Do you have enough money to cover one month of expenses? If you don’t, then you are not alone. A staggering 77% of Americans don’t have enough money to cover one month of expenses.
A recent survey by Forbes Advisor shows a staggering 40.7% of respondents find themselves in this precarious financial situation.
Even households with six-figure incomes are not exempt from living paycheck to paycheck, with 34-39% of respondents earning more than $100,000 revealing that they have no funds remaining after covering their monthly expenses.
Nearly half of respondents (49%) selected high monthly bills (including housing and utilities) as the primary reason they’re living paycheck to paycheck, and 77% lack enough emergency savings to cover one month’s expenses.
1. Automate Your Payments
Your emergency fund won’t grow very quickly if you keep forgetting to add to it. How can you stop your contributions from slipping your mind? Automate your money transfers from your checking account into your savings account through your online banking. This way, you’ll build up your fund without thinking about it.
2. Increase Your Income
If you’re impatient for your emergency fund to grow, you can try to increase your income so that you can make bigger contributions every month.
How can you do that?
Depending on your current job, you could ask for a pay raise or take on more overtime hours to bulk up your upcoming paychecks. You could also take on a side hustle, like selling second-hand items online in your free time. You’d be surprised by the profits that you can rake in!
3. Use Your Windfalls
Sometimes, you’ll be lucky enough to get a windfall, like a generous workplace bonus or a relative’s surprise inheritance. Take advantage of this sudden influx of funds!
You don’t have to put the entire windfall into your emergency fund, but at least put a portion of it there. It will instantly give your emergency fund a big boost without too much effort on your part. You’ll get one big step closer to your savings goals.
4. Change Accounts
After you’ve accumulated significant savings in your emergency fund, you should consider moving the total into a high-yield savings account. A high-yield savings account has an interest rate that will help your balance slowly grow, making your safety net more secure the longer that it sits there.
It’s time to build and boost your emergency fund. The sooner that you fill it up, the better.
11 Frugal Living Tips Middle-Class Americans Need to Know
Middle-class Americans need to start saving money, and they need to do it stat.
Inflation is rising, and no one is getting paid more. Everything is just so expensive. Frankly, it’s exhausting. But there is hope.
Frugal living is really not that bad. There are some great ways to save money and feel better about yourself. Using these tips to simplify your life and reduce your spending will make you happier than ever.
11 Frugal Living Tips Middle-Class Americans Need to Know
I’m Frugal: Here Are My Top 30 Frugal Living Tips to Save Money
I’m super frugal, and one of my passions is sharing my frugal living tips with everyone.
Here are some of my absolute favorite frugal tips to help you get started on your journey to frugal living.
I’m Frugal: Here Are My Top 30 Frugal Living Tips to Save Money
15 Things That Are No Longer Worth It Because of How Expensive They Have Become
Everything comes with a hefty price tag these days. From indulgences to essentials, the cost of living keeps rising. We used to consider certain items affordable options, but now they’ve become so expensive that they’re no longer worth it. Here are 15 things that have lost their affordability and make us wonder if they are worth it!
15 Things That Are No Longer Worth It Because of How Expensive They Have Become
28 Practical Ways Frugal People Save Lots of Money
Saving money doesn’t have to mean saying goodbye to life’s little indulgences. With a few smart tweaks, you can stash away cash for that dream vacation, rainy day fund, or splurge-worthy purchase without feeling like you’re on a constant budget patrol.
Think of it as a side hustle that pays off without the extra hours. Whether you’re looking to conquer debt or simply boost your bank account, these tips are guaranteed to put more money in your pocket, painlessly.
28 Practical Ways Frugal People Save Lots of Money
14 Ridiculously Random Tips That Could Save You Lots Of Money
Want to save some money? There are so many ways to save money that are published in articles all day, every day.
It can be tiring to sort through them and find the ones that work for you, so we decided to scour the internet and find some of the best ones to share with you. But we couldn’t decide which ones to share with you, so we just decided to share the ones we liked, which means that these are pretty random!
14 Ridiculously Random Tips That Could Save You Lots Money