Are you prepared for the future?

TERRE HAUTE, Indiana (WTHI) - Going to your local bank and depositing money is not happening as often as it should for most people. That information is based on a new survey by a credit website.

A recent survey by creditdonkey.com revealed that over 40% of participants admitted they do not have $500 in accessible cash on hand.
     
That's money often needed to help with life's rainy days.

"If you would have a flat tire or something would happen in the family where you would need emergency cash or the furnace would go out in the cold months, it is critical to be prepared for your unexpected expenses," said Lena Khudayeva, manager at Harris Bank in Terre Haute.

Not only could not having accessible funds hurt you in the short term in case of emergencies, but it also could hurt you in the long term when everyone looking for that nest egg to retire.
     
While many people have money wrapped up in large assets like houses, millions more will be reliant on programs that are facing a crisis.

"They're going to be depending on wholly and solely on a social security system that is unlikely to be able to stand up to the weight of that dependency," said Dr. Robert Guell, a professor of economics at Indiana State University.
     
The best thing to do is to start putting away a few dollars every week or month. This means cutting back on unnecessary or extra expenses.
     
Lena says to think of it as an investment.

"Just like we pay Uncle Sam, pay yourself. set up that $5, $10, or $25 into your savings account so that you can achieve that short term or long term goal that you strive for," said Lena.
     
Saving a few dollars any way you can will pay off when you need it most.