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Are you feeling good about your saving habits? According to a recent study, 57% of consumers said they felt good about how much money they've saved. But just how often are they saving? 39% said they put money aside at least a few times a month, while only 4% said they put money aside a few times a year or less.
So where do you stand?
Most consumers would like to be saving more frequently, yet only a few actually are. And, while creating a rainy day fund isn't easy, it's sure nice to have.
Here are the top three reasons why you should start putting money into an emergency savings account:
- Preparing for a large and/or unexpected expense-because accidents DO happen, it's important to be prepared
- Simply saving for a rainy day-it never hurts to have a little extra
- Health problems-getting sick can be expensive, especially when you don't have the money to pay for it
Military Members Do It Better
Studies show that military members are better at practicing good saving habits, with 72% of consumers with a military affiliation having some sort of emergency savings, compared to only 54% of
The key to improving your saving habits is to start budgeting. In fact, 54% of consumers said the biggest thing they could do to improve their saving habits was making a budget.
Take a look at this infographic for more saving trends and then read tips for building your emergency fund.