Reported 6 months ago
A National True Cost of Living Coalition survey shows that nearly half of respondents lack $500 in savings, while one in five Americans do not have an emergency fund, according to Bankrate. Financial expert Monique White advises starting saving as soon as possible, even if it's just $15, and suggests methods like automatic transfers and credit builder accounts. By tailoring savings plans to individual financial situations, individuals can establish different funds for emergencies, regular expenses, retirement, and aspirations, rather than aiming for a traditional 3 to 6-month emergency fund. Prioritizing retirement accounts and taking advantage of employer match programs are also crucial steps in preparing for future financial stability.
Source: YAHOO