LANSING, Mich. (WLNS) – According to a recent survey from Associated Press, more than 2/3 of Americans say they would not be able to come up with $1,000 if they needed it for emergency spending.
That’s primarily because a lot of people have a difficult time saving money.
“If I get a paycheck or something, I try to put half of it in the bank and keep half of it as spending money,” said student Beau Mierzwa.
“Well we try to put a little bit aside every paycheck, sometimes it works, sometimes it doesn’t,” MSU student advisor John Olle mentioned.
“Budget your money, have some spending money and then put a lot in your savings so that adds up,” Douglas J. Aveda Institute student Sarah Slack stated.
Saving money can be a struggle but it’s all about taking that first step.
“It’s really just the act of saying I want to save,” Chase Bank Branch Manager Ben Hayhurst said.
Often, learning how to budget your income will save you a lot of hassle if a financial emergency comes your way.
“It’s all about what you’re doing ahead of time when you don’t have the emergency, that’s gonna prepare you for when you do,” said Hayhurst.
He mentioned that saving enough for at least three to six months of living expense is typically a good rule of thumb.
“Making sure that you have it there when you need it, not taking it out for ya know things that might be less important than an actual emergency,” Hayhurst stated.
He also says when beginning to save money, following these three steps is essential:
Talk to a financial expert at your local bank;
Put a plan in place and take action;
Put money aside from each pay check.
“It’s a good idea and it’s a good necessity,” said Hayhurst.
“You have to plan for your future and the unexpected,” Charlotte, MI resident Elise Wildern mentioned.