Americans are not prepared for the unexpected.
Just 37% say they would have enough money in savings to pay for a $1,000 hospital visit or a $500 car repair, a December 2015 Bankrate survey found.
Health issues or car expenses might be hard to predict, but “you can set aside money so you can pay for them and avoid going into debt if they do arise,” says Leslie Tayne, a New York-based debt resolution attorney.
Indeed, not having enough money set aside for unplanned emergencies is a big error. It’s 1 of 6 savings mistakes you should avoid.
RATE SEARCH: Get started with your emergency savings by opening a savings account today.