Report: Americans are not saving emergency money

Ideally, you should have 6 months of expenses or more

AMERICANS NOT SAVING

CHICOPEE, Mass. (WWLP) – When it comes to that “rainy day” fund, a lot of us have trouble filling the jar.

The “BankRate” website says more than 25% of Americans have zero emergency savings. Most people say they know they should save, but they just don’t have the extra money to sock away.

“I have put budgets together and tabulated what my expenses are per month, but I don’t have a budget purse. I just save what I can, try not to spend very much,” said Joshua Sugiyama of Amherst.

Financial experts urge you to set a budget and follow it. It helps to have the money deposited directly from your paycheck into your emergency account.

They say ideally, you should have 6 months of expenses or more in case of sickness or job-loss.

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