For most people, it's because of the car: New tires, a new belt, a broken thing-a-ma-bobber. Whatever the issue, it is not covered by insurance and the out-of-pocket cost is well over $500. And, unfortunately, it is taking us longer to recover from the financial blow to our budget.
Pew Charitable Trusts has released a study indicating that millennials are more susceptible to financial crises than other generations because of their lack of savings and high debts. Put simply: They don't have a big enough rainy day fund to cover life's little emergencies, because they are too busy paying down existing debts.
But it's not just the car bringing us down: Medical expenses, home repairs and a cut in income due to reduced hours are also making it harder for young families to bounce back to financial stability.
It's not easy to create a rainy day fund when all your money goes to living expenses, but there are ways to do it. It may mean that you have to make some hard choices, and hopefully you won't wait until you've been hit with a financial emergency to get started.
What tips do you have to save money? Share them with me in the comments.