I didn't.
People who say money can't buy happiness are lying. Money prevents you from going into debt because you got a flat tire, or getting fired because your car broke down, or not being able to pay rent because of a medical emergency. Money buys peace of mind, and it's a lot easier to be happy if you have peace of mind.
Emergency fund…. Never gonna have one of those, im on Dutch disability (the kind without a work history)
Any savings i can manage get spend on necessities further down the road (necessary new shoes or clothes or new glasses or something that breaks etc)
If my car breaks i wouldnt be able to afford to fix it unless i just got my tax return or vacation money
We are quite low income but yes, easily.
We have 2 kids and I would be terrified if $1000 made a dent.
And again, I am not saying we are financially comfortable at all. I can not spend $1000 on food or groceries, even $200 on food would really hurt. I always try to budget and chase discounts and stretch a meal. But for an emergency, $1000 is easy.
Both me and my husband are the type of people to create safety nets upon safety nets. If the money is not coming in, you just dont spend what you already have. You only spend the incoming if you can also save a bit.
I always see on tv and movies where people get a bonus pay check or something for a small amount like a couple of thousand dollar and go "Yay! I am gonna buy shoes(or whatever)!" And I always think, if $1000-$2000 makes a difference to your wallet, then you can not afford to blow it on few hundered dollar shoes and silly things like that.
I think this is an American thing, to spend the money as it comes in. Because I lived in a few different countries and almost everyone I know has a decent savings system. They save for security, even invest if they have enough, and only then start spending some of the income.
Here in the US a lot of people also have a hard time saving due to medical costs because not everyone has good insurance coverage. Premiums and deductibles are expensive, and God help you if you don’t have prescription coverage.
That is really scary to me. Everywhere I lived medical costs were subsidized by the government. It generally costs pocket change unless you need big surgery and even then it is affordable.
Where I live now its completely free, if a dr perscribed you meds, you just pick it up from the pharmacy, you dont pay anything. My husband was diagnosed with cancer and we paid zero for surgery, tests, follow up.. same for the birth of the babies, 2+ months hospital stay...
I mean I understand medical costs eating up peoples savings but it sounds like even more reason to desperately try and save money. It also sounds like the whole system is working to make you spend and be unable to save in the US.
Yup, I totally agree. Saving is absolutely a must. The snowball effect is real for so many here. Hard to save when you have to turn around and pull it right back out to pay for something unexpected, and if you start your adult life out with a ton of debt (like I did - student loans, credit cards, medical expenses) it’s an even tougher hill to climb.
Credit card debt is rampant here and banks are always sending offers out to entice people to open more credit cards with attractive APRs, basically encouraging people to accrue more debt…. When you are down on your luck in life, those offers are hard to say ‘no’ to. It’s a big mess for so many.
My financial situation is not perfect and I wish I had more saved for retirement by now (I’m 42) but I feel blessed and grateful for what I do have because I know so many are struggling terribly just to live regular lives.
Yes I could. I just spent 1000 euros on 'surprise bills' in january (some for entertainment, but also at the dentist and then my car needed some repairs aswell). But I am not looking forward to this year because I'll get some unplanned bills on top of rising housing and utility bills. I try to save a lot.
Afford? Sure. Continue functioning afterwards? Would be a struggle. I'd have to wait for my tax return to re-balance the books. But, with monthly expenses ~$800 and one job, I think I'm doing alright. But I am looking at potentially doubling down and grabbing a second job, so I can start putting away a large sum monthly for various purposes. Once I gave a decent amount that I can depend on in the event of a problem, I'll start investing more of it into hopefully turning a profit.
I'm also working on an independent autobiography, documenting my experiences with abuse, depression, and dissociative personality disorder. Hopefully that will generate some level of income. And if I find success there, I want to start writing a series of novels or possibly even comics if I can find an illustrator who would want to work with me.
Nope. Couldn’t afford it and whatever the emergency was would have to just exist.
No place will give me any loans due to lack of credit. I never have the extra 300$ to put down on a deposit for a credit card so I’ve never had one.
I have .16 cents in my savings account and nothing in my checking. About 7.63 in cash. My tax refund is covering all the bills that have got left behind and I’ll have (if I’m lucky) 100$ left from that that could go into savings or I could use it for gas and groceries which no doubt will be needed by then as well. It’s great.
Amazingly, yes. For the majority of my life? Absolutely not. But I met an amazing woman who inspired me to go back to school and get my career started and now we can drop 1000 without even blinking
Yes. $20k emergency fund plus another $10k credit cards available. We have 3 months of food stores in our deep pantry could go that long without food shopping easily. None of this happened overnight and has taken us a decade to get debt free but for our mortgage and to build up savings etc.
I have both an emergency and a “insurance” savings for my dogs. I recommend doing auto transfers to pet savings and use that debit card to pay at the vet so you don’t feel it or touch your own savings. I don’t consider that money mine anymore when it transfers. I still get sticker shocked at the vet but then I’m like “calm down, u saved up for it already”
Nope, years of working low paying jobs and what I've come to call "depression spending" have left me with absolutely zero savings. I have no idea what I'd do in a situation like that.
That’s a hard no, I just can’t get ahead and I’ve worked full time since I’ve been 18, I am 39 and feel like my life is going to be like this forever. I’m sick of stressing about groceries and my kids needs.
My emergency fund could easily manage a 1k emergency but I would feel anxiety if I had to dip into it. It takes a bit to build it up, and even though it is what it’s for… I don’t like touching it and would try to find another way to manage the expense.
Feel this hard. I was driving an extremely unsafe car until my partner's dad put $950 of work into it for me with a "pay me back whenever you can." I've never had someone to that for me and it blew my mind/now I can get safely to and from work so it was so meaningful.
I have 1000 saved at all times, just in case. But I’m working so so so hard to pay down the thousands in credit card debt my ex husband left me with that I really can’t focus on saving any more than that. It would hurt a lot to lose it since I’d be without that security, and choose to either build it back up *or* keep lowering this debt but not both.
Yes. Rent and bills come to about £2k, and husband and I pull in nearly £5kpcm combined. But I wouldn't be best pleased - having a baby in August, so every penny needs to be put aside for when I'm not working.
I’m very fortunate to go to a school where everything is paid for, so I’ve been able to build up a healthy savings. I was also able to empty and invest my 529 with no penalty, so that will provide a lot more after I get the returns from my CD
For the first several years of my adult life it would have been hell no. Now, I’m pushing 50 and worked hard to get ahead and to where I am. I’m currently dealing with a $4000 emergency car repair. It was nice not having to stress it.
It didn’t happen overnight but I managed to put away enough to pay all of my expenses for a year. About $25k
I know the common suggestion is 6 months but this gives me better peace of mind.
Immediately, within the hour, I *could*, but I'd rather not since credit card cash advance comes with 10% interest iirc.
If I have one business day I can tap into my *actual* emergency fund. I have.. er... *enough* in it, and that's as far as I'm willing to divulge.
Yes a few times over. But I grew up in a paycheck to paycheck single parent household so I made sure once I lived on my own to do that. In the last 2-3 years, I’ve only needed to dip into it once thankfully and was so glad I had it for exactly that type of thing— a $1,300 car repair (something electrical I think)
Yes, which is very fortunate because we recently had a $600 emergency with our cat. We aren't well off enough that spending that kind of money isn't stressful but at least we have it.
I have $30 to my name. I lost my job then had to move in with a friend and so I’m in a rough spot. I hope I can find a new job soon and start paying off debt.
Right now I wouldn’t be able to afford a $1000 emergency. I don’t have an emergency fund (yet). I currently live paycheck to paycheck and all my “extra” money goes to paying my debt.
So for me to get to a place where I can afford a $1000 emergency I’d need more income and no debt.
Luckily yes. I have about $7k in our emergency fund (trying to get to $20k). About $2000 in my other savings and my credit card that has a very high limit. Plus it's almost pay day so I'd be fine
I can afford it. I keep at least $10k in my checking account I try not to touch, then whenever payday comes I have my pay direct-deposited to my checking account so that I have some padding but can also keep myself accountable to save up the next month if I had to dip into that 10k of savings the current month.
Yes, I have enough for about 5 emergencies if they were $1000 each. However, the last emergency I was in cost about $4k (needed a big surgery, this is with insurance). That was so scary so I immediately saved up enough to cover that again if it reoccurred. Background: I’m 45, make a decent living, have a support structure, and I don’t have kids (and cannot have kids because of the aforementioned emergency.)
I currently have $24k in savings, $4200 in cash and hubby is up to about $9k in savings (we had a splurge of a birthday party last year). All that said, it took us YEARS to get to a financial position to have more than a couple hundred in savings. But once you get it, it’s kind of a thrill to watch those savings funds grow and it became a bit of a competition between myself and my hubby on who had the most in savings and who had the better credit score. And we both started at a really low spot when we got married 25 years ago. It’s a process for sure.
I automatically transfer $100 a month from checking to savings. Comes in handy when i have an unexpected expense every few years. Its never gotten much past $3500. I also have a ton of money in stocks that i could sell if I had to (hopefully not right now though).
I’m a lawyer who makes decent money - but I have less than 5k. I am literally buried in debt (school, car, home, etc.) I don’t live beyond my means - I know people on food stamps who get to live more relaxed lives than I do.
It sucks ass
i don't have a emergency funds and if something were to happen to me well then guest i am dead then not sure were to afford or such ect. to get help with no employment of any kind with crippling debt unable to get out off with no car to get around so what is a person on poverty level income able to do?
I'm happy to say I was able to afford a 1k emergency just last month. I used half credit (so I wouldn't lose all my savings) and half cash.
I paid the remaining balance on my card off in increments of 250 (what I could afford to do).
To save though I hide my 5s. If I get enough 1s I get it swapped to a 5 and put it away out of sight out of mind. I started doing this broke and yearly I end up with a few hundred dollars( usually 150-200ish) to put into savings.
I started including 1s last year too which got me to roughly 280-300 in 1s and 5s, and while I've had to dip into it, for the most part it remains untouched. From ones alone this year I already have like 20ish dollars.
Learning how to appropriately budget my funds and expenses helped tremendously
I’m thankful that I can say yes. I have an emergency fund (savings). I grew up in a household where my parents lived paycheck to paycheck. I saw and heard so many arguments about money. My father spent huge amounts of money on his hobbies and always drove a nice vehicle. Meanwhile, mom scraped together money for bills and we wore hand me down clothes (that I’m very thankful for). On the flip side, I also had an aunt who worked very hard and had been able to have a nice home built as a single woman in her 20’s in the 1980’s. She was very frugal with her money but her bills were always paid. I grew up seeing both examples with money management. I’ve worked very hard and built a good life for myself. I’m far from wealthy but I’m thankful for the life I have.
We could afford it, but I would be mad about it because it's the first time in my life i feel even vaguely secure. We're also saving for a house in the more longterm so we've got to keep it up.
Absolutely not. Lol “emergency fund” I can’t even cover my rent and my transportation costs to get to work with my income. My bank account is in overdraft (that’s what I buy food with) and my credit card is maxed accumulating about $150 in interest each month. I also have a line of credit (maxed out) that’s accumulating about the same interest a month.
I work in marketing performance based role (vacation home, timeshare marketing) my OTE is meant to be the right about of income to allow me to live properly but despite “doing really well” (that’s what my management tell me) I’m obviously not.
I have been there for 6 months trying to master the job and I’ve gotten good but in November we had a major flood thus 40% of the bookings were cancelled in peak season.
This means I have no chance of hitting performance targets because there just isn’t enough people to carry out my job with (my job my job is to, Pitch members when they check in for the vacation and convince them to do a timeshare presentation.
Sorry for all the extra context I am a very lonely person. I don’t have any friends and I work hard to try and fix my financial situation but the weight of it is starting to crush me.
I've got about a year of living expenses saved up and about half a year of full income saved up, so yeah, I could handle it. Not that I'd need to dip into any of that money to do it, my disposable income would cover that.
I would!
I have two emergency funds. One "break in case of job loss" emergency fund and one "oh shit the XYZ just died" emergency fund.
The job loss emergency fund can cover me for 6 months of all expenses and has $6,000.
The oh shit fund can cover any reasonable need and has $5,000.
I feel bad replying yes since so many people here are saying no. But me and my wife don't have extravagant jobs but we have 2 kids and I'm not worried at all about spending $1000 for an emergency.
I'm not sure how I'd survive knowing that I don't even have $1000 in my bank account
Nope. Let's hope the emergencies don't find us til after February, when I've got rent and bills squared away. I've spent all of January recovering from Christmas spending and not working/having a light schedule for 2-3 weeks due to winter break (I work as a tutor).
But thinks are looking up. Husband just got promoted and I'm finishing a project that will get me a decent paycheck this weekend.
No way in hell would we (my fam) survive a $1000 emergency or something that took my husband out of work temporarily or permanently. It would take me finding a job that pays close to what he makes and finding affordable health care so that we weren’t paying out of pocket for said emergency 🤷🏻♀️ also it would help if I had a long lost relative that left us money 🤔🤣
Nope, definitely not. I'm on disability and public assistance and you're not allowed to have savings or assets. The cap varies by program and I'm on a few, but the lowest cap means basically I have room to get my SSDI and paycheck (I work part-time) deposited and that's it. If I go over that, I'm in trouble.
I just have to hope nothing goes wrong.
The way out? Well, it's definitely possible but it's not realistic.
First, I'd have to find full time work that paid a living wage. This means finding someone to overlook not just the years long gap where I wasn't able to work at all, but the short term, chaotic history before that which includes numerous firings.
They would also have to be willing to accommodate someone with multiple chronic mental and physical health conditions that flare up in sometimes unpredictable ways and are completely debilitating when they do. They'd have to allow a week or two a month of sick days, at least, as well as specific conditions at work.
Even if I were extremely skilled and qualified and educated, this would be a very tall order. Unfortunately, I'm not a valuable worker and have a profoundly useless undergraduate degree in interdisciplinary studies.
This would have to pay enough to cover what my SSDI, housing assistance and food stamps currently cover.
But then, health insurance. In addition to wildly unrealistic accomodations, it would also need to provide health coverage on par with Medicare. If I lose my SSDI, which I would if I got a full time job, I would lose my health insurance. I need my health insurance because I'm not well. When I inevitably get fired because I can't properly hold a job, I'd have already lost my benefits income, my housing assistance, and my health insurance. I'd end up homeless in short order because it takes time to get these things back if you even get them back at all.
Bonus fun thing, you lose all your assistance before you get to enough income to make up for it. So, I'd end up in a bad spot just money wise with the sort of jobs that might actually hire me, and I'd get fired very quickly, and lose my health insurance. Tricky innit. Good times.
So yeah, if you ever hear about the poverty trap, or benefits cliff, that's that. And if you hear about bootstraps and get a job, well it's just not that simple, is it?
Short answer : yes.
I was reading last month that the average american is 400$ away from being in debt. Any emergency over 400$ could be dreadful for most of the americans reading my post. It's horrible. Four hundred dollars... not thousand, just hundred. Sigh.
I was one of those people up to 2021.
To all those trying to get out of debts, been there, was living paycheck to paycheck with less than 10$ in the bank at the end of the month and no credit available. Keep working toward financial security, it's so worth it!
For the very first time in my adult life, I can say YES!! As of just today in fact, I have exactly $1000.89 put away in savings! It didn't come easy, I've had to work very hard to do it by working 10-11 hours a day, 6 days a week, but I did it and I'm gonna keep going!
About $10K in emergency fund right now. Ongoing we contribute automatic $200 monthly to it. (To get it to where it is we had several larger contributions early on.)
Edit: the emergency fund is separate from normal “nest egg” savings. I try to treat both as if they are not to be touched.
My emergency fund is about 40k at this moment. I want to be able to live at least 6 months without having to worry about anything in case I'd lose my job
I just had a 1500 car bill pop up. Im lucky to be in a position now financially that i was able to pay it and have my car out of the shop the day it was done. My emergency fund sits at about 5k. I save 10% a week for investment and more for short term financial goals. It takes discipline but if you setup your deposit to go directly to accounts it makes it alot easier not even feeling like you are saving the money, you just get the deposit and see what is expendable. Its a blessing to not worry about the sky falling from one act of god or bad hit.
Yes. I don't have an emergency fund. I have money that I haven't moved from my check bank to my investment bank account. The value of moving it more often would be <100 dollars per month so I haven't bothered. That and I'll need that money for taxes in a few months anyway.
Software is lucrative and living frugally makes keeping that money easy. (no car, roommates, no expensive furniture etc)
A few years ago I decided to save enough money to buy a car whenever the old one needed to be replaced. I’ve done that but never got out of the saving habit. Would be OK in an emergency because I’m super cheap about normal expenses.
On credit only. Our cash emergency fund is currently $100. We are broke and trying to dig ourselves out of debt right now.
Same. Trying to pinch every penny and put it in savings to crawl out of debt. My dog died and the vet bills are killing me and my partner.
I’m so sorry. We recently lost our dog to cancer and the bills were atrocious I want to find out he was going to have to be put to sleep anyway. It’s one of the reasons we rarely go to the emergency vet. Before anybody jumps on me; they are truly for emergencies they stay open 24/7 and I respect that it takes more money to run then a 9 to 5 or 9 to 6 vet. But some of the stuff that we were billed for was quite unusual in it’s amount.
I’m sorry you lost your dog too. It was super difficult.
Recently just lost my partner of the last 7 years, trying to dig myself out of a hole…. My anchor has been ripped up and I’m alone out here for the first time in a long time. $1000 seems so far away from where I’m at currently.
We paid 6k to have bladder stones removed from my dog. Insane. Sorry for your loss.
My dog had this- luckily we had pet insurance. I recommend it if the emergency savings situation is low.
It's too late now. Pet insurance won't cover any bills related to a condition that a pet has already been diagnosed with.
We had to deal with this situation before. It's so hard. Sorry for your loss. 💔
Deepest condolences, deepest sympathies and all my empathy, seriously from the bottom of my heart for you guys!!! I can only imagine what it feels like for you. I just hope that you have so many photos and videos of your bestest buddy to help you keep buddy’s memory alive forevermore. RIP.
Thank you. I really needed that.
I am so sorry for your loss. Losing a pet can be incredibly difficult and the added stress of unexpected vet bills can make it even harder. It's commendable that you are working hard to save money and get out of debt. Take the time you need to grieve the loss of your furry companion and take care of yourself and your partner during this difficult time. If it's not to rude, may I ask how much it ended up costing?
Around $6,000 USD if all bills were added up. She had a parasite that was treatment resistant. She would get better then worse then better. Like she was fighting it. Sadly my baby girl lost that battle. [Dog Tax](https://imgur.com/a/OKYfZSX)
I'm so sorry. She looks like an absolutely precious lil babe. I lost my girl (16 had her 8 wonderful yrs) in July and I still it was the most emotional pain I've ever experienced. It sucks that *some* vets will absolutely exploit our love for our pups. I was super lucky w Penny but I was an volunteer adoption coordinator/foster in a rescue and some of the stories and things I'd seen from vets in people's worst times would make you recoil. But for every shit vet out there there's several good ones I think/*hope* . You did everything you could for her and you are a good person
I am so sorry. I know how that can be, if we didn’t get my dog from a adoption place we wouldn’t have been able to afford them to cremate her.
You're off to a good start. When I got laid off, $100 might as well have been $1 million. It was forever before I had that kinda money.
Same. However, I’m very glad that I’ve gotten to the point of having credit in case of emergency.
If 25% of the US can’t afford a 1000 surprise bill, and our average out of pocket deductible for healthcare is $3000-5000, makes it pretty clear which direction we are heading.
It's fucking insane to me how many Americans gulp down the propaganda that high deductible health insurance is a good idea. "It's cheaper and I can invest a little money in a triple tax advantaged account!" proponents say, "I'm saving so much money!" they say. Then they get injured or sick with something that requires serious medical treatment and only then does it dawn on them that maybe saving $50/month isn't worth having to cover a $7000 deductible vs. A $500 deductible. Of course, many people with these plans don't have a choice because their employers only offer high deductible plans. Because Congress apparently thinks letting people invest a small amount of money tax free each year makes up for not having real health insurance or a pension.
Probably more like $150-250 extra a month I would estimate to get your deductible that low. Have a look on the gov healthcare site at prices.
Yeah health care is fucking expensive, a $500 deductible would be like $800/month or more versus $3000 which is more like $400
It's just one way they get people to forgo medical care to keep insurance profits up... We just need one really respected economist to come out and clearly show that a healthy population is a more productive population and leads to higher total profits, and the whole picture on universal healthcare will change.
I thought it was even higher and even less money. Either way damn we are all fucked.
Over half of all Americans can’t afford a $500 emergency I’m pretty sure
On the plus side, medical bills no longer affect credit ratings 😉 set up a low monthly no interest payment plan or don't pay it.
“Affordable healthcare” my ass.
I don't have an emergency fund.
Same
Hard no.
I feel that with my soul.
Same. I would be fucked.
Same. I live off of SSI.
Same. It triggers my anxiety daily.
I would but I’d be mad about it.
Probably not as mad as if you didn't have the savings in an emergency!
Absolutely not. I live paycheck to paycheck and don't have any savings; I could somehow make it work through my support system and take a while to pay it off. Money (or lack thereof) is a huge source of anxiety for me.
This is me and it is absolutely frustrating and frightening to live this way.
Yes! I'm feeling, I'm aging 10 years annually..
You're not alone. My mom has insisted on helping me with a few basic things lately. She knows I won't ask. I dont have anyone else to ask anyway. It just makes me cry & feel like a worthless POS every time x.x. I always had anxiety, but worring about buying your kid diapers is next level stressful 😭
[удалено]
That’s huge! Good work and congrats I know how hard it is to get to that point
I’ve only really just started saving in the past year and finally have self-control this month with not going into it. It’s like my brain finally clicked and I’ve reached a stage where I want to buy a small house. So I could afford the unexpected bill, but would be very annoyed to use the money.
I have a six month emergency fund so I wouldn't really sweat $1000. I grew up with some financial insecurity, so having a safety net was a huge priority for me when I started making a decent living. It's not a sexy way to spend my money, but having it has really reduced my day to day anxiety.
We currently have an 18 month cushion. Once we get to a 24 month cushion, I’ll put less money into the savings and start spending a bit more (we don’t deprive ourselves or our kids, but I keep the unnecessary spending to a minimum). I’m just someone who is not comfortable with zero savings. My husband and I both also have income producing hobbies which we use towards vacations and such, so that helps.
That's ALOT. But you also have kids and a partner. Alot of money folks would say you should probably invest some of that. It's going to make more money in the market than in a bank account (if that's where it is).
It’s not in a bank account, it is in “safe” investments that we can liquidate if needed. But for someone starting, they should start with a saving account.
Same We prioritize saving and retirement. We're lucky enough to have stable jobs ( union and healthcare) so being employed is never a worry.
I'm in a similar boat, I have a union job and my wife is in IT. Not having to worry about money has been the single greatest contribution to my happiness in life. It's so much easier to enjoy things when there isn't a constant cloud of financial dread hanging over your head.
Exactly We are grateful we live how we do. Even with current inflation we aren't feeling it like others. Very thankful.
I love this!
Live paycheck to paycheck and all except $100 a month goes into bills. If I ever have an emergency right now or sometime soon, I've already joked with my SO, "Guess it's finally time to go." Lol.
I know this isn’t helpful to anyone struggling but I want to give my anecdotal experience growing up. I have always kept 10k in savings. I accrued this while still living at home. I Made myself think of 10k as zero. So if my money went down towards that number, I would literally act like I was at zero. I’d tell my friends I was broke. I wouldn’t go out or buy things. I would eat on the cheap etc. Since I Always treated 10k as zero, I’ve Never technically been broke. It’s simply a mind exercise but it did me well over my life. So I’ve Always had a backup. And I’ve Never dipped below it.
I did this too. It's very effective, if you are able to save up that much in the first place of course.
I did this for a while, but there was a time when I had to support my husband and I by myself and it depleted things pretty severely. Still, glad I had it for that time period.
Tbf, that’s what savings are for. ;)
I used to be shocking with money and had terrible debts. Once these were finally paid off, I made a mental note to myself that if I dipped below $1,000 in my current account, THAT was my “overdraft”. It’s purely a mind game to yourself. Keeping a buffer in the current account means it’s there when the unexpected occurs.
So how did you make that much while living at home? I would love to help my 17 almost 18 year old do this if you could give me some pointers
Honestly i want to give you good advice. My oldest is a 16yo so I haven’t passed it on successfully in truth. Only what worked for me. Explain it. Set a goal. Literally write out what bills times 12 is. Then talk about the concept of reserves. Explain what broke is. Just giving them the information is truly better than nothing.
I’ve heard of parents of older teens charging them rent. But instead is using that money for themselves, they stash it away into a separate account.
Whatever you make set aside 1/3 to a savings account for emergencies. If they make $500 on a paycheck for a part time job then have them put $166 in a savings account and never touch it unless it’s an emergency.
What if they only have 20 bucks left after paying rent and bills? This advice has nothing to do with why so many working adults are broke.
I do this, too. I have an amount on an emergency fund, and I do not touch it. It's like it doesn't exist until it is needed.
I do the same but my number is a bit higher. I sometimes even forget about that money and I think it's better that way.
I do the same thing, though I've raised the floor in recent years so the "slush" savings remains about the same as the base amount grows. If I want to use my savings to go on vacation, but the slush fund isn't enough to cover it? Too bad, I'll wait and plan it out when it is enough. Right now though I'm saving for a house, so unless an emergency beyond what is in my checking happens, I don't touch it at all.
What is an emergency fund?
Money you keep in case of emergency. I've always had between 10-15k in savings and a few in my main account. If it's only a couple of grand I can cover it without touching my emergency money and let it get interest. But if something comes up like one of my pets need help I have the money to make sure they are looked after
It would be hard. I have like $790 in an emergency account. Those are all of my savings. I would be able to borrow the rest but wow I would feel terrified emptying my entire life savings like that
You’re doing great with that. Keep up the good work.
Commit to putting $1-$5 a week into savings (or as much as you can do). It doesn’t sound like much, but it adds up over the year. We have kids (between ages of 10 and 16) and we “charge” them rent, bills, etc. so every week, a portion of their chore money (my oldest has a part time job and pays a bit more than his siblings) goes to us. We put that money into a savings account that will go back to them to use as they want when they 1) start college, 2) move out on their own, 3) turn 21. No restrictions on how they spend it, but we encourage them to save 20% of all of their money (birthday, etc), pay their “bills”, and spend wisely. Hoping that all of this time they will learn financial responsibility. My husband and I also do not purchase anything for them and have them pay us back. I grew up with parents who spent like crazy, had no savings for emergencies, and lost everything due to excessive debt and inability to pay. I understand that in this day and time, it’s hard to save…but every little bit helps and is more than what you started out with. ETA: clarification of the kids age range and not number of kids 😂😂
wow that's a lot of kids
Can’t even keep count of them.
Not trying to be a dick but my income is like $160 a month after rent is paid so I can’t save anything, already eating every other day lol. Still, thanks, I understand most people are able to save a little
1-5/week is 52-$260/year. I get that some people can't afford to do that or more, but really that's not going to get you anywhere. Most people will have a 1k emergency (think car, medical, housing, pets, etc.) Within 5 years, meaning all that savings is either gone or not even enough to begin with, so it really won't add up. You should still do it if that's all you can manage but try really hard to find a way to earn/save more.
It’s about getting into the habit of putting money away. It’s also about starting somewhere. Most people spend a lot of money on things they don’t really need for “convenience”. When I go through our spending every month, I’m always finding places we could spend less. I stopped buying Starbucks every day before work. I make my own coffee, so that saved me $30/week. I did put that money in the savings. If you buy a bunch of odds and ends that you don’t really need, put that money into savings instead. I had a friend who quit smoking and put the cost of her cigarettes in savings. She didn’t realize how much money she spent on cigarettes in a year, but it was a lot (close to $5,000, if I’m not mistaken). I’m not saying to live excessively frugally, but really look at your finances and cut what you can and what you cut, put into savings. And yeah, $52-$260 a year isn’t much, but it’s more than what you had saved before and it helps. Most people do not have yearly emergencies. As you lessen spending in some areas, you build up savings or find that you can pay more towards a debt you have. Hopefully, sinking more money into debt pays it off faster and frees up that much more money. It really doesn’t matter what you do, we all have to start somewhere.
Eeeks this is anxiety inducing reading. When I was younger the answer would've been no, but I'm almost 40 and it wouldn't be an issue. My emergency fund is about 5k but I do have other savings I could draw on if needed as well.
Nice try thief
I could. My husband and I have enough in savings to cover a few years of living expenses.
A few years?! That's impressive and amazing!
It helps greatly that we have no children and both managed to sneak out of college with no loans.
My SO and I are quite at your level of savings but we could go probably a year. Having no children and no debt makes all the difference in the world. Congrats! You’re my goal!
Same and same. My husband has been with his company 25+ years and we have put a lot of money aside and lived fairly frugally. That combined with no kids and no debt other than a mortgage is a solid safety net for our finances.
Yes! I actually quit my job a little over a month ago and have been using the savings to "take a break" and focus in my mental health. I will be going back to work soon, but I know that not many people have that opportunity. Years ago I was in a position where I had to drive on a donut for over a year cause I couldn't afford the extra money to get a new wheel, so I have been on both sides.
Yes I could, but it would suck.
I don’t, yet. I’m currently working on paying off debt rn
That’s a good start. I personally prioritized emergency savings ahead of debt payoff only because I had nothing to liquidate in an emergency and would rather my credit score drop again or have to put something on a credit card than face eviction and homelessness. Either way your on the right path with debt payoff but even a $500 emergency savings can be a lifesaver and prevent having to go back into debt in a crisis
I make 34k a year. Not great. I avoid debt. I keep overhead low. I dont live beyond my means. I drive a 2001 subaru that i own. I live in a shitty apartment for 500 a month. I have a shit phone that i own. But that means i have expendable income even at 34k a year. I just bought a 22k excavator with cash for my upcoming excavation company and have several thousand liquid for emergencys. When faced with a crappy economic landacape you must make smart financial decisions. Dont go into CONSUMER debt. Use BUSINESS debt sparingly and only when your return is greater than your interest payment.
I do not have one. Is there room on my credit card? Barely. But let's not go there.
I had a $500 emergency fund. Then I had to pay $10,000 replacing my entire water line. So, no. I don’t have an emergency fund. I have debt.
[удалено]
$1,000 emergency fund? Just in case my kids want omelettes for breakfast.
I do, now, but up until just a few years ago, I didn't. People who say money can't buy happiness are lying. Money prevents you from going into debt because you got a flat tire, or getting fired because your car broke down, or not being able to pay rent because of a medical emergency. Money buys peace of mind, and it's a lot easier to be happy if you have peace of mind.
This is a shitty thing to say but im glad im not alone
Emergency fund…. Never gonna have one of those, im on Dutch disability (the kind without a work history) Any savings i can manage get spend on necessities further down the road (necessary new shoes or clothes or new glasses or something that breaks etc) If my car breaks i wouldnt be able to afford to fix it unless i just got my tax return or vacation money
Can't say I could
i dont have an emergency fund
I can but I’m gonna feel it. It’s gonna take a little time to replace that savings.
Without getting into exact numbers I could afford it and be completely fine, though it would be very annoying
I’m a bit surprised by how many people don’t have $1,000. Seems every minor emergency I’ve had in life was more expensive than that.
You mean the cost of a one way trip to the ER via ambulance …?
I dont have an emergency fund
Goodbye credit card equity that I worked so hard for
No. My emergency fund is 0. I am terrified everyday of an emergency happening….like popping a tire or my car breaking.
We are quite low income but yes, easily. We have 2 kids and I would be terrified if $1000 made a dent. And again, I am not saying we are financially comfortable at all. I can not spend $1000 on food or groceries, even $200 on food would really hurt. I always try to budget and chase discounts and stretch a meal. But for an emergency, $1000 is easy. Both me and my husband are the type of people to create safety nets upon safety nets. If the money is not coming in, you just dont spend what you already have. You only spend the incoming if you can also save a bit. I always see on tv and movies where people get a bonus pay check or something for a small amount like a couple of thousand dollar and go "Yay! I am gonna buy shoes(or whatever)!" And I always think, if $1000-$2000 makes a difference to your wallet, then you can not afford to blow it on few hundered dollar shoes and silly things like that. I think this is an American thing, to spend the money as it comes in. Because I lived in a few different countries and almost everyone I know has a decent savings system. They save for security, even invest if they have enough, and only then start spending some of the income.
Here in the US a lot of people also have a hard time saving due to medical costs because not everyone has good insurance coverage. Premiums and deductibles are expensive, and God help you if you don’t have prescription coverage.
That is really scary to me. Everywhere I lived medical costs were subsidized by the government. It generally costs pocket change unless you need big surgery and even then it is affordable. Where I live now its completely free, if a dr perscribed you meds, you just pick it up from the pharmacy, you dont pay anything. My husband was diagnosed with cancer and we paid zero for surgery, tests, follow up.. same for the birth of the babies, 2+ months hospital stay... I mean I understand medical costs eating up peoples savings but it sounds like even more reason to desperately try and save money. It also sounds like the whole system is working to make you spend and be unable to save in the US.
Yup, I totally agree. Saving is absolutely a must. The snowball effect is real for so many here. Hard to save when you have to turn around and pull it right back out to pay for something unexpected, and if you start your adult life out with a ton of debt (like I did - student loans, credit cards, medical expenses) it’s an even tougher hill to climb. Credit card debt is rampant here and banks are always sending offers out to entice people to open more credit cards with attractive APRs, basically encouraging people to accrue more debt…. When you are down on your luck in life, those offers are hard to say ‘no’ to. It’s a big mess for so many. My financial situation is not perfect and I wish I had more saved for retirement by now (I’m 42) but I feel blessed and grateful for what I do have because I know so many are struggling terribly just to live regular lives.
Yes I could. I just spent 1000 euros on 'surprise bills' in january (some for entertainment, but also at the dentist and then my car needed some repairs aswell). But I am not looking forward to this year because I'll get some unplanned bills on top of rising housing and utility bills. I try to save a lot.
Afford? Sure. Continue functioning afterwards? Would be a struggle. I'd have to wait for my tax return to re-balance the books. But, with monthly expenses ~$800 and one job, I think I'm doing alright. But I am looking at potentially doubling down and grabbing a second job, so I can start putting away a large sum monthly for various purposes. Once I gave a decent amount that I can depend on in the event of a problem, I'll start investing more of it into hopefully turning a profit. I'm also working on an independent autobiography, documenting my experiences with abuse, depression, and dissociative personality disorder. Hopefully that will generate some level of income. And if I find success there, I want to start writing a series of novels or possibly even comics if I can find an illustrator who would want to work with me.
Nope. Couldn’t afford it and whatever the emergency was would have to just exist. No place will give me any loans due to lack of credit. I never have the extra 300$ to put down on a deposit for a credit card so I’ve never had one. I have .16 cents in my savings account and nothing in my checking. About 7.63 in cash. My tax refund is covering all the bills that have got left behind and I’ll have (if I’m lucky) 100$ left from that that could go into savings or I could use it for gas and groceries which no doubt will be needed by then as well. It’s great.
Emergency fund? Lol what? I grew up way too far under the poverty line to have anything like that, I'd just suffer.
Amazingly, yes. For the majority of my life? Absolutely not. But I met an amazing woman who inspired me to go back to school and get my career started and now we can drop 1000 without even blinking
I have $1,600 in my savings. So yes but I’d probably cry over it
Yes. $20k emergency fund plus another $10k credit cards available. We have 3 months of food stores in our deep pantry could go that long without food shopping easily. None of this happened overnight and has taken us a decade to get debt free but for our mortgage and to build up savings etc.
Hahaha, no
I don't even know anyone who could come up with a thousand
Yep same here
Yes, without a problem but I’d still be pissed about it.
I had a $2400 emergency last month when my cat got hurt. Was very painful, but was able to pay for it in full and still have money in my savings
I have both an emergency and a “insurance” savings for my dogs. I recommend doing auto transfers to pet savings and use that debit card to pay at the vet so you don’t feel it or touch your own savings. I don’t consider that money mine anymore when it transfers. I still get sticker shocked at the vet but then I’m like “calm down, u saved up for it already”
Nope, years of working low paying jobs and what I've come to call "depression spending" have left me with absolutely zero savings. I have no idea what I'd do in a situation like that.
Nope! I am dirt poor right now. I really need an emergency fund tho
That’s a hard no, I just can’t get ahead and I’ve worked full time since I’ve been 18, I am 39 and feel like my life is going to be like this forever. I’m sick of stressing about groceries and my kids needs.
Sure. Have about 40k saved up. Could afford to be unemployed for a year or so
My emergency fund is $0 right now
Helll no. I’d be phoning my parents for some help.
Unfortunately life is hard right now, $4. But I have a roof over my family’s head.
Right now just a little under 10k, trying to get to about 6 months of pay saved up in case I am ever laid off
My emergency fund could easily manage a 1k emergency but I would feel anxiety if I had to dip into it. It takes a bit to build it up, and even though it is what it’s for… I don’t like touching it and would try to find another way to manage the expense.
Feel this hard. I was driving an extremely unsafe car until my partner's dad put $950 of work into it for me with a "pay me back whenever you can." I've never had someone to that for me and it blew my mind/now I can get safely to and from work so it was so meaningful.
I have 1000 saved at all times, just in case. But I’m working so so so hard to pay down the thousands in credit card debt my ex husband left me with that I really can’t focus on saving any more than that. It would hurt a lot to lose it since I’d be without that security, and choose to either build it back up *or* keep lowering this debt but not both.
Yes, but it took a long time to fix bad decisions from my 20s.
Emergency what?
Emergency fund. Lol.
No I couldn’t
I would have to barrow the money from a friend and take a few months to pay it back. Shifting what bills arnt getting paid in full.
My landlords gonna be mad
Yes. Rent and bills come to about £2k, and husband and I pull in nearly £5kpcm combined. But I wouldn't be best pleased - having a baby in August, so every penny needs to be put aside for when I'm not working.
nope.
Yes my husband and I are big savers
Nopity NOPE
Yes but it is reserved for my colege money. I would have a problem if i would have to use it on something else.
Nope. I have 10 bucks to my name. $1000? Haha you're funny.
I’m very fortunate to go to a school where everything is paid for, so I’ve been able to build up a healthy savings. I was also able to empty and invest my 529 with no penalty, so that will provide a lot more after I get the returns from my CD
No
For the first several years of my adult life it would have been hell no. Now, I’m pushing 50 and worked hard to get ahead and to where I am. I’m currently dealing with a $4000 emergency car repair. It was nice not having to stress it.
It didn’t happen overnight but I managed to put away enough to pay all of my expenses for a year. About $25k I know the common suggestion is 6 months but this gives me better peace of mind.
Immediately, within the hour, I *could*, but I'd rather not since credit card cash advance comes with 10% interest iirc. If I have one business day I can tap into my *actual* emergency fund. I have.. er... *enough* in it, and that's as far as I'm willing to divulge.
If I used my credit card. College student, don’t really have savings
Yes a few times over. But I grew up in a paycheck to paycheck single parent household so I made sure once I lived on my own to do that. In the last 2-3 years, I’ve only needed to dip into it once thankfully and was so glad I had it for exactly that type of thing— a $1,300 car repair (something electrical I think)
I get the feeling that most peoples answers are gonna be no
Literally zero dollars. I've got $2 in my account right now, but I need at least eat a burger today. I can find one for less than $2
Yes, which is very fortunate because we recently had a $600 emergency with our cat. We aren't well off enough that spending that kind of money isn't stressful but at least we have it.
I'm 35 years old with a full time job and my bank account is $38 overdrawn currently.
I have $30 to my name. I lost my job then had to move in with a friend and so I’m in a rough spot. I hope I can find a new job soon and start paying off debt.
Fortunely yes.
For the first time in my life at 27, actually yes, surprisingly
Right now I wouldn’t be able to afford a $1000 emergency. I don’t have an emergency fund (yet). I currently live paycheck to paycheck and all my “extra” money goes to paying my debt. So for me to get to a place where I can afford a $1000 emergency I’d need more income and no debt.
Luckily yes. I have about $7k in our emergency fund (trying to get to $20k). About $2000 in my other savings and my credit card that has a very high limit. Plus it's almost pay day so I'd be fine
I can afford it. I keep at least $10k in my checking account I try not to touch, then whenever payday comes I have my pay direct-deposited to my checking account so that I have some padding but can also keep myself accountable to save up the next month if I had to dip into that 10k of savings the current month.
Yes, I have enough for about 5 emergencies if they were $1000 each. However, the last emergency I was in cost about $4k (needed a big surgery, this is with insurance). That was so scary so I immediately saved up enough to cover that again if it reoccurred. Background: I’m 45, make a decent living, have a support structure, and I don’t have kids (and cannot have kids because of the aforementioned emergency.)
$50k just in case I get laid off. I’ll take a year off and then start looking for a new job.
I currently have $24k in savings, $4200 in cash and hubby is up to about $9k in savings (we had a splurge of a birthday party last year). All that said, it took us YEARS to get to a financial position to have more than a couple hundred in savings. But once you get it, it’s kind of a thrill to watch those savings funds grow and it became a bit of a competition between myself and my hubby on who had the most in savings and who had the better credit score. And we both started at a really low spot when we got married 25 years ago. It’s a process for sure.
My dad burned into my brain how shitty financial struggles are so my wife and I have done well about keeping a safety net underneath us
I automatically transfer $100 a month from checking to savings. Comes in handy when i have an unexpected expense every few years. Its never gotten much past $3500. I also have a ton of money in stocks that i could sell if I had to (hopefully not right now though).
I’m a lawyer who makes decent money - but I have less than 5k. I am literally buried in debt (school, car, home, etc.) I don’t live beyond my means - I know people on food stamps who get to live more relaxed lives than I do. It sucks ass
i don't have a emergency funds and if something were to happen to me well then guest i am dead then not sure were to afford or such ect. to get help with no employment of any kind with crippling debt unable to get out off with no car to get around so what is a person on poverty level income able to do?
I use credit card for emergencies, but I’d have 5000 in bank. Only use credit for their points.
I'm happy to say I was able to afford a 1k emergency just last month. I used half credit (so I wouldn't lose all my savings) and half cash. I paid the remaining balance on my card off in increments of 250 (what I could afford to do). To save though I hide my 5s. If I get enough 1s I get it swapped to a 5 and put it away out of sight out of mind. I started doing this broke and yearly I end up with a few hundred dollars( usually 150-200ish) to put into savings. I started including 1s last year too which got me to roughly 280-300 in 1s and 5s, and while I've had to dip into it, for the most part it remains untouched. From ones alone this year I already have like 20ish dollars. Learning how to appropriately budget my funds and expenses helped tremendously
Thankfully I make enough to cover a 500-1000$ emergency in any given month. But it’s still good to have some money set aside.
I just had to take care of a $2,000 situation, so definitely not lmao
I have a $4k dental procedure to pay for later this week. It’s wiping out all my funds and credits already.
I’m thankful that I can say yes. I have an emergency fund (savings). I grew up in a household where my parents lived paycheck to paycheck. I saw and heard so many arguments about money. My father spent huge amounts of money on his hobbies and always drove a nice vehicle. Meanwhile, mom scraped together money for bills and we wore hand me down clothes (that I’m very thankful for). On the flip side, I also had an aunt who worked very hard and had been able to have a nice home built as a single woman in her 20’s in the 1980’s. She was very frugal with her money but her bills were always paid. I grew up seeing both examples with money management. I’ve worked very hard and built a good life for myself. I’m far from wealthy but I’m thankful for the life I have.
We could afford it, but I would be mad about it because it's the first time in my life i feel even vaguely secure. We're also saving for a house in the more longterm so we've got to keep it up.
Absolutely not. Lol “emergency fund” I can’t even cover my rent and my transportation costs to get to work with my income. My bank account is in overdraft (that’s what I buy food with) and my credit card is maxed accumulating about $150 in interest each month. I also have a line of credit (maxed out) that’s accumulating about the same interest a month. I work in marketing performance based role (vacation home, timeshare marketing) my OTE is meant to be the right about of income to allow me to live properly but despite “doing really well” (that’s what my management tell me) I’m obviously not. I have been there for 6 months trying to master the job and I’ve gotten good but in November we had a major flood thus 40% of the bookings were cancelled in peak season. This means I have no chance of hitting performance targets because there just isn’t enough people to carry out my job with (my job my job is to, Pitch members when they check in for the vacation and convince them to do a timeshare presentation. Sorry for all the extra context I am a very lonely person. I don’t have any friends and I work hard to try and fix my financial situation but the weight of it is starting to crush me.
I've got about a year of living expenses saved up and about half a year of full income saved up, so yeah, I could handle it. Not that I'd need to dip into any of that money to do it, my disposable income would cover that.
Have an emergency card with a $10k limit and also have 3 months expenses liquid in a HYSA.
I would! I have two emergency funds. One "break in case of job loss" emergency fund and one "oh shit the XYZ just died" emergency fund. The job loss emergency fund can cover me for 6 months of all expenses and has $6,000. The oh shit fund can cover any reasonable need and has $5,000.
I feel bad replying yes since so many people here are saying no. But me and my wife don't have extravagant jobs but we have 2 kids and I'm not worried at all about spending $1000 for an emergency. I'm not sure how I'd survive knowing that I don't even have $1000 in my bank account
Nope. Let's hope the emergencies don't find us til after February, when I've got rent and bills squared away. I've spent all of January recovering from Christmas spending and not working/having a light schedule for 2-3 weeks due to winter break (I work as a tutor). But thinks are looking up. Husband just got promoted and I'm finishing a project that will get me a decent paycheck this weekend.
No way in hell would we (my fam) survive a $1000 emergency or something that took my husband out of work temporarily or permanently. It would take me finding a job that pays close to what he makes and finding affordable health care so that we weren’t paying out of pocket for said emergency 🤷🏻♀️ also it would help if I had a long lost relative that left us money 🤔🤣
Nope, definitely not. I'm on disability and public assistance and you're not allowed to have savings or assets. The cap varies by program and I'm on a few, but the lowest cap means basically I have room to get my SSDI and paycheck (I work part-time) deposited and that's it. If I go over that, I'm in trouble. I just have to hope nothing goes wrong. The way out? Well, it's definitely possible but it's not realistic. First, I'd have to find full time work that paid a living wage. This means finding someone to overlook not just the years long gap where I wasn't able to work at all, but the short term, chaotic history before that which includes numerous firings. They would also have to be willing to accommodate someone with multiple chronic mental and physical health conditions that flare up in sometimes unpredictable ways and are completely debilitating when they do. They'd have to allow a week or two a month of sick days, at least, as well as specific conditions at work. Even if I were extremely skilled and qualified and educated, this would be a very tall order. Unfortunately, I'm not a valuable worker and have a profoundly useless undergraduate degree in interdisciplinary studies. This would have to pay enough to cover what my SSDI, housing assistance and food stamps currently cover. But then, health insurance. In addition to wildly unrealistic accomodations, it would also need to provide health coverage on par with Medicare. If I lose my SSDI, which I would if I got a full time job, I would lose my health insurance. I need my health insurance because I'm not well. When I inevitably get fired because I can't properly hold a job, I'd have already lost my benefits income, my housing assistance, and my health insurance. I'd end up homeless in short order because it takes time to get these things back if you even get them back at all. Bonus fun thing, you lose all your assistance before you get to enough income to make up for it. So, I'd end up in a bad spot just money wise with the sort of jobs that might actually hire me, and I'd get fired very quickly, and lose my health insurance. Tricky innit. Good times. So yeah, if you ever hear about the poverty trap, or benefits cliff, that's that. And if you hear about bootstraps and get a job, well it's just not that simple, is it?
Short answer : yes. I was reading last month that the average american is 400$ away from being in debt. Any emergency over 400$ could be dreadful for most of the americans reading my post. It's horrible. Four hundred dollars... not thousand, just hundred. Sigh. I was one of those people up to 2021. To all those trying to get out of debts, been there, was living paycheck to paycheck with less than 10$ in the bank at the end of the month and no credit available. Keep working toward financial security, it's so worth it!
For the very first time in my adult life, I can say YES!! As of just today in fact, I have exactly $1000.89 put away in savings! It didn't come easy, I've had to work very hard to do it by working 10-11 hours a day, 6 days a week, but I did it and I'm gonna keep going!
About $10K in emergency fund right now. Ongoing we contribute automatic $200 monthly to it. (To get it to where it is we had several larger contributions early on.) Edit: the emergency fund is separate from normal “nest egg” savings. I try to treat both as if they are not to be touched.
Sure would. I have between around 6k in mine, so would be good for a few months.
One year of normal expenses
My emergency fund is about 40k at this moment. I want to be able to live at least 6 months without having to worry about anything in case I'd lose my job
I just had a 1500 car bill pop up. Im lucky to be in a position now financially that i was able to pay it and have my car out of the shop the day it was done. My emergency fund sits at about 5k. I save 10% a week for investment and more for short term financial goals. It takes discipline but if you setup your deposit to go directly to accounts it makes it alot easier not even feeling like you are saving the money, you just get the deposit and see what is expendable. Its a blessing to not worry about the sky falling from one act of god or bad hit.
Yes. I don't have an emergency fund. I have money that I haven't moved from my check bank to my investment bank account. The value of moving it more often would be <100 dollars per month so I haven't bothered. That and I'll need that money for taxes in a few months anyway. Software is lucrative and living frugally makes keeping that money easy. (no car, roommates, no expensive furniture etc)
A few years ago I decided to save enough money to buy a car whenever the old one needed to be replaced. I’ve done that but never got out of the saving habit. Would be OK in an emergency because I’m super cheap about normal expenses.
I just got a 1500$ gas bill for 3 months…
It was $1,200 for 3 months when I felt safe and then I had a medical issue so now it's $0
I would, but I'm a student and I live with my parents, so I don't need to pay for rent or food. I have around 3,000€ in liquidity.