What Happens When You Don't Have $500 in Emergency Savings
Summary
The article discusses the consequences of lacking a financial safety net. Without $500 in emergency funds, unexpected expenses can spiral into financial crises, leading to debt, missed bill payments, and stress. The article emphasizes the importance of emergency savings in weathering unforeseen events like car repairs or medical bills. It suggests strategies to build this fund, such as automatic transfers from paychecks or cutting unnecessary expenses. By prioritizing emergency savings, individuals can protect themselves from financial instability and navigate unforeseen challenges with greater resilience.
The Ascent
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