“Over the last three years, the number of people who spend less than they make and save the difference, and who say they have adequate emergency savings, has declined,” says Ann Carrns of the New York Times. “Roughly two-thirds of Americans say they have adequate emergency savings, down from 71 percent in 2010.” That’s a big jump, so what gives?
A recent Annual Savings Survey covered the above statistics and also stated that regardless of income, Americans who have a savings plan with a specific goal are more likely to save for emergencies. Emergency goals are a leading category here at SmartyPig. Speaking from experience, emergent funds seem to be the easiest to dip into. It was certainly an emergency last Wednesday at my local clothing boutique. Lucky for me, my safety net is kept with SmartyPig, which means no impulse spending and an always-intact emergency fund.
Don’t get caught without a safety net this year. Stash your funds with SmartyPig, rest easier, and be prepared if you need it (but, we hope you don’t!)
Wishing you successful saving.
Sarah Foss, SmartyPig’s Media Mad Woman SFoss@SmartyPig.com