I really just wanted to share this article. I am subscribed to variety of different newsletters and this Gallup one has to be one of my favorites. I signed up for it when I was taking my Well-Being Finder. They basically just send you a newsletter with new research that they are churning out.
THIS one by Frank Newport touches on something that I struggle with-I have money to get by week to week, but if something catastrophic happens (er, like car problems) I tend to not be as good to go. Turns out, I’m not alone in this headache. Around 70% of Americans struggle with the same issues I do. The Gallup research in this article indicates that until you are looking at around $48k/yr, unexpected major expenses are stressful and sometimes downright impossible to cover. (I’m lucky that my mom forced me to buy savings bonds as a little kid and she keeps them tucked away in a safety deposit box and they are my “oh shit money”.)
This research presents various different findings including people’s feelings on their spending (“Did you worry yesterday that you spent too much money?”) and how they feel basically about their financial security blanket. For the most part, American’s are feeling good day-to-day but once something major comes at them, it starts to get stressful and they may not have money tucked away for that.
This is really just some interesting research and unlike some research articles, the information is easy to read and comprehend and it just makes sense (I can’t tell you how many times in grad school I would read a research article and just go…
What are your thoughts on this research? Do you feel it is accurate? Do you have any financial tips on how to make sure you are covered if a major expense comes your way?
PS: I leave TOMORROW for vacation! And since this is a financial wellness blog post-I stalked ticket prices for about a month to figure out when they were generally the lowest and got a ticket for less than $150 and I am staying w/ a friend (so no hotel costs!). I also knew that flights are generally cheaper M-Th and go up F-Su so I’m flying out on Thursday and coming back on Tuesday. Just a quick trip and not putting a major dent in my pocket book!