Almost Half of Americans Don’t Have $500 in Savings
If you don’t have money in your savings to cover an emergency bill of at least $500 you are not alone. About 46% of Americans don’t have the money to cover any emergency which is lower than it was in 2013 when it was 50% according to a Bankrate report. Some Americans say that they have enough in their savings, some say that they would probably put it on a credit card or ask for help from family or friends.
About 47% of millennials aged between 18-29 say that they do have enough in their savings which is an increase since 2014 where it was 33%.
Most financial experts recommend that you should have an emergency fund to cover any emergencies that arise. Even if you live paycheck to paycheck you should be able to find a way to cut back on your budget somehow. If you keep track of your spending, you should be able to find a way. Like if you buy a coffee every day try just buying one less a week or take one less vacation that year. Maybe take a staycation instead of a vacation.