Over 40% of Americans cannot afford an unexpected emergency of $500-1000, leaving them one emergency away from disaster.

Financial Friday Quotes

Financial Friday – August 28, 2015

After I graduated law school with a ton of student loan debt, I become obsessive about personal finance and learning creative ways to become debt free. The more I researched and learned, my first thought often was, I wish I knew all this before!

So every Friday, I will share financial facts, wisdom, or action steps that you can take to not only learn more about personal finance and attacking debt, but also how to set yourself on the road to financial freedom!

Today’s financial fact is a reality that most people live with, yet little talk about.

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Most households have only about nine days of income in their savings compared to the three to six months recommended by experts. This means most people do not have enough cash on hand to replace one month’s income.

Make sure you are not part of this statistic. A little tip to get you started. Start saving from every paycheck at the beginning of every month rather than saving what is left over at the end of the month and automate it so you don’t even see what is being taken out.

Do you have any great savings tips? If so, share below.

 




Comments (3)

  • This is so important! I have only been able to truly tackle debt and push a significant amount of money into savings because I set up an automatic withdrawal for the beginning of the month and don’t even have to think about it. If I waited until the end of the month, chances are I would find that really amazing deal on a new pair of heels and “have” to buy them (or some other excuse). Great advice, Synthia!

    Reply
  • My husband and I are actually going hardcore on this right now! We want to be debt free this year! Awhile back we took a class that recommended that when you start, right off the bat get $1000 in savings. This way you have an emergency fun to start. Then start with your smallest debt and make as large of payments as you can on that bill, while doing just minimum payments on the rest. Once you pay the smallest bill off, add what you were paying on that bill to the next lowest bill and so on until everything is paid. This is called the debt snowball and it seems to be helping so much! Once your debt is paid off, you commit to getting 3-6 months worth of living expenses into savings. This is the goal! Hope all is well!
    xo dré

    http://www.flightoffeather.com

    Reply
    • Yes, girl! The Dave Ramsey method! We took the exact same class.

      You guys can do it. It is so much better and easier when both partners are in it together. So glad to hear it. I know Hawaii is treating you well. Love everything you are doing with the blog!

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