In a January 2019 survey, Bankrate found that 60% of Americans were unable to pay an unexpected $1,000 expense. That is a lot of people who are living paycheck to paycheck and barely saving any money. The survey also revealed that 77% of respondents said that either they or an immediate family member had to deal with a financial emergency in the last year that was $1,000 or more, with 36% of those facing a bill greater than $5,000.
This brings up a couple questions. How can one increase their savings? What can we do when 1 in 5 working Americans aren’t saving any money at all?