August 13, 2011
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Can You Afford a $1000 Emergency?
A recent poll found that 64% of Americans could not afford a simple $1000 emergency.
The Americans do not even have $1000 cash on hand. Here is the link: Link
Could you afford a $1000 emergency?
A recent poll found that 64% of Americans could not afford a simple $1000 emergency.
The Americans do not even have $1000 cash on hand. Here is the link: Link
Could you afford a $1000 emergency?
Comments (96)
Yes, I can do that much but not a whole lot more without dipping into the savings account
definitely not. I couldn’t pay my bills that month if that happened. (I only make 2,000 a month in my fellowship) however my parents would take care of it if it was a true emergency. I’m only 21 =p
Nope. Granted I’m a college student and have no money in the first place.
I have it but I really wouldn’t want to have to spend it…I’ve been saving for a first month’s rent and deposit so I can move by October. And my credit score is higher than a bunch of my friends and I only have about 3,000$ worth of debt from school…most of them have around 20,000.
Not right now, I just spent a lot of money buying plane tickets/hotel for my vacation. If I handled that big of an emergency I’d have no money left for regular bills, rent, or food. But I’m sure my parents would help me out if I asked. They have in the past.
Yup. Easily.
I can’t and it really upsets me. That’s why I’m desperately trying to raise my credit score. I’d like to at least have $1,000 on a credit card at all times in case of an emergency. Even if I can’t always have it in cash. :/
Nope
Yeah but it would not make me happy.
Yeah. I don’t have the cash on hand (though I do have like $800 in the bank right now) but I have a $4000 credit limit on my card, so I could do it if I had to.
I’m in Europe. I don’t have to. Emergency treatment is free at source here. America is a toilet.Sort your country out. Oh, I forgot, that would be the dreaded “socialism”. Not only a toilet but a laughing stock.
Nope!
probably not, but because I just got out of college and I’m still living with the fam
Easily, I am married to my wife who is a home finance genius.
yep. that’s what savings accounts are for. my checking account, however, isn’t as happy
it sucks to be a student sometimes.
no, but i’ll go anyway. I know my grandma will pay.
I’m going to survive. I’ve learned this.
I remember wandering around St. Louis. I went to 3 ERs in one night. Want to know why? because I was in agony and I couldn’t think clearly. I was having chest pains and other odd symptoms. Those would be from my psychotronic friends. What happened was that I was dropped off from one, and I went screaming to the next. They need to come inside me to know why I complain.
I wasn’t prescribed any pain pills. One said I had a virus without running any tests. Another said I had a hernia. The other said that I was psychotic.
I’ve given up on hospitals. They can’t help you. If you’re going to die, you’re going to die. That’s why I’m becoming a Christian scientist.
Growing up, I’d never been to the ER, so I didn’t know this. I thought hospitals were magical places where people went to get better, but they’re only places to die in or where people get worse. I’ve spent months in hospitals for schizophrenia, and I’ve seen more sad stories than good ones. I’ve watched doctors like literally kill people. There was an alzheimer’s man who I watched get pills for psychosis and just wet himself and zoned out. I was like, what have you done to him?
total cost 1200.
No :/
Yup.
Yessir
No. I only have $30 to my name right now.
Maybe if I sold body parts…
No.
I could, but…I’d be hurting afterward. Also, I’m talking about pillaging my savings for that… I don’t just HAVE that.
Does selling all my shit on eBay count? If so, then still no.
@Sir_Sparrow - thank you for supporting this AMERICAN company and devoting how many hours of your never-get-it-back-again life to this toilet.
@Roadlesstaken - You’re one of the lucky ones.
OP:
Nope.
Yes.
Yep, but I’d have to take it out of my savings account.
Nope. Couldn’t even afford a $100 emergency right now.
@Sir_Sparrow - Who said anything about a medical emergency?
Yes, no problem.
I guess I’m in the 36 percentile then….
Yes… in cash. I mean, I wouldn’t be happy about it and I’d have to budget for the next couple of months, but yes, I could afford a $1000 emergency. I don’t have a credit card and have never had one. I’m also fortunate enough to not have any student loans.
I broke my back a couple years ago and it cost my parents THOUSANDS of dollars in medical expenses. They’re still paying it off. If there was another emergency, we could probably make it work, but it’d be tough.
Yeahh, but then I’d be dead broke. I need a job…
Wow, that’s a really high percentage. And any comment that states they could because they have that much or more on a credit limit is a fool. And yes, i could afford $1k and not put it on a credit card. You should do another poll to see how many people pay off their credit cards in full each month….it’s probably an even higher percentage that don’t.
@ShamrockLover - I was thinking the same thing when I saw the comments about credit cards. Most anyone could put the emergency on credit cards, but that is irresponsible. And, then that emergency potentially hangs on someone for years. And then the next emergency comes… My experience matches what Dave Ramsey teaches. If you have the emergency fund you tend to have less emergencies.
can you?
@MagisterTom - Not to mention that if you put $1,000 on a credit card and don’t pay it off right away, you end up paying back even more than $1,000 because of interest. I understand people are desperate and have to do that in certain situations, but i see people doing that for frivolous items and then they have an emergency and dig themselves even deeper into a hole.
I could, provided I wrestled more.
no, and a $1000 emergency solved by a credit card turns into a much larger emergency later. It’s like drinking to drown out one’s sorrow — only makes a big problem bigger. Better yet, would love to have the negotiation skills enabling a larger salary. Now that’s a solution!
yes, but that would quickly lead to another $1000 emergency.
Absolutely without hesitation, regret, or worry.
Ah, emergency fund. So much for assumptions. In that case, the poor in England would have similar problems.
Yes, I could handle this, but not without borrowing money. I have good credit, so I’m pretty sure I could convince my credit union to loan the cash. If they didn’t, then I could borrow from a network of trusted friends and relatives. I’m sure that I could find people to help me out- and I certainly do help out people in my network when they are in need.
My credit card ($1200 limit) couldn’t handle it, as I’m still paying it down from the latest $1K emergency.
I’m putting about 20% of my monthly income into paying off my credit card, and another 10% into savings- I figure the card takes priority, since what I lose from fees is greater than the interest I get in my savings account. I think I should be back into the black early next year, barring anything unforeseen.
If I were more careful, though, and if I gave away less of my income, I think I could be saving upwards of 60% of my monthly earnings, which means that my credit card could potentially be paid off by year’s end. Then I’d be prepared to meet the next $1K emergency.
Thank heavens that, if the emergency were medical, there’s a good chance my health insurance might eventually reimburse at least some percentage of the expenses- once I scrounge up the cash for the $1500 deductible. Which I’ve already done this year, which means that the next emergency (if it happens) could be partially covered. I’d have to come up with the cash to pay for stuff immediately, but I’d have a reasonable hope of eventually getting some of it reimbursed. It is a great and rare blessing to have health insurance.
@ShamrockLover - @MagisterTom - It is true that there are people with high salaries who spend very irresponsibly and so can’t afford an emergency that costs only a fraction of their monthly income.
But to call a $1K emergency “simple,” or to call the use of credit cards “irresponsible” or “foolish,” is simply not fair to the many people who work hard, earn well under $1000/ month, and try responsibly within limited means to manage expenses and emergencies.
@Kurasini - I think having an emergency fund should be a rather high priority. If someone can’t meet their regular expenses, they probably need to reduce them if possible, or increase income. Yes, I understand that isn’t an option for everyone, but it is for most people, especially most who are on Xanga.
@MagisterTom - Increasing income is not an option for “most” people, nor is it terribly easy to reduce expenses. It doesn’t cost a penny to belong to xanga, and people who live in the United States can access it free from the public library. I wouldn’t be so quick to make demographic assumptions about membership.
Nope, not even close.
In an economy crippled by socialism and with real unemployment at nearly 20% it’s a wonder anyone can afford anything. Capitalism yields personal wealth creation at virtually infinity.
So for the life of my I can’t understand why people choose to impoverish themselves and their entire culture believing the blather of self interested, greedy Democrat politicians.
Step One of financial security – have an emergency account with at least $1000.
I’m ready.
@Kurasini - The majority of Xanga is in their mid 20s. For most of us getting a second job, even part time, is an option. And, I would imagine that most Xangans are not accessing the internet from a public library, though I’m sure a few do. Maybe saving the $20-50 a month on internet could lead to saving for that emergency fund.
Absolutely not.
I sure can. It comes with months of not shopping.
@Kurasini - Back when i was in school and working full time, i made about $1k a month and i could live within my means and afford a $1k emergency without putting it on my credit card. I know this doesn’t apply to everyone, but i see so many people have an emergency, but they were taking a trip to Vegas the previous month or buying drinks at a bar or spending even a little frivolously. If you have barely anything to your name, you should sacrifice television and a fancy phone in order to get to a better financial place. I see very few people who make little money sacrifice what they need to in order to afford a $1k emergency in cash. Credit cards make it too easy for people. Also, i wasn’t referring to those that make under $1k a month. Who are those hard working people because with minimum wage, you make more than $1k before taxes?
@MagisterTom -
OK. The very little googling I’ve done reveals:
Your “average” Xangan is a Hong Kong woman, aged 34 1/2, earning $50,000/ year, with some college education but not a full bachelor’s degree. For her to have a $1K rainy-day fund is not unreasonable.
Compare this to your “average” human being, who is a 29-year-old suburban woman from India or mainland China, earns $5,000/ year, and has some high school education but not a diploma. For her to have $1K set aside in a rainy-day fund would be much harder to imagine.
@ShamrockLover - that figure assumes you’re an American with a full-time job. Most people aren’t Americans. And most minimum-wage/ unskilled jobs available in America are not full-time.
A lot of the hard work that people do in order to keep themselves and their family going is unpaid work- not a “job,” but rather doing hard labor to feed, house, clothe etc yourself and your family because you don’t have the cash to buy these services/ products and don’t have jobs available to earn the cash.
yes. not a problem. If you ask.. do you have someone to spend 1000$ with? that’d be tough to answer…
The fear of pain exists in the conciousness of mankind. The reason the white race has become very successful is because this fear drives them to the point of computer competence. The white man make trucks, invent stuff, all to make existence easier, predictable, and less frightening. Most humans were not ready for the white man’s fear and yearn for civilization. That is why the world is a toilet.
As civilization progresses, life becomes more complicated, most humans will not be equipped for this life. Poverty will increase, violence too, and sickness. Salvation will go to the rich. For the moment, humanity does not feel the pain of civilization because most humans are content with love from their fellow man.
It is this good natured love that allows the white race to get away with anything, while sinking the rest of the world in a shit hole. I am not saying white people are bad, they are very beautiful like swans. But reality is reality, and the white race will be responsible for the destruction of the others for being way too competent. Perhaps this is god’s will, but the injustice is hard to swallow.
@Sir_Sparrow - You are fortunate! How I wish we had a wise and compassionate government and people.
I could afford it without too much trouble but I wouldn’t like it.
@merfolklore - It is not so much a compassionate government that “allows” these things; Such entities as universal health care were hard fought for. Unfortunately, since the bitch Thatcher, the NHS (National Health Service) has been whittled away by right-wing ideologues. The way things are going, the UK will people will be sold down the river even mire than they have been;. Still, that is happening all over western Europe. In a hundred years, there will be another cycle of revolutions. I’ll be long gone by then or hanging on by my fingertips as dolly birds feed me bread and milk.
If this is your way of figuring out who to hit up for cash, Dan, it’s thinly veiled. Nice try.
nope, would be screwed.
I could, but my safety net would be completely exhausted
Yes, of course. I’m responsible and don’t blow all my cash on weed like the vast majority of Xangans.
A simple $1000?… Say that to someone who owns their own house, car, with a job where there is min wage and no benefits… Oh yea… Simple..
@TakingxOverxMe - I know how it feels to have that and less. :/
Definitely not. We don’t even make $1000 a month.
Oh, and no, I can’t afford a $1,000 emergency. I couldn’t even afford a $100 emergency right now.
With 13 kids $1000.00 “emergencies” are not uncommon.
yes i could
No
American’s inability to save is also the reason why America was able prosper so much in the last 30 years without game changing innovation (unless you count the iPhone and it’s support infrastructure). We spend and spend and spend to create jobs. And now we’re in a hole because those jobs and our money went overseas.
$1000 is easy. I have a $1000 in my wallet right now. Dropping an emergency $10k I might take a few seconds to think about.
Yes, and have at least twice before.
Yes I can. Thankfully.
Americans don’t save as much/”well” as other countries on average. it’s a combination of capitalism, demographics, and culture. Whatever the reason, time to be responsible! I could do it. I wouldn’t like it, but I can cover it.
As long as they healed me up enough to go rob a bank the next day. The hospital will only get their money’s worth.
Me? No since I’m in college and am lucky enough to not have to work full time at the same time. My parents? I think so. I haven’t seen their savings accounts lately but we’ve been doing well financially lately so I think so. A few years ago though they wouldn’t have been able to, not easily. I think they generally had the $1000 in a savings account and then bills were barley covered by their military salaries.
absolutely not.
That all depends on how much ammunition I have off hand…. which… on any given day, is enough.
I’m Canadian, but as a recent graduate and currently unemployed, yes.
No, because we drained our savings during these last few months of unemployment. Normally yes though because we make it a priority to put money in savings. Even if you only pull $20 from each paycheck for savings, it is better than nothing. I think most Americans need to take a financial course to help them get their finances straight and to teach them how to handle debt and savings. My hubby went through Financial Peace University and I’m glad he did because money is his weak point.
Thanks to our savings account, we could handle an emergency considerably larger than $1,000.
Yes.
I could afford it if I had to, but I wouldn’t want to. That said, I don’t have $1000 in cash. (It’s stupid to have that much cash.) Rather, I have that much (and a bit more) in investments that I could pull it from fairly easily.
Not with cash.
Yes, thankfully.
Okay, my family of four is supported on my husband’s minimum wage salary where he averages around 33-36 hours a week. Last year we made 12,600 dollars before taxes which averages to a little less than a thousand dollars a month after taxes. We have made a point of having at least a thousand dollars saved up for emergencies and this year we managed to save enough to have three thousand dollars in our emergency savings. Unless you are disabled you really do not have an excuse to not have one of these. The poorer you are, the more important it is to have one.
@laughxlovextravel - That is what I do.
Not really…but we have a credit card with that limit to use just in case.
a $500 emergency would be murder to me. I’ve been working my ass off since I was 18 and now, maybe, finally this might change soon. Maybe.
nopee!
it would take me months to pay that!!!
i wish i had 1000 dollars just laying around!
@Xbeautifully_broken_downX - I had to sign up for a Kays account to build credit because I had NO credit history and my bank wouldn’t even give me a card.
SO basically I buy jewelry to raise my credit score.
Yeah, I could. I’m always scared that if something happened I’d have nothing so I made it a policy to have some emergency savings. It’s not by any means an impressive amount but it’s something and lets me sleep at night.
Yup. Had one last month.