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K-State Research and Extension
123 Umberger Hall
Manhattan, KS 66506-3401

March 7, 2017

Emergency Savings--It's Not If, It's When

Submitted by Kate Mielitz--GRA Extension

piggy bank

What if? Sometimes this is a really fun question to ask. What if I get a raise? What if I win a new car? Other times the “what if” isn’t as fun…What if I can’t afford to pay my bills this month? What if I lose my job? What happens if my car gets hit?

Do you have an emergency savings fund set up? Do you contribute to it monthly? If not, why not? If it’s fully funded, then please go about your day, but if it’s not fully funded, why aren’t you putting YOURSELF first?

Emergency savings goals will vary from person to person, family to family. The important question to ask is “What if…” and get enough money put aside to cover some of those what-ifs. If you or a family member are considering a job change or worry you may be laid off, you should have at least enough money in your emergency savings to cover your monthly expenses until you can find comparable income. If your job is steady and you aren’t planning on going anywhere, can you afford to come up with money to cover the deductible if your car gets hit? What about new tires? What about an emergency trip out of town to visit an ailing family member?

It’s not if financial issues will arise, it’s when. Creating an Emergency Savings account may help you offset some of the financial challenges that arise. Last week was America Saves Week but it’s not too late for you to pledge to save!