EUGENE, Ore. -- We all know how important it is to prepare for natural disasters, but how prepared are you for a financial emergency?
KEZI 9 News spoke to Oregon Pacific Bank President and CEO Ron Green to learn more.
How much money should I set aside for rainy days?
Some would suggest that you need about three months of savings set aside. Ron Green said he doesn’t think that’s enough.
It’s difficult for a lot of folks nowadays to build up a cash reserve, but Green said to pay yourself first.
Of course, pay your rent and pay your bills, and set aside money for retirement. Also, set aside even $5, $10 or $15 a month into your savings account. Have one less latte, and put that money aside.
Green said you’re going to need some cash when something comes up.
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