The unexpected can happen and sometimes its not always for the better. Whether it's to pay for storm damage, a fender bender or an unanticipated trip to the doctor, a new report says 76 percent of Americans do not have enough in emergency savings.
According to Bankrate.com and a survey conducted by Princeton Survey Research Associates International, that means nearly one and four Americans have enough money put away in savings to cover at least six months worth of expenses.
The report says half have less than three months' living expenses saved for and a whopping 27 percent have no emergency savings whatsoever.
"It's hard to save. A lot of people live paycheck to paycheck," Susan Vasko from Harrisburg said.
In light of the recent study, Frank Kelly with Kelly Financial Services in New Cumberland offered some free advice:
- The little things do add up.
- Don't put anything on a credit card you can't pay when the bill comes.
- Turn the air conditioner up to 78 degrees. "Is it unconformable? You betcha! But you can save money."