It’s common knowledge that having savings in case of an emergency is crucial protection against financial ruin. Yet in June, Bankrate discovered that 24 percent of Americans have no emergency savings at all, while another 22 percent say their savings would cover, at best, 3 months of living expenses. One reason for the lack of savings is that many believe that with their already-tight finances, having emergency savings is an unrealistic priority.
Here, we offer a simple plan for identifying your savings needs and reaching that total as quickly as possible.
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