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.
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.