More Than Half Of Americans Are Just $500 Away From Financial Disaster

According to a study by Bankrate.com, more than half of Americans cannot financially handle a bill of $500 or more. The people in the report include 28% with $0 balance, 21% with no saving account and 9% with just the minimum balance requirement. “It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” said personal finance expert Cameron Huddleston. “It suggests that they likely don’t have cash reserves to cover an emergency and will have to rely on credit, friends, and family, or even their retirement accounts to cover unexpected expenses.” In fact, 63 percent said they would be unable to handle an unexpected expense. If you have less than $1,000 in saving it’s time to apply 29 easy ways to build emergency fund. As a general advice, you should tuck away a few months of expenses in case you happen to lose your job or if something unexpected comes up. (gobankingrates.com)