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Minnillo & Jenkins, CO. LPA
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Using emergency savings to stave off issues with debt

When it comes to maintaining a healthy financial future, studies suggest that building an emergency savings fund could prove vital. Studies indicate that without the presence of a financial safety net, one may stand little to no chance of being able to stave off issues with debt. Unfortunately, in an age in which many individuals in Ohio may be living a paycheck to paycheck lifestyle, the concept of building a safety net might not always be a possibility.

According to recent studies, as many as four out of every 10 Americans would find it difficult to come up with the funds to cover an unexpected expense should the need arise. These studies also indicate that such issues might not only affect individuals with lower incomes. These reports suggest that as many as 20% of individuals who have an income of between $75,000 and $100,000 would also struggle to cover even a lesser emergency expense.

Unfortunately, emergency expenses can come in a variety of forms and such an incident could take place at any given moment. Some examples of scenarios that could place a person under financial strain include a trip to the hospital for medical care or the need to place a vehicle in the shop for repairs. While building a financial safety net could help a person prepare for a similar circumstance, some may find it difficult or nearly impossible to afford to put income back for emergency needs.

Being free of debt is a goal for many families and those who encounter extended periods of financial strain may wish to better understand how to achieve monetary stability. When facing similar issues, a person in Ohio could choose to consult with a bankruptcy attorney for advice in understanding the available options for debt relief. An attorney can examine a client's circumstances and assist in forming a strategy to pursue relief from the burdens of debt and work toward a healthier financial future.

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