28% of Americans Have No Emergency Savings
By: Rachel Polansky
Updated: June 25, 2012
CNN Money released some shocking statistics earlier today.
28% of americans have no emergency savings. That means more than one-in-four people don't have a single penny saved for emergencies.
An area financial consultant says these stats are not surprising but there are ways to fix this problem.
"10% is the rule of thumb if you don't have sufficient savings. What it takes is a lifestyle adjustment, people have to learn to spend less, save more. And once that habit begins to form, it something that's a lot easier to continue," says Heather Lawlor, Financial Consultant.
Lawlor says to remember that your bills are always going to be there and if you do have an emergency, you want to make sure you're not dipping into inappropriate sources to fund it. To start saving, she recommends looking at your cash flow, and building a personal budget that meets your needs.
