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A differentreportconducted by Ramsey Solutions interviewed over 1,000 U.S. adults to gain insights about their financial health.
It also found that the average Americans home, car and health are the leading causes for emergencies.
Preparing for the worst case isnt fun, but doing so will give you peace of mind.
As vehicles age, they require more maintenance and upkeep.
Likewise, theyre more prone to unanticipated problems.
Adding to this financial problem is anexpensive new and used car market.
While prices have slightly improved, purchasing a new car is extremely costly.
As of January 2024, the average price of a new car on Cars.com was $49,096.
Those looking to spend less and purchase a used car have fewer options.
However, no matter how careful you are with your car, breakdowns can happen.
Building an emergency fund for your car is an excellent way to get ahead of problems before they happen.
Setting aside $500 to $1,000 will allow you to cover minor repairs when they crop up.
To prepare for major repairs, consider saving up to 2% of your cars value each year.
An HSA is atax-advantaged savings accountthat helps you with your medical expenses.
Any money withdrawn for a qualified medical expense is tax-free to further enhance the benefit.
Regularly contributing to an HSA is a great way to remove the pressure ofunexpected medical problems.
These prices can be even higher if you live in major cities like San Francisco or New York.
Another savings solution is to put away $1 for every square foot of your house.
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