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Study reveals one third Minnesota parents lack financial emergen - Valley News Live - KVLY/KXJB - Fargo/Grand Forks

Study reveals one third Minnesota parents lack financial emergency savings

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As a parent, your child's health is a top concern. Medical insurance, hospital bills, prescription drugs or an emergency visit can quickly empty your bank account.

A new study discovered one third of Minnesota parents do not have savings geared for a financial emergency. It's an ongoing struggle most young parents deal with.

"He's a typical boy," said Caryn Holzheimer, a mother of one. "He loves to get dirty."

It's inevitable that all kids will get scrapes and bruises. Fortunately, that's all single parent Caryn Holzheimer has dealt with. She worries next time her son Carter's injuries could be more than something a Band-Aid can fix, but a trip to the emergency room.

"If I had to choose between taking Carter to the hospital or paying my cable bill, I would say going to the hospital and taking care of him is more important than watching cable," said Holzheimer.

A new study released by BMO Harris Bank found that one third of Minnesota parents are not financially prepared for an emergency....it's a fear that most parents share.

"It's kind of nerve racking because, if there was an emergency we don't know if we would have that money," Jenna Audison told Valley News Live.

Bankers recommend establishing a separate account solely to have money for emergencies and deposit money on a regular basis. Experts suggests having three to six months income gives you that cushion. 

"Getting in the habit, pay yourself first and first build up your emergency account," said Hawley's State Bank President, Bruce Tellefson. "And then you can start those other accounts."

"It's hard," said Audison. "I mean, I try to do it, but some months you can only set aside twenty dollars, you know. But, you always try."

Most parents said with the increased expense of living, saving has become an obstacle, healthcare being one of their biggest financial concerns.

The study also reports Minnesota parents who actually have an emergency savings account contain an average of six grand. Parents expecting is about half that.
     and only 12-percent of future parents have saved a little less than a grand.
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