Do you have less than $500 in savings? You’re not alone.
While it is a good idea to have extra cash in case of a financial emergency, 41 percent of Americans have less than $500 saved, according to CreditDonkey.
Surprisingly, many who don’t have $500 in savings live in two-income households, own cars, homes and some luxuries. This group has come to be known as the “liquid-asset poor” because of their inability to quickly pay for a financial emergency with hard cash.
In many instances, they would have to rely on credit to fix their problem, an option that could put a strain on their credit score.
Fifty-four percent of the 1,105 Americans surveyed didn’t have a strategy in place to save money while 45 percent felt they would never be able to save a lot of money.
While many families feel it is impossible to save three to six months of wages for larger emergencies, many can still save for smaller unexpected emergencies, such as a car repair, according to CreditDonkey.
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments
- Here’s why Gaydos went tankless with his water heater
- 12 things to watch before the Oscars
- Bocce ball and basketball: How you can help Arizona's Special Olympics athletes
- Tips on building the best wine room in Arizona
- Avoid the nightmare: 6 tips to choose a great contractor
- Breast cancer: Improved testing and treatments means more survivors
- Best and worst of Super Bowl commercials
- Failed back surgery: New hope for patients living in pain
- Ticking time bombs: Telltale signs your water heater is about to explode
- Reading glasses could be a thing of the past
- 6 cool ways teachers are using technology in the classroom
- Emerging tech jobs in Phoenix and how to get one in 2017
- 4 top treatments athletes use for pain
- Emergency! What to do when bathrooms flood
- Operation Santa Claus needs holiday help
- This college bowl season is likely to be epic
- Arizona kids in crisis: How you can help
- 11 holiday classics for the ultimate movie marathon
- New treatment offers hope for migraine sufferers
- 11 stadiums to watch your favorite football team
- Shopping for a TV? Best models for 2016
- The new beer pairing guide for holiday foods
- Avoid this holiday plumbing disaster in your home
- 7 tips to avoid holiday weight gain
- New treatments mean better prostate cancer survival rates
- 5 of the scariest things found in drains
- 6 tips to create the best family movie night
- New bone marrow procedure holds promise for healing pain