If you were hit with a $1,000 emergency

[Super Nova]

This article caught my attention.

Only 39% of Americans say they would be able to pay for a $1,000 unplanned expense

This is alarming. 61% of the US are managing their lives, hand to mouth. $1000 is nothing these days.

Do we have a similar issue in Australia?

It is either, they are poor or do not have any money management skills. You have to, after a period of time and you are working, raining day savings to smooth out the bumps or access to something are can quickly convert to cash.

Most Americans can't cover a $1,000 emergency
Life happens: A broken-down car. A leaky roof. A broken bone.

If you were hit with a $1,000 emergency, would you be able to cover it? For the majority of Americans, the answer is no.

Only 39% of Americans say they would be able to pay for a $1,000 unplanned expense, according to new report from Bankrate.
"Even though unemployment is down and there's been a recent uptick in wages, we aren't seeing the needle move savings," said Greg McBride, chief financial analyst at Bankrate.

Unexpected bills aren't uncommon. More than one-third of households had a major unplanned expense last year, the survey showed, with half of those costing at least $2,500.

Nearly one in five Americans said they would put the expense on a credit card, the report stated, which usually makes the cost even higher as you pay off the interest.

That's why experts usually recommend you have an emergency fund.
"Having that emergency savings fund will help you sleep at night before and after that unplanned expense," said McBride.
He recommended having six months of living expenses to help blunt the financial blow of a surprise bill. While that can seem like an insurmountable goal, every little bit helps.

"In the last recession we had nearly 7 million people who were out of work longer than six months," noted McBride. "To someone who doesn't have any or very little extra funds, accumulating six months of expenses sounds like climbing Mount Everest, but that is the destination."
https://www.msn.com/en-us/money/persona ... spartandhp

[cods]

oh its real alright.. I could handle it but I have a son who couldnt and never could...

I would make your hair curl if you knew how he squanders money....he has a sister who has money and she is always there for for him..

I of course have been in the past.. we have made it easy for him...b ut its not always what it seems..

money burns a hole in his pocket...it doesn t mean he never has any.

[Super Nova]

I remember being in this situation when I was in my early 20s.

[Black Orchid]

Too many people over commit nowadays and then have to live hand to mouth.

I can understand it in Sydney where house prices, food and rents are astronomically high but housing, food and rent in the US is cheap, unless you choose to live in New York city or the like. WAY WAY WAY cheaper than here.

[cods]

Too many people over commit nowadays and then have to live hand to mouth.

I can understand it in Sydney where house prices, food and rents are astronomically high but housing, food and rent in the US is cheap, unless you choose to live in New York city or the like. WAY WAY WAY cheaper than here.

thing is black orchid... their wages are not as big and conditions are not as good...

we have always had this idea they are much better than ours.... but that is just not so..

thats why tipping is mandatory over there...


we do not know how lucky and well off we really are here.

[Black Orchid]

Too many people over commit nowadays and then have to live hand to mouth.

I can understand it in Sydney where house prices, food and rents are astronomically high but housing, food and rent in the US is cheap, unless you choose to live in New York city or the like. WAY WAY WAY cheaper than here.

thing is black orchid... their wages are not as big and conditions are not as good...

we have always had this idea they are much better than ours.... but that is just not so..

thats why tipping is mandatory over there...


we do not know how lucky and well off we really are here.

Don't really agree there but I guess it also depends on where you live here. I have friends in many different states over there and each and every one of them are FAR better off than anyone having to live in Sydney.

Average wage is comparable but their housing, rental and food is a mere pittance compared to Sydney.

[Neferti]

My American friends complain about the cost of their "gas" mostly. They are all retired and well off so nothing much bothers them, other than the price of gas (petrol).

[cods]

I would imagine many variances over there... but dont forget Black orchid their housing went south...and it takes years to recover from that...

they do not have as many holidays or public holidays as we do... the health system is much dearer...and they go to school for much longer..

our top public servants are paid much more than their American counterpart

big business is where there is a big change of course...

travel within the country is so much cheaper over there......ours is outrageous by comparison..

[Black Orchid]

My American friends complain about the cost of their "gas" mostly. They are all retired and well off so nothing much bothers them, other than the price of gas (petrol).

The average price of 'gas' in the US right now is $1.65 USD per gallon ($2.07 AUD) and there are 3.8 litres to the gallon so that makes 'gas' there .43 cents USD per litre (0.54 cents AUD).

Petrol prices in Sydney right now are almost $1.40 per litre. Do the math lol

[Neferti]

My American friends complain about the cost of their "gas" mostly. They are all retired and well off so nothing much bothers them, other than the price of gas (petrol).

The average price of 'gas' in the US right now is $1.65 USD per gallon ($2.07 AUD) and there are 3.8 litres to the gallon so that makes 'gas' there .43 cents USD per litre (0.54 cents AUD).

Petrol prices in Sydney right now are almost $1.40 per litre. Do the math lol

I know, I have done the math and informed my American pals who complained at the time, they didn't comment ... and still whine about their "gas prices" every so often.

By the way, Sydney has "cheap" petrol .... Canberra is more expensive!