Congratulations America, We Did It Again!
The majority of Americans can’t come up with $1,000 in case of an emergency. At The Money Guy Show, we are determined to change this statistic. Every year since 2015, Bankrate has published a report on the number of Americans who struggle to come up with $1,000. The numbers are consistently around 60%, meaning only 40% of Americans have enough savings to cover an unexpected expense without going into debt.
As of January 2023, the report shows that 57% of Americans have less than $1,000 in savings. This is a concerning reality, as it means that a sudden emergency could completely derail their financial lives. However, at the Money Guy Show, we believe in providing solutions and not just dwelling on negative information.
Here are three realistic ways to save $1,000 without sacrificing too much of your time:
- Get rid of your ungrateful service providers: This refers to insurance companies who reward new customers while neglecting their current customers. By shopping your insurance every two to three years, you could potentially save hundreds of dollars. Consider working with a non-captive agent who can shop for insurance across multiple companies.
- Side Hustles: While there are many options for making extra money, we recommend starting with side hustles that don’t take away from your precious time.
- Cut down on unnecessary expenses: This is a classic tip but still relevant. Look for areas in your budget where you can cut down on spending, such as dining out, subscriptions, and entertainment expenses.
In conclusion, it’s time for America to turn this statistic around and increase the number of people who can come up with $1,000 in case of an emergency. By implementing these tips, we can work towards a brighter financial future.
To learn more, check out our Financial Order of Operations here.