All it takes is one catastrophic event, such as an extreme medical emergency, to drain the savings of 60 percent of Americans. That’s the finding of recent surveys completed for Bankrate.com. Another set of data reveals that up to one-third of Americans haven’t set aside any cash for a rainy day.
If you follow financial news, you likely know that experts recommend taking 15 percent of your gross income and socking it away in a savings account. However, it’s easier to hear this advice than to heed it. Even though having a consistent saving plan sounds like a great idea, many Americans struggle to follow through and do it. They may think they can’t afford to save, or they just simply don’t want to take the time to draw up a financial plan. Yet, there’s no better way to secure your family’s future than to start managing your money in a wiser way.
The good news is that you don’t have to figure out how to start saving money on your own. There are a number of user-friendly financial tools available to help you set a path toward budgeting your money, reducing wasteful spending, and yes, setting up a savings plan.