The Actual Costs Associated With An Emergency

February 25, 2019

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We'd all like to think that nothing bad will happen to ourselves and loved ones but this is the real world and emergencies can happen in a split second.  The problem is most Americans are not prepared for an emergency. An eye-opening report that used census, banking and other data actually associates a number with a particular emergency. Let's say you have a medical emergency, you can expect to shell out $1,322 and that's with insurance! The likelihood of a hurricane is real in Florida and on average it costs $7,232 in repairs to get back to normal (actual costs vary based on damage and insurance plan). The unexpected death of a loved one adds up to $10,833 based on funeral costs. Even a car accident will cost you $775 out of your own pocket. Of course, these emergencies can vary widely in cost, and not all of them will impact everyone, but here’s the reality: It’s likely that you will get hit with an unexpected expense, and soon. And with nearly one in four American having no money put away in savings to cover an emergency, it really is time to set aside a rainy day fund with many suggesting you aim to have six months of income saved for emergencies.

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SOURCE: Marketwatch

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