The Fed asked respondents how they would pay for a $400 emergency. The answer: 47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all.

We’ve had an oh-shit fund since before I stopped using credit cards, and it always gets replenished. This was in response to being laid off the first time, back in 2001. But the hits keep coming, and it’s not getting easier to refill the fund. And college tuition is looming on the horizon…