Why Do I Need Emergency Savings?

According to the National Foundation for Credit Counseling, one third of all Americans do not have any emergency savings- ZERO SAVINGS. Of those households that do have an emergency fund in place, only 43% have adequate savings available for emergencies. If you genuinely want to reach a state of financial liberation then you need to be different from the average person. As indicated above, the majority of people in this country have no emergency savings. Financial freedom requires being a renegade who approaches money matters in a unique way. Planning for unforeseen events and the unpredictable in life is not unique. However, in this day and age of negative savings rates and growing debt an emergency fund will go a long way in separating you from others who are seemingly content living in a world of debt.

About the author

Scott M. Spann, CFP®, EA

Scott Spann CFP®, EA is a Fee Only financial life planner and the founder of LifeSpan Financial Planning, LLC located in Charleston, South Carolina. Scott has been providing financial planning advice for a diverse group of clients since 2000. He is a Fee-Only financial life planner practitioner with a strong orientation in areas of tax planning and financial life planning. Scott also specializes in investment planning, retirement planning, college planning, tax planning and incorporating life planning into the financial planning process. Scott is committed to the Fee-Only model of financial planning.

Scott is originally from Greenville, South Carolina and has called the Lowcountry his home since graduating from the College of Charleston in 1997. He began his financial planning career in 2000 after completing graduate studies at The Citadel (MA, 1999) in the field of psychology. This academic background helped shape his vision to help his clients make the smartest decisions possible with their money in a client-centered relationship. Scott completed his advanced financial planning studies at the College for Financial Planning.

Scott is a member of the Nation Association of Personal Financial Advisors (NAPFA), the Financial Planning Association (FPA), and the National Association of Enrolled Agents (NAEA). In addition to promoting Fee Only financial planning, Scott also devotes a significant amount of time promoting financial literacy and recently volunteered with Your Money Bus. He is a frequent guest on the Money Matters Radio Show on 94.3 WSC FM in Charleston, South Carolina where he provides financial planning advice to listeners. Scott also provides free financial counseling to military service members as part of the Department of Defense's Financial Readiness Program.

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