An emergency fund can eliminate the need for payday loans
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Posted By: Jo Ann Brown on May 02, 2009 An emergency fund, a simple plan to put money aside in case of a rainy day, is needed by anyone who owns a car or home. Every homeowner knows that the roof will leak and every car owner knows that tires have to be replaced. Your emergency fund has to be enough to pay 3 – 6 months living expenses. Yet, you refuse to save and prepare yourself for the inevitable. Your job may be gone tomorrow. Just ask the 700 St Louis Western Union employees whose job was outsourced. These employees thought they were going to retire from Western Union since they worked for the company for 30 years or more. Instead, 15 years ago, they lost their retirement benefits because the company was nearly bankrupt and the union negotiated a contract to eliminate their pension plan and adopt a 401(k) plan. Today, these seasoned employees are finding new jobs because they need health benefits. You may lose your job after taking a bullet in the line of duty. Just ask the St Louis reporter covering Kirkwood city council meeting February 7, 2008. When your job decides to save money and determines that some employees have to be laid off, you may lose your job. In spite of these realities, you indulge yourself. Listen to Bobby Woodard and Lykeisha Walker and Lykeisha Walker: Bobby Woodard Age: 46 City: Livingston, Virginia “I would say traveling is my indulgence because it makes me happy. And I don’t miss out on deals because there are a lot less people traveling these days. The economy is going to eventually get better.” Lykeisha Walker Age: 29 City: Dover, Delaware “Well, I still get my hair and nails done, only because I feel as though that’s what a woman needs to do for herself. It gives me peace of mind.” Instead of saving a little bit of money for emergencies, you let a flat tire send you into a tizzy and you choose more costly options such as a payday loans. This business is located in the poorer neighborhoods and they understand that people earning $40,000 will likely use their service. You don’t need to make the payday loan company richer. The banks and credit unions have now adopted similar loans since this business has grown. Your expenses dictate how much you need in an emergency fund. If your monthly expenses run $2,000, this means you should have a minimum of $6,000 saved. Now, can you afford any indulgences? If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Jo Ann Brown
St Louis Examiner, Retired Lincoln University -Missouri class of 1974 Member Since September 2007 |
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