“Only 19% of Americans increased their emergency savings in 2023. ‘That puts households in a bind,’ expert says”
October 25, 2023
“Largely due to high inflation and rising interest rates, 81% of adults said they did not contribute to their emergency savings this year, and 60% also said they feel behind when it comes to building a cash cushion, according to a new Bankrate report…”
Don’t be like the 80 plus percent. Prepare in the good times for the bad. Don’t wait to the last minuet. Have a plan. Have a strategy. Have a goal. Don’t live paycheck to paycheck.
For those already in the hole there’s a hard task ahead of you. You have to cut spending and pay down any debt. For people in this group you have a couple options but they are not the most pleasant. To help cut back on spending you can live with either friends or family to help cut back on spending. If that’s not a option you can basically live at work; what I mean is tons of overtime. You’re job becomes your life until you’re not only out of the hole but have enough money to cover 3 months worth of utilities in the bank as an emergency fund.