Web Extra: Emergency Funds: Saving For Hardships


(WBRE/WYOU-TV) Even if you’re not impacted by the government shutdown, it offers a good lesson on financial emergencies. NBC’s Chris Clackum reports.

Among the stories about furloughed federal workers coping with the government shutdown, Chris Greer’s story stands out because of what he’s been doing for years.

“I do have a little bit of an emergency reserve fund that we have saved as a family,” Greer says.

Sadly, he’s the exception, not the rule according to a new bankrupt survey about American workers with no emergency savings account. 

“Only 40% of Americans could pay an unplanned expense of a thousand dollars out of their savings,” says Bankrate.com senior analyst Greg McBride.

McBride says the average financial emergency costs about $3,700.

“The critical action step is setting up that direct deposit from your paycheck into a dedicated savings account,” he advises.

Don’t forget to Watch the Financial Forum on Eyewitness News! 

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