28% of Americans Don
79 views · Published 26 June 2012 · 2:01 · Indexed 8 November 2026
Channel: Dayton 24/7 Now · 2012 · News & Politics
DAYTON -- A new bankrate.com study shows 28 percent of Americans don't have an emergency fund, while 21 percent has less than three months worth of expenses saved up."I don't even have a bank account," said Sean Smith. Even though he's been working most of his life, it's not enough he says."Once you pay your bills and take care of your family child support there's really not enough left over."Now 28% of Americans are in the same shoes."The level that the U.S. is you would think there would be more people that would have the opportunity to save," said Kevin Kibet who will be graduating soon. He says this study will only help him not fall victim once he enters the workforce. "It should educate me, it's not how much money you have but how you use it."So how does one even get any emergency savings? Financial experts say it's all about prioritizing. For example they say a college savings should be towards the bottom of the list. That's because you can take a loan out for college. So before you set money aside for your kids school, experts say take care of credit card debt first, then make sure you have at least three months of savings, and then put money aside for retirement.So before you spend that next check, take advice from mother of four Bridget Fiore."I just try to have money taken out of my check right away before I can get to it," Fiore said.Click here for more tips on how to save your cash.\n\nWale Aliyu Reports
