A Maintenance Worker in Tennessee Wants to Build an Emergency Fund. Is It Doable?

Christian Norman wishes to conserve more cash each month to develop an emergency situation fund.

The 42-year-old, who resides in Kingsport, Tenn., is wed and the couple keep their financial resources primarily different. He is a building-maintenance employee and makes $52,000 a year, after getting a raise just recently.

Norman has about $4,000 in a cost savings account at a regional cooperative credit union and $5,000 in a high-yield cost savings account with a 4.3% rate of interest. In mid-December, he and his partner established a high-yield cost savings account with a 4.6% rate. She is contributing $25 weekly and he is contributing $50 biweekly.

Norman owns his home outright, which is valued on Zillow at about $180,000. His only financial obligation has to do with $1,200 in previous medical expenditures that he hasn’t begun to pay for.