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Jan 20 - 56% of Americans can’t cover a $1,000 emergency expense with savings



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 4 months ago '11        #1
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Sin  topics gone triple plat - Number 1 spot x50
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Jan 20 - 56% of Americans can’t cover a $1,000 emergency expense with savings
 

 
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Most Americans are still struggling to build solid savings accounts nearly two years into the coronavirus pandemic.

Some 56% of Americans are unable to cover an unexpected $1,000 bill with savings, according to a telephone survey of more than 1,000 adults conducted in early January by Bankrate.

“Emergency savings and the $1,000 threshold are really an indication of how much people are struggling, that they are that close to the edge financially,” said Greg McBride, senior vice president and chief financial analyst at Bankrate.

How Americans would cover an emergency $1,000 bill
Pay from savings
44%
Charge a credit card and pay over time
20%
Pay the bill and cut other expenses
15%
Borrow from family or friends
10%
Take a personal loan
Instead of drawing on their emergency savings funds, many Americans would have to go into debt to foot an unexpected $1,000 bill, either by asking family and friends for a loan, taking a personal loan from a bank or charging a credit card.

Barriers to saving

To be sure, the 44% of Americans who could cover a $1,000 emergency expense from their savings is the highest percentage in eight years, according to Bankrate.

In addition, some adults fare better than others in building and keeping solid emergency savings. Nearly 60% of those with college degrees could cover a $1,000 expense, as could more than half of people who make $50,000 a year or more.

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Still, rising costs are also making it difficult for Americans to save. Inflation surged 7% in the last year, the fastest pace in 40 years, according to the U.S. Bureau of Labor Statistics’ December consumer price index release. Nearly all costs measured by the index increased in December, with the prices of shelter, used cars and trucks, energy and food boosting the measure most.

Nearly half of Americans said that higher costs are keeping them from saving more, according to Bankrate.

“Just about every expense to run a household has gone up,” said Tania Brown, a Lawrenceville, Georgia-based certified financial planner and founder of FinanciallyConfidentMom.com. In addition, she added that parents may be especially struggling if their children are in and out of school due to Covid, which not only impacts budgets but how much some can work each week.

How to build savings this year

For people who want to continue saving or start working on building an emergency fund now, it likely means they’ll need some creative budgeting, Brown said.

“To me, the biggest contributing factor in finances is behavior,” she said, adding that if you can make shifts to your spending habits, it will help you save.

That may mean making cuts to cable and streaming platform subscriptions or deciding to buy less meat at the grocery store, in order to save money. People could also sell clothes they’re no longer planning to wear and make changes to their homes to save on energy bills.

It may also be time for people to diligently shop for deals and start using coupons to keep costs down, or even commit to a no-spend period, Brown explained.

“For the stuff that’s not that important, cut mercilessly,” she said.

Once you’ve made cuts, you should also be intentional about where that extra money is going. Make sure you’re sending every found dollar to an emergency savings fund or to pay down debt, Brown said.

“Your lifestyle can’t creep up with the changes,” she said. “There has to be almost an obsession, a compulsion with prioritizing savings and serious intentionality on where you spend money.”

visit this link https://www.cnbc.com/2022 .. h-savings.html
+10   



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104 comments
 

 4 months ago '11        #2
Sin  topics gone triple plat - Number 1 spot x50 OP
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this is a major improvement over 2019


+7   

 4 months ago '21        #3
GoldenKnight 
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Same people who can't afford to drop 1k in an emergency are the same ones who vote for policies that cause inflation and higher cost of living so I don't give a fu*k they can starve.
+19   

 4 months ago '20        #4
Xiox  topics gone triple plat - Number 1 spot x1
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This has always been the norm for 35% of the population . The system is rigged
+17   

 4 months ago '06        #5
Skateboard T  topics gone triple plat - Number 1 spot x7
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 GoldenKnight said
Same people who can't afford to drop 1k in an emergency are the same ones who vote for policies that cause inflation and higher cost of living so I don't give a fu*k they can starve.
How do you know this?
+17   

 4 months ago '16        #6
Proveone  topics gone triple plat - Number 1 spot x4
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Start voting in line with your fiscal interest and not your feelings while holding politicians accountable and sh*t might change.

+19   

 4 months ago '12        #7
OldBusiness  topics gone triple plat - Number 1 spot x4
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 Skateboard T said
How do you know this?
They call themselves patriots while spouting some erroneous bullsh*t and finishing with saying they don't care if more than half of their countryman starve.

I keep saying on here that Americans hate Americans more than anything.
+24   

 4 months ago '16        #8
MadMarlo 
Props total: 23138 23 K  Slaps total: 4749 4 K
 Skateboard T said
How do you know this?
That dude brings his right wing nonsense to BX and just let's sh*t fly lol .


I've started to notice their strategy.

Say a bunch of sh*t that you can't verify, post it. Then move on to your other internet sites
.....
Flood the internet with lies and keep people misinformed .




Gotta love free speech lol
+9   

 4 months ago '11        #9
Sin  topics gone triple plat - Number 1 spot x50 OP
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 GoldenKnight said
Same people who can't afford to drop 1k in an emergency are the same ones who vote for policies that cause inflation and higher cost of living so I don't give a fu*k they can starve.
Which president was it again that started printing all the money?
+1   

 4 months ago '06        #10
ehizzy3  topics gone triple plat - Number 1 spot x1
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 GoldenKnight said
Same people who can't afford to drop 1k in an emergency are the same ones who vote for policies that cause inflation and higher cost of living so I don't give a fu*k they can starve.
Are you even American tho
+7   

 4 months ago '16        #11
Fastrap87  topics gone triple plat - Number 1 spot x2
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 GoldenKnight said
Same people who can't afford to drop 1k in an emergency are the same ones who vote for policies that cause inflation and higher cost of living so I don't give a fu*k they can starve.
checkmate


-2   

Top 10 most slapped recently  4 months ago '05        #12
blah blah blah  topics gone triple plat - Number 1 spot x39
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Stop living beyond your means
+21   

 4 months ago '20        #13
cutedrakestan 
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 Skateboard T said
How do you know this?
Because they vote blue. Aka in support of vaccine mandates which would have k*lled the economy
-4   

Top 10 most propped recently  4 months ago '19        #14
FrivolousSports 
Props total: 110771 110 K  Slaps total: 25481 25 K
I bet those same people got a closet full of bullsh*t they barely wear that's probably worth 5 figures
+4   

 4 months ago '15        #15
mwtx  topics gone triple plat - Number 1 spot x2
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I don’t believe this. And if people don’t have it in their savings they probably have their money somewhere else. This would sound more realistic if we were talking like 10k+

1000 is not that much money in 2022..
+7   

 4 months ago '15        #16
The South 
Props total: 36536 36 K  Slaps total: 4625 4 K
Y’all sure do know a lot about people y’all obviously hate.

Imagine spending your time thinking about what people do, that you don’t like.

fu*king pathetic waste of time.

Tell your parents you spew right wing bullsh*t all day on BX.. bet they slap the dog sh*t out of all of you. Their legacy hard at work owning liberal BX. fu*king pathetic.
+7   

 4 months ago '20        #17
lostOne 
Props total: 2954 2 K  Slaps total: 565 565
Inflation was seen coming years ago. This isn't a new phenomena that came about in the past 2 years. Writings been on the wall, especially without solving the issues that cause the 2008 crash so it was really just a matter of time for the scale to rebalance. The virus and other terrible moves over the past 2 years has made it exponentially worse for sure tho.


 Xiox said
This has always been the norm for 35% of the population . The system is rigged
I feel like it's definitely higher than 35%. Def more of them than the financial savvy.
+9   

 4 months ago '04        #18
Skilllz 
Props total: 31511 31 K  Slaps total: 3091 3 K
 Proveone said
Start voting in line with your fiscal interest and not your feelings while holding politicians accountable and sh*t might change.

Real talk

Voting wit the wallet in mind is key

Gotta remember that they win by keeping us divided
+5   

 4 months ago '09        #19
izlar928  topics gone triple plat - Number 1 spot x29
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 mwtx said
I don’t believe this. And if people don’t have it in their savings they probably have their money somewhere else. This would sound more realistic if we were talking like 10k+

1000 is not that much money in 2022..
what rock are you hiding under? 1,000 is rich for some hood folks

 4 months ago '15        #20
thirssty58  topics gone triple plat - Number 1 spot x1
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COL pretty high and then you have random thieving incidentals like speed fundraising tickets, taxes a B, wages not on par w inflation, just saw a dude in some thread said he paid 10k for two dental implants sounds like recipe for disaster or struggling quality of life with not much disposable income how many jobs are six figs but even then those taxes again? How do people manage w many kids




Last edited by thirssty58; 01-20-2022 at 05:01 PM..
+1   

 4 months ago '15        #21
mwtx  topics gone triple plat - Number 1 spot x2
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 izlar928 said
what rock are you hiding under? 1,000 is rich for some hood folks
Yea… maybe if they’re like 16 or 17 years old. Definitely not 56% of Americans.


 4 months ago '05        #22
Andrefrbk  topics gone triple plat - Number 1 spot x37
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Capitalism still good?

n*ggas better start thinking about social democracy.

Our economic system is done here. Next stop revolt.
+8   

 4 months ago '18        #23
antisocial100 
Props total: 22018 22 K  Slaps total: 6034 6 K
 Sin said
Which president was it again that started printing all the money?
All of them
+6   

 4 months ago '17        #24
Ifeellikekobe  topics gone triple plat - Number 1 spot x7
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 MadMarlo said
That dude brings his right wing nonsense to BX and just let's sh*t fly lol .


I've started to notice their strategy.

Say a bunch of sh*t that you can't verify, post it. Then move on to your other internet sites
.....
Flood the internet with lies and keep people misinformed .




Gotta love free speech lol
I cant stand bx financial experts. Who voted for Zillow.com to buy all the damn houses?...they brought so many they had to stop. Jacking up the prices. Now those jackasses got too much and can't sell them. But I don't see any criticism. Nah people who could have afforded a home at $200k or $250 are just out of luck. Should have set their budget at $350k
+8   

 4 months ago '16        #25
Proveone  topics gone triple plat - Number 1 spot x4
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 Skilllz said
Real talk

Voting wit the wallet in mind is key

Gotta remember that they win by keeping us divided
/thread
+3   



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