How to build savings from zero
Baby step your way to savings.
You’ve seen the numbers. They aren’t pretty.
A recent Bankrate.com survey of 1,000 adults suggests that 66 million American adults have zero dollars saved for an emergency. That dovetails nicely with a report that came out earlier this year from the Federal Reserve, which looked at the economic well-being of American households. And things are not going so well. About one-third of 5,695 respondents to a 2015 survey revealed they would have trouble dealing with a $400 emergency.
Sound familiar? Start building your savings with some of these methods.
Start small. That’s advice from Mackey McNeill, founder and president of Mackey Advisors, a wealth management firm in Bellevue, Kentucky.
“If you have never saved anything in your life, save $5 a week or $10 a week,” McNeill says, adding: “Pick a number that, regardless of disaster, you can achieve.”
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