Alicia Nelson-Bell, HCHC
While experiencing times of high inflation and after spending the last couple of years in a pandemic, it is more important now than ever before to make sure that you have money in your emergency fund. Notice I didn’t say if emergencies happen, but when. According to a recent survey, 36% of Americans reported withdrawing from their savings accounts in the first half of this year to help keep up with the rising costs of the goods and services in the midst of high inflation. As you could imagine, during that same time period, the personal savings rate has fallen by almost 3% from what it was in December of 2021 to only 5%. Take this as your personal reminder to keep/begin contributing to your emergency fund, so you don’t find yourself stressed out and taking on new debt when bumps come up in the road of life, no matter how hard it may seem.
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