Americans Don’t Have Enough Savings for a $500 Emergency!
Emergencies happen to everyone on a regular basis. But most Americans do not plan well for emergency expenditures. What if your car breaks down, you or a family member get sick, your refrigerator quits working, or some other sudden expense hits you? You should be prepared for such occurrences if possible. This always means having an emergency savings fund in place. Having a cushion, even if only $1,000, can protect you financially and save you extra money from loan costs, etc.
Several decades ago, the savings rate was much higher. But today, the U.S. Bureau of Labor Statistics says it is 6%, the lowest level in more than a decade. This is a continuation of a 50+ year trend in savings rates in the U.S.
What percent of Americans have no emergency fund?
According to the Federal Reserve, only 4 of 10 adults in America have enough savings to cover a $400.00 emergency expense. Everyone else would have to borrow from friends, relatives, or sell something to cover the expense if they have it. Others may request a payday loan from an online lender.
Less than 20% of Americans say they could live off their savings for even 6 months.
Does America have a savings crisis?
Yes, we do. Not having emergency savings or a rainy day fund is a mistake, too many Americans are making. It isn’t easy to save, but even tiny amounts will add up. What if you put just $25 into your savings every paycheck? Put it there and forget about it. If you get 2 paychecks a month, you will have $300 in 6 months and double that in a year.
That would be a great start, and you probably won’t miss the $25 every 2 weeks. Fewer coffees or smoothies is all it takes.
Why an Emergency Fund Is Important
An emergency fund is important because most people end up with a loan when in a pinch and increase their expenses as a result. With an emergency fund, you may be able to avoid doing this and maintain a lower monthly expense budget. This may also help you in saving even more or replenishing your emergency fund.
How much should we save for emergencies?
Everyone should want to see American savings rates increase. It is good for every one of us. The amount you save depends a lot on your circumstances. Ideally, we should all have 6 months of savings we could always live off. This may not be practical for many on low incomes. However, even on a low income, setting a budget, and understanding exactly where you are spending money can go a long way to starting to save regularly.
How CashOne can help in emergency cash situations
We know what it’s like to be strapped for cash, out of options, no credit, and no family to borrow from. We are committed to helping you with the emergency cash you need through our online payday loan service. At CashOne, we will help you get connected to our vast network of payday lenders, who will offer you the best deals on payday loans online. Our easy and secure online payday loan application process is designed to provide the fast cash you need until your next paycheck.
Our fast approval payday loans involve the following steps:
- You place an online loan request.
- You get instant or same-day approval on your loan request.
- Your money gets deposited into your checking account the next business day.
- You repay the loan with your paycheck on the next payday.
Guaranteed payday loans are also called bad credit loans because they are an excellent alternative for those with no credit or bad credit history. All you require is proof of income to validate that you can pay back the loan on time. Payday loans can even help you boost your credit score. However, it’s always wise to request a loan amount that you can afford to repay on your next payday.
Saving is a habit if done well and anyone can form this habit if they put their minds to it and commit to saving as much as possible.
Stuck and in need of emergency cash? CLICK HERE NOW!
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