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.
If you have banking or finance questions for Ron Green, click here.
- Ask The Banker: Preparing for a financial emergency
- Ask The Banker: Is your bank financially secure?
- Ask The Banker: Paying off loans
- Ask The Banker: Health insurance after retirement
- Ask The Banker: Avoiding check fraud
- Ask The Banker: Be cautious with Bitcoin
- Ask The Banker: Is mobile banking secure?
- Ask The Banker: Be cautious with public Wi-Fi
- Ask The Banker: Children should start saving early
- Ask The Banker: Everyone should have a will