HARRISBURG, Pa. (WHTM) – An emergency can happen at any moment. Are you financially prepared?
A new survey shows two-thirds of Americans would have a hard time coming up with the money to cover a $1,000 emergency.
“I think it’s a shame. Sooner or later they’re going to get bit in the rear, rear end,” said Tom Keenan, who is retired. “But then again, if you ask me for $1 right now, I couldn’t give you a dollar because I don’t carry money. My wife carries all the money.”
Finances aren’t so easy for Johnny Martinez.
“My car, just a couple days ago the ABS light came on and I don’t know what’s going on with it right now,” Martinez said. “It’s going to be over $1,000 to get it done, I’m sure when I’m done with it anyway.”
Like many of us, Martinez is concerned about how he’ll pay it off.
“It’s going to be tight. It’s hard when you live check to check sometimes if you don’t really have it available,” he said.
Douglas K. Denlinger, qualified kingdom and advisor managing partner at Lifeguide Financial Advisors, has some tips on how to save $1,000.
“The first thing they need to do is resolve to do it,” Denlinger said.
He said you should temporarily get rid of subscriptions like Netflix, cable and the gym.
“Have you been there since January? Your magazine subscriptions, newspaper subscriptions, that type of thing can add up,” Denlinger said.
When grocery shopping, buy store brands and clip coupons.
“Cut out going out to eat,” Denlinger said.
Another tip: sell stuff you don’t use at a garage sale or on E-Bay.
Denlinger said saving $1,000 is a good place to start but you should save even more.
“We don’t accept the premise that Americans have to have debt to live their life,” he said.