Financial emergencies happen every day. They happen to everyone at some point in their lives. Twenty-six percent of American consumers do not have adequate savings to cover a financial emergency. Enterprises TV shares how to start socking away savings.
When work seems steady, the family vehicle is running well and all appears to be right with the world, we take for granted that we might need a financial cushion. This is the best time to start putting money into savings. We have found that even a modest amount saved monthly can help pull us through a financial hit. Make it easy to save: set up automatic funds transfer from a checking to savings account every month. Even fifty dollars put aside each month can be helpful when needed. Review monthly expenses and put the money aside used for lunches out and daily coffee runs into savings.
A recent poll found that 25 million middle-class families live hand to mouth. Two thirds of us do not have the recommended savings to pull us through six months of a job loss. Enterprises TV finds that this is mostly due to stagnant pay and higher prices. Salaries have not budged for the average American worker in more than two years. Yet, the price of food and gas has risen. We find ourselves working harder and still not being able to save much. Take small steps when beginning to save for a rainy day. Go online and set up short term savings account and then transfer $50 to $100 into it today. Set an automatic transfer every month. After six months, there should be enough in it to help cover a major vehicle or medical expense or a portion of the mortgage or rent. Remember, every little bit saved is good.