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Most Americans Don’t Have Adequate Rainy Day Fund

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Emergency savings are important to have - especially when a need arises. Would you be covered if something were to come up?

Jan. 29, 2018

Life is full of financial surprises. That’s why it’s so important to have some money in a savings account that you could access quickly, if necessary.

If you had an unexpected expense of a thousand dollars, do you have enough savings to cover it?

If you do, pat yourself on the back, because most Americans (61 percent) say they don't have enough to handle a $1,000 emergency, according to a new survey by Bankrate.com. They’d have to use a credit card and pay interest, or borrow the money.

You need to have that rainy day fund, because sooner or later it’s going to rain and you will to need it.

The best way to start is to automatically deposit a little from each paycheck into a designated savings account. It’s quick, you don’t have to think about it, and the money goes into that account before you can spend it.

More Info:

Most Americans don’t have enough savings to cover a $1K emergency

How to wisely manage your money

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