Close Topic Options

Emergency Savings

EMERGENCY SAVINGS

SURVEY: ONLY 40 PERCENT OF AMERICANS HAVE EMERGENCY SAVINGS

Only 40 percent of Americans have separate savings for an emergency such as car repairs or urgent dental work, and the young, poor and minorities are the least likely to have such funds, a survey released Monday shows.
Ref. https://www.cnn.com/2007/US/02/27/emergency...s.ap/index.html

Savings Emergency

Something that I started doing long ago when I first started working was that half of any pay raise that I got went into savings. If I was able to survive off of my previous salary, I could afford to take part of that pay raise and put it into savings. I would still get a small increase in free spending money (which can always be spent), but I don't get all that raise to buy "things" with. When I got married, I had to stop that for a few years as we were adjusting to the change in lifestyle, but I have resumed putting half of my yearly increase into savings.

Basically, if you don't get used to spending more money, you won't miss it.

My goal was to retire at 40, but it looks like I might be able to actually do it at 50 if things work out right.

Seems as though I was the only child of 4 to have this attitude towards money because it apparently burns a hole in the pockets of my sisters and brother.