Despite a year-end rally for the COUNTRY Financial Security Index, Americans are still on thin ice financially. Our newest survey shows one in three couldn’t go any amount of time without a paycheck before resorting to skipping bill payments. Yet, the average length of unemployment is more than nine months. That’s enough to stress anyone’s savings!
A sizable emergency fund doesn’t happen overnight, but you need a safety cushion, even if it’s just a month. Here are a few financial tips to get started:
Financial Tips
Do some housekeeping. Examine your bills and see what’s adding up. It might be a couple meals at Wendy’s a week or too many iTunes downloads. Use the Finish Rich Latte Factor calculator to see how small expenses can add up.
Make it automatic. Don’t trust willpower. When you’re staring down a sale, your savings goal might be forgotten. Set up an account to automatically withdraw a fixed percentage from your income.
Get informed. Knowledge is power, especially when it comes to your finances, so read up! Our last blog post on easy ways to save is a good starting point.
With a little discipline and determination, a one-month safety net can grow enough to make you feel confident to face any financial challenge.
