You never know what might come up, which makes savings for a rainy day important.
Emergencies come up. “But a lot of Americans aren’t ready for them financially, according to new research from the New York Federal Reserve.
“The average American age 40 or under says there’s nearly a 50% chance they would not be able come up with $2,000 next month if there were an emergency.”
“Overall, Americans said in October there was a 34% chance they couldn’t come up with that amount of money if they had to. That’s down from a 42% chance in 2013 when the New York Fed first started asking the question in its Survey of Consumer Expectations. But it’s still up from 32% in February.” (Gillespie, Patrick. “Many Americans Don’t Have Enough Emergency Cash. CNNMoney. Cable News Network, 7 Dec. 2016. Web. 12 Dec. 2016.)
Read more at CNNMoney here.