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Emergency savings: A neglected part of financial wellness

You’ve heard the rule of thumb: Have an “emergency savings” set aside for unexpected costs. It’s a simple enough idea, but most Americans put it at the back of their financial priority list. In fact, more than 50% of Americans say they couldn’t come up with $500 at a moment’s notice.

Compared with the drumbeat about saving for retirement and paying down credit cards, emergency savings seem like, well, less of an emergency. With monthly expenses to cover and debt to pay off, many people say there is nothing left over. But there should be and can be, and we’re here to help show you why:

We get it: When faced with an emergency one is often overwhelmed. But, planning for emergencies can make them less daunting and sometimes preventable.  Committing three months of income is a challenge for most Americans. But by setting realistic, achievable steps, you will see progress. Some is always more than none. Let Alerus be your coach. We view emergency savings as one of the five big facets of financial wellness, and our advisors can help you balance all of them in a way that fits your life.