Do you have less than $500 in savings? You’re not alone.
While it is a good idea to have extra cash in case of a financial emergency, 41 percent of Americans have less than $500 saved, according to CreditDonkey.
Surprisingly, many who don’t have $500 in savings live in two-income households, own cars, homes and some luxuries. This group has come to be known as the “liquid-asset poor” because of their inability to quickly pay for a financial emergency with hard cash.
In many instances, they would have to rely on credit to fix their problem, an option that could put a strain on their credit score.
Fifty-four percent of the 1,105 Americans surveyed didn’t have a strategy in place to save money while 45 percent felt they would never be able to save a lot of money.
While many families feel it is impossible to save three to six months of wages for larger emergencies, many can still save for smaller unexpected emergencies, such as a car repair, according to CreditDonkey.
- How much did President Obama donate to his...
- Balancing act: French ban on after-hours...
- March another record-setting month for...
- Delta tops list of most profitable airlines...
- Obamacare may not be as expensive as we thought
- Dave Ramsey says: Invest in growth stock...
- Striking a balance: Moab's future hinges on...
- Moab's dilemma: Can recreation coexist with...
- How much did President Obama donate to... 33
- Moab's dilemma: Can recreation coexist... 23
- Report projects health law's subsidies... 21
- Balancing act: French ban on... 8
- Obamacare may not be as expensive as we... 8
- Striking a balance: Moab's future... 4
- U.S. 'tax freedom day' is 3 days later... 4
- Cost of fighting warming 'modest,' says... 3