$400 Is a Major Problem for a Huge Part of the American Population
“The federal reserve board has conducted a survey to ‘monitor the financial and economic status of American consumers. ’ Most of the data in the latest survey, frankly, are less than earth shattering. But the answer to one question was astonishing. The Fed asked respondents how they would pay for a $400 emergency. The answer: 47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all. Four hundred dollars!”
Neal Gabler, a professional journalist shared this statistic in a gripping article in The Atlantic magazine called, "The Silent Shame of the American Middle Class."
Okay, let’s hit pause right there. Are you among that 47%? In other words, if you had to get your hands on $400 today, could you do it? If you said "maybe," or you would have to sell something, you are living on the edge of a financial cliff, hoping not to fall off. Right now, I want you to resolve to make up your mind that you are going to save $1,000 and put it in an Emergency Savings Account. No matter what other financial challenges you may have right now, the first step off that cliff is to save $1,000.
God does not want you living under that kind of stress and bondage. He tells us that even the tiny ant knows how to save -- and so should we. Don’t feel ashamed of yourself. And don’t remain paralyzed. Don’t start tomorrow; start today. Start by getting on a budget.