ST. LOUIS, Mo. - If you were hit with a $1,000 emergency, would you be able to cover it? The majority of Americans can't.
A report from Bankrate.com found that only 39 percent would be able to pay a bill that size out of savings. Among those who say they couldn't pay, 36 percent said they'd need to borrow the money or put it on a credit card.
According to the survey, younger millennials, ages 18-27, were the most likely of all age groups to borrow from family or friends in an emergency situation. Older millennials, ages 28-37, were those most likely to reduce spending on other things.
Lynnette Khalfani-Cox, The Money Coach, joined us live from New York with tips to save more money in 2018.
- Dump unwanted subscriptions
- Pay down excessive credit card debt
- Turbo-charge your savings through your employer
- Save (or spend) your tax refund wisely
- Create a three step-savings strategy
- Set realistic goals
- Be accountable
- Automate your savings
Khalfani-Coz is a personal finance expert, TV and radio personality, and author of 12 books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom. She is a former financial news journalist with previous positions as Wall Street Journal reporter for CNBC, Dow Jones & Co., and the Associated Press.
She currently teaches individuals nationwide how to better manage their finances as the CEO of TheMoneyCoach.net LLC, a financial education company. Lynnette oversees all content, marketing, and operational efforts and is responsible for the overall editorial direction AskTheMoneyCoach.com.
According to JPMorgan, typical middle-income households need $4,800 in liquid savings for an emergency fund in case they experience a financial shock, like losing their job or health issues. But most Americans fall short and have $0.
Chase launched Finn exclusively in St. Louis, which helps people save better.
To learn more visit: https://www.Chase.Com/personal/finnbank