“Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account.”
Most Americans have little to no savings. This is a scary thought since most households already live paycheck to paycheck and couldn’t afford an emergency of less than $500.
A recent article on marketwatch.com discussed how many Americans are living on the edge when it comes to their savings, especially millennials. Specifically, “…around 29% of millennials — aged 18 to 34 — and 28% of baby boomers — aged 55 to 64 — said they have no money in their savings account.” Read the entire article here.
Make sure you are prepared. 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, automate, automate. You won’t miss what you don’t see.