Tuesday, September 9, 2014

Greetings Thrifty Friends,

According to a survey from Bankrate.com, 26 percent of Americans lack any emergency savings at all, and two-thirds have saved up less than six months' worth of expenses. The most squeezed group is the one between ages 30 and 49, who often have children depending on them.

Young Americans under age 30 were the most likely to have five months' worth of expenses stored up, which is largely do to the fact that their expenses are smaller. They are more likely to live with parents or roommates, which means their housing costs are lower. Even most of the highest-income households, which bring in $75,000 or more a year, fail to store up six months worth of savings.

So how much should you be saving?

Keep pinchin' those pennies,
Penny

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TODAY'S THRIFTY TIP:

Many financial planners recommend that you save 10 to 15 percent of your income starting in your 20s. That is if you ever plan on retiring.

But long-term retirement planning aside, everyone should have at the very least a six-month emergency savings account. That means you should have the cash stashed away to cover all of your expenses; rent or mortgage, utilities, insurance, food and fuel (and loan payments if you have them), to last you at least six months.

This is on top of long-term savings like 401ks and IRAs.