User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


63° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

Share your Photos, Videos, and Stories on uShare! Click here to get started.

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

Emergency Savings Fall Short

June 23, 2014, 10:10 PM by Angela Kennecke

Emergency Savings Fall Short
SIOUX FALLS, SD -

You've no doubt gotten advice to save for a rainy day--well, that rainy day has come for many in KELOLAND in the form of floods, tornadoes and hail. 

Residents will have to dip into their savings for what insurance doesn't cover.  The problem with that is many people don't have any emergency savings at all.

From cleaning up a flooded home and replacing items to the deductible on your insurance for hail damage to your car, knowing you have a safety net in the form of emergency savings can help ease the stress Mother Nature dishes out.

"At our house we would always want to have some sort of backup; not knowing to what degree, but there should be a baseline of something there that's available," Julie Linder said.

"We put money back, at least during tax time," Lori Fletcher said.

But 26 percent of Americans, that's more than one in four of us, don't have any emergency savings, according to Bankrate.com. 

"Savings, unfortunately, is one of those items that is viewed as an opportunity.  'If I have enough money left over at the end of the month,'" Breck Miller with the Center for Financial Resources said.

 Miller says instead, savings should be as much of a priority as the mortgage payment.   A majority of people have less than the recommended six months’ worth of expenses in savings. 

"Three to six months is great, but let's start with setting aside $500 or even $50 a week--make it that fixed expense you pay first so you're ready when emergencies hit," Miller said.

Millennials--those aged 18 to 30--are most likely to have five months' expenses saved up.  People between the ages of 30- 49 tend to have no emergency savings. 

"But now they're starting to think home ownership, which has a lot of cost.  They're also beginning to have children, which can incur a great amount of cost," Miller said.

A higher income doesn't mean more savings.  Even with households earning $75,000 a year or more, fewer than half report having that six-month savings cushion. 

Americans' net worth continues to rise because the stock market remains strong.  However, savings have remained a weak spot for the last four years.

Previous Story

Next Story


Comments







 
Find Local Businesses on KELO Pages!

View business

You may also like

Yankton Teenager Files Discrimination Charges

9/24/2014 3:08 PM

With the help of the ACLU, a Yankton teenager has filed discrimination charges with the U.S. Equal Employment Opportunity Commission. 

Full Story
New Kind Of Pizza Restaurant In Sioux Falls

9/24/2014 10:55 AM

A build-your-own pizza restaurant is in the works in downtown Sioux Falls.  

Full Story
Jimmy John's Says Customers' Card Data Stolen

9/24/2014 4:00 PM

Jimmy John's sandwich chain said Wednesday that it believes customers' credit card data was stolen from 216 of its shops between June and Sept...

Full Story
Latest SF Walmart Lawsuit Dismissed

9/30/2014 11:48 AM

A lawsuit filed by opponents of a south side Sioux Falls Walmart has been dismissed.

Full Story
Chicago Fire Rerouting Travelers In Sioux Falls

9/26/2014 11:25 AM

A fire in Chicago has grounded flights in Sioux Falls and across the country.

Full Story


Events