Most Americans Lack an Emergency Fund

Do you have an emergency fund? A backup plan for when something goes wrong? For most people in our nation, the answer would be ‘no.’

According to an article by CNN Money, more than half of Americans do not have an emergency plan of at least $500.

“Only 41% of adults reported having enough in their savings account to cover a surprise bill of this magnitude. A little more than 20% said they would put it on a credit card, the report said, while 20% would cut their spending and 11% would turn to friends and family for financial assistance.”

Just because you are in the majority regarding this issue doesn’t mean you are stuck. The article goes on to suggest ways to start an emergency savings fun.

Click here for the full article.