knock on wood

Here's how much money Fort Worth residents need in case of emergency

How many hundred-dollar bills do you need?

With nearly 40 percent of Americans living paycheck to paycheck, many Texans are scrambling to afford their basic needs. A new study on how much money you need in your emergency fund should be a wake-up call.

The report, from personal finance website GOBakingRates.com, suggests that residents living in Fort Worth should be stockpiling a minimum of $18,560 to cover six months' worth of expenses in the event of an emergency.

The report analyzed the annual average expenditures and cost of living in the 50 most populous U.S. cities, and ranked them based on the estimated minimum emergency savings needed for three to six months to cover basic living expenses.

According to the study's findings, the average Fort Worth resident's total expenditures add up to $37,119 per year. That includes the average cost of groceries, housing, utilities, transportation, healthcare, and other miscellaneous costs.

The minimum emergency fund estimates in Fort Worth are:

For a 3-month emergency fund: $9,280
For a 4-month emergency fund: $12,373
For a 5-month emergency fund: $15,466
For a 6-month emergency fund: $18,560

Fort Worth ranked No. 32 out of all 50 U.S. cities with the highest projected emergency funds, so it could be a lot worse. In San Francisco, for example, which is No. 1 on the list, you'd need to put aside $52,000-plus for a six-month emergency fund.

Since these estimates are "minimum," the actual figures for Fort Worth could tick slightly higher. But even so-called affordable cities present a challenge.

"While the emergency savings you need will vary depending on the cost of living where you live, even in the most affordable major cities in America, $500 won’t be enough to keep you afloat for one month, let alone six," the report said.

In the event of a real emergency, Texans should search 211texas.org, the online database for Texas Health and Human Services, featuring information on food banks, electric bill assistance, domestic violence resources, and more.

Around Texas

Other North Texas cities on the list included Arlington (No. 30) and Dallas (No. 31):

Average annual expenses in Arlington add up to $37,448. They'd need $18,724 for a 6-month emergency fund - $329 more than Fort Worth.
Average annual expenses in Dallas add up to $37,373. They'd need $18,686 for a 6-month emergency fund - $254 more than Fort Worth.

The Texas city with the highest six-month emergency fund is, predictably, Austin where annual expenses average $52,052, or nearly $15,000 more than Fort Worth. In Austin, the minimum six-month emergency found would need to be $26,000.

California cities dominated the top 10 with the highest annual expenses and highest emergency funds. San Francisco took the No. 1 spot, with average annual expenses at $104,729, and an emergency six-month fund of $52,365.

The top 10 U.S. cities with the highest estimated minimum six-month emergency funds are:

No. 1 – San Francisco, California ($52,365)
No. 2 – San Jose, California ($46,258)
No. 3 – Oakland, California ($38,106)
No. 4 – Los Angeles, California ($35,160)
No. 5 – Seattle, Washington ($34,455)
No. 6 – San Diego, California ($34,396)
No. 7 – New York, New York ($32,363)
No. 8 – Washington, D.C. ($32,132)
No. 9 – Long Beach, California ($31,528)
No. 10 – Boston, Massachusetts ($31,297)

GOBankingRates.com collected its data from the U.S. Census American Community Survey, cost of living indexes from Sperlings BestPlaces, and the Bureau of Labor Statistics Consumer Expenditure Survey.

The report and its methodology can be found on gobakingrates.com.

austin reports finance

Fire News

New Fort Worth restaurant HG Sply Co. catches fire days after it opens

Photo courtesy of HG Sply Co.

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A fire broke out at a restaurant that just opened in Fort Worth: The north Fort Worth location of HG Sply Co. caught on fire on November 15 — mere days after the restaurant opened in Alliance Town Center at 3351 Texas Sage Trail.

Restaurant management stated that they noticed the smell of smoke and smoke from vents as they were evacuating the restaurant. The Fort Worth Fire Department responded to the fire at the restaurant-bar at 12:55 pm.

"FWFD is working a multiple alarm commercial structure fire in the 3300 block of Texas Sage Trail," the department said. "This is an active fire as of 12:55PM and details are limited. If at all possible, please avoid this area as there are several fire apparatus and personnel on scene."

It was a two-alarm fire that caused damage to the chimney and injured one firefighter, who was treated for injuries at the scene and transported to a local clinic for evaluation. The fire has since been contained.

According to a Fort Worth Fire Department public information officer, there was an accidental fire in the chimney, which spread to the attic. Fox 4 had overhead footage showing two firetrucks on the scene, as well as a shot of the chimney, blackened by soot.

Management reported to the fire department that 40-50 employees and 35 customers were able to safely exit the building without injuries. A re-opening date has not been announced, but an employee said it would probably not be long.

"Yes, some water and smoke damage — fire damage, thankfully was from the fireplace structure," the employee said. "As our team get things cleaned up. We will be working hard to reopen asap."

HG Supply Co. was founded in Dallas in 2013, and has two other locations, in west Fort Worth and Trophy Club. Coincidentally, this new location just made CultureMap's monthly list of "Where to eat in Fort Worth right now."