Most Americans Don’t Have Emergency Savings; Here’s How to Change That

By ELISABETH LEAMY (@elisabethleamy)

Three quarters of Americans don’t have enough savings to survive for six months if they lose their jobs, according to new research from Bankrate.com. Another recent study, this one by the FINRA Investor Education Foundation, showed that people without that “rainy day fund” were three times more likely to make a late payment on their mortgage and twice as likely to be foreclosed on.

Yipes.

Bankrate’s surveys show that our savings are the weakest part of our financial picture. (By contrast, measures of net worth, job security and debt level are improving.) So, below are several ways you could save money each month and build up your six-month emergency fund. Just promise me you’ll use any windfall you find for this healthy purpose.

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