A Third of Americans Can’t Afford a $400 Emergency Expense
A decade ago, I sleepily opened the new washer to put the load of maternity slacks in the dryer and discovered they were soaking wet. The newly purchased washer malfunctioned, leaving me scrambling to find a business maternity outfit for work that morning.
After a few phone calls and a service visit, the manufacturer replaced the washer.
A few months later, my sister told me she was getting a new washer. I remember saying, “Please don’t tell me you are getting a Whirly Wash (pseudonym used to protect the washer)?”
She had, in fact, already bought the exact Whirly Wash model that I had.
Nine Years Later
Fast-forward nine years of washing kids’ clothes to a couple of weeks ago. Our washer was taking longer than usual to complete a cycle and was beginning to stop mid-cycle.
I texted my sister, “How is your washer?”
She immediately called me, “Funny you should ask because it has been acting up. It is stopping mid-cycle, and I have a bin of soaking wet clothes.”
Nine years. Growing up, washers lasted for decades—plural—not nine years. We began exploring our options.
Should we try to fix it? Replacement parts would cost nearly as much as a new baseline washer. The washer was already nine years old and clearly problematic since my sister’s was on the fritz as well.
Base Washing Machines Start at $550
We visited a big-box home improvement store after dinner to get a lay of the land. Prices ranged from $550 for basic models to well over $1,000. In the days that followed, we spent our spare time researching washers and making a handful of trips to look at washing machines.
It was challenging because we found countless reviews saying that various models would break—some after a few weeks, others after a couple of years. One said that they only washed three loads of laundry a week and their washer quit after a year. I can easily wash three loads in one day!
We also explored a high-end washer that is built like old-school washing machines. However, it uses a lot of water. The water/sewer rates in suburban Chattanooga are expensive, so that wasn’t an option.
We finally decided on a front-loading washer with a great spin cycle to help remove excess water. Once installed, we immediately began tackling the laundry backlog. Our daughter realized that if this one lasts for a decade, she’ll be in college! Fingers crossed it lasts!
1 in 3 Americans Lack a $400 Safety Net
Washers break, tires get punctured, HVAC systems fail—emergency expenses happen.
Research from the U.S. Federal Reserve shows that a third of Americans don’t have $400 for an unexpected expense. Only 63 percent of Americans said they could pay for an unexpected $400 expense with cash, savings or a credit card paid off as soon as possible.
Affordability Toolkit
Help your members plan for emergency expenses. The Credit Union League System has an Affordability Toolkit to help you to promote savings to your members. This toolkit is designed to help you bring the affordability story to life in your community. From ready-to-use graphics to customizable materials, everything is built to help you show how credit unions help people keep more and do more with their money.
Check out the other League System Toolkits.
