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GreatLakesTiger24
New Orleans Pelicans Fan
Member since May 2012
34879 posts

60% of American adults don't have enough in savings to cover a $1,000 emergency
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quote:

The tendency to splurge consistently on nonessentials is causing Americans to skimp on other important items. Case in point: A good 38% of Americans claim they can't afford to fund a retirement plan because they don't have enough money. Meanwhile, 35% say they can't afford a life insurance policy, 28% can't afford to pay off credit card debt, and 26% can't afford car repairs.


quote:

All of this spending on nonessentials is also causing Americans to neglect their near-term savings. An alarming 60% of adults don't have enough money in savings to cover a $1,000 expense.


quote:

Once you have that information, you'll need to play around with different scenarios in which you trim your spending on nonessentials and see where that leaves you. For example, if you're $1,000 shy of having three months of living costs in the bank, you might cut back on restaurants, drinks, lunches and takeout for a month or two until you've bridged that gap. From there, you might slash two of those expenses to pay for a life insurance plan, and cancel a streaming service or two and your gym membership to eke out money for a retirement account. It doesn't matter which expenses you cut, as long as you're getting yourself into a better spot financially.


The average American is a disaster. What a shame.


OysterPoBoy
LSU Fan
BR
Member since Jul 2013
14890 posts

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
quote:

enough money in savings to cover a $1,000 expense


How much would I need in savings to cover that?


Thib-a-doe Tiger
LSU Fan
LaTour and in BRgetthenet's head
Member since Nov 2012
30234 posts

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
Like, in their wallet?


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39
castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
58856 posts

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
In other news, tomorrow is Thursday.


fr33manator
LSU Fan
Baton Rouge
Member since Oct 2010
87611 posts
 Online 

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
I bet they have cable and smart phones and big screen TVs though


yellowfin
Chicago Cubs Fan
Coastal Bar
Member since May 2006
92149 posts
 Online 

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
No surprised


athenslife101
Georgia Fan
Athens
Member since Feb 2013
12872 posts
 Online 

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
I strongly doubt these whenever I see them. I don’t make a lot of money at all and I could manage perfectly fine a thousand dollar emergency, all things being equal


scott8811
LSU Fan
Ratchet City, LA
Member since Oct 2014
4601 posts

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
That would give me constant anxiety


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312
TexasTiger08
Cleveland St. Fan
Member since Oct 2006
15651 posts

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
After graduating college and working for 9 years, I’ve seen what the real world is indeed like. Your stat is not surprising at all.


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320
Lawyered
Ole Miss Fan
The Sip
Member since Oct 2016
4675 posts
 Online 

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
And a boat and F-350 financed for 72 months with Braxxden on the best AA travel ball team LA.


Tyga Woods
Vanderbilt Fan
South Central Jupiter Island, FL
Member since Sep 2016
8058 posts

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
My bro in law is constantly buying boats, atv’s, yeti’s, etc and last week had to borrow $1100 from me when his a/c went out


TH03
Iowa State Fan
Dallas
Member since Dec 2008
152844 posts

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
quote:

quote:

enough money in savings to cover a $1,000 expense



How much would I need in savings to cover that?


Probably $1,000.


Upperdecker
LSU Fan
BR
Member since Nov 2014
17920 posts
 Online 

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
A study saying some large % of American adults doesn’t have some small number in savings seems to get posted all the time. We get it, most people are poor and stupid and over spend and up to their necks in debt


TH03
Iowa State Fan
Dallas
Member since Dec 2008
152844 posts

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
quote:

My bro in law is constantly buying boats, atv’s, yeti’s, etc and last week had to borrow $1100 from me when his a/c went out


He couldn't finance the A/C like he does everything else?


Upperdecker
LSU Fan
BR
Member since Nov 2014
17920 posts
 Online 

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
quote:

My bro in law is constantly buying boats, atv’s, yeti’s, etc and last week had to borrow $1100 from me when his a/c went out

I would have told him to give me the $1100 equivalent of either ATV or yetis


Tyga Woods
Vanderbilt Fan
South Central Jupiter Island, FL
Member since Sep 2016
8058 posts

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
quote:

He couldn't finance the A/C like he does everything else?



He pays cash for everything else. Nobody will give that idiot any credit
Only reason I helped is because of the kids


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36
RougeDawg
Louisiana Tech Fan
Member since Jul 2016
988 posts
 Online 

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency


Sweltering Chill
Wofford Fan
Member since Aug 2017
1067 posts
 Online 

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
quote:

with Braxxden on the best AA travel ball team LA



I love how it always changes, from ‘Braxton’ to ‘Braxtinn’ to ‘Braxxden’




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290
OysterPoBoy
LSU Fan
BR
Member since Jul 2013
14890 posts

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
quote:

Probably $1,000.


That’s what I thought but then they could have just said “don’t have $1000 in savings”.


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40
Tester1216
LSU Fan
South Louisiana
Member since Jul 2018
22149 posts

re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
quote:

bank, you might cut back on restaurants, drinks, lunches and takeout for a month or two until you've bridged that gap. From there, you might slash two of those expenses to pay for a life insurance plan, and cancel a streaming service or two and your gym membership to eke out money for a retirement account.



By far one of your most “No shite Sherlock” threads to date.
This post was edited on 5/8 at 5:32 pm


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