$250 doesn't go very far. It might fix a car part or pay for a couple of trips to the grocery store but it's not going to pay your rent, mortgage or doctor bill. Still, it's a magic number discovered by an Urban Institute study that can spell financial security. A summary of their report says this: a household that has a savings account will be better prepared against hardship, even if the sum is as low as $250.
Divorce and remarriage is common in today's society, making families cast a wider net with more variables and distant relatives than ever before. Second and third marriages blur the lines and the traditional probate system isn't equipped to handle it equitably.