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College decision letters are on their way to a home near you. Maybe someone in your household is expecting one soon. What you might not be expecting is the lean financial aid award package that accompanies many college acceptance notifications.
Financial experts recommend households maintain an emergency savings account equal to six months of living expenses. A hefty savings balance ensures there's enough money to pay bills and buy groceries in the event of an unexpected job loss, health diagnosis, or significant expense that would otherwise derail your budget. Many Americans fall short of this savings ideal. A recent Economic Well-Being study found that four out of ten U.S. households would have trouble covering an emergency expense as small as $400.
