Saunders Learning Group 

Today in America a growing wealth gap threatens the traditional middle class way of life many American enjoy and far too many Americans find it more difficult to climb out of debt and build financial security.

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For people earning between $40,000 and $100,000, 44 percent said they could not come up with $400 in an emergency. Even more amazing, 27 percent of those making more than $100,000 also could not. 

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That same 44 percent of Americans are “liquid asset poor,” meaning they don’t have enough to make it through three months of unemployment.

 

In addition, the costs of housing, a college education, and healthcare have all gone up. From a personal finance standpoint, not having a safety net in case of an emergency is a precarious position to be in.

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If you don’t have a nest egg set aside, don’t panic. Here are a few tips to get started.

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–Assess your needs. Tally what you need for housing, transportation, food, cable/phone, debt, and incidentals in a month. Multiply that by three (at least; six is even better) and now you have a goal to shoot for.

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–Know it’s OK to start small. Maybe that means $5 per week. As long and you’re working toward the goal, you’re on the right path. Cut back on expenditures like eating out and get serious about saving. It’ll take a while, but you’ll get there.

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- Know where to put your money.  Far too many Americans are not taking advantage of the new ways to save that can help you learn to invest even small amounts in products that have returns averaging at least seven percent.

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–Work on lower your debt, which puts you and your savings account in a better position.

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-Seek out extra income. If you have the time and energy, find some extra work to do to help build that savings account. If you have a skill — a writer, a cook, great at organizing, love pets — do a little something that you can charge people for.  The key is to start small and build from there