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Most Americans don't have $1,000 saved for emergency


Posted: Aug 18, 2011

http://www.chicagotribune.com/busine...,5900830.story

CNNMoney 1:04 p.m. CDT, August 10, 2011

A majority, or 64 percent, of Americans don't have enough cash on hand to handle a $1,000 emergency expense, according to a survey by the National Foundation for Credit Counseling, or NFCC, released on Wednesday.

Only 36 percent said they would tap a rainy day funds for an emergency. The rest of the 2,700 people polled said that they would have to go to other extremes to cover an unexpected expense, such as borrowing money or taking out a cash advance on a credit card.

"It's alarming," said Gail Cunningham, a spokeswoman for theWashington, D.C.-based non-profit. "For consumers who live paycheck to paycheck -- having spent tomorrow's money -- an unplanned expense can truly put them in financial distress," she noted...."

;

Thanks to frugal parents - Crazy stuff

[ In Reply To ..]
Saving is a first step thing in our monthly bill paying. When the economy was stronger we were paying down our mortgage principal extra each month but now it is all about saving. Even a little from each check.

People are too comfortable with credit and too comfortable with an easy lifestyle.

I listen to friends talk about money getting tight but they still eat out multiple times a week. Thanks to frugal parents I learned to squeeze 3 meals out of a whole chicken and eat well at home. Yes I go out - but special occasions at great resturants - I make pizza at home - amazing on the grill, easy and better than any takeout.

Wish we had a recipe board - mthead

[ In Reply To ..]
so you could share that pizza recipe with us. I'm all for anything grilled since it doesn't heat up the kitchen!

Yep, I belong to that club, thanks to being an MT! - Only have $52.68 to my name til payday. :(

[ In Reply To ..]
nm

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