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.


42° 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

Pierre Woman Wins On In-Flight Game Show

10/17/2014 12:10 PM

A South Dakotan is a winner on the Allegiant Airlines' first in-flight game show called "The Game Plane."  The reality show is film...

Full Story
Minimum Wage In South Dakota

10/13/2014 6:12 PM

An initiated measure on the South Dakota ballot this November proposes to raise the state's minimum wage from $7.25 per hour to $8.50.  Suppo...

Full Story | Watch
Pop-Up Holiday Shop Coming to Downtown Sioux Falls

10/15/2014 11:45 AM

Unglued: Christmas Market, will open in the space formerly occupied by the Book Shop in the Carpenter Building on Phillips Avenue from Nov. 20 through...

Full Story
Ebola Scams Surface

10/17/2014 2:15 PM

It was only a matter of time before scammers started capitalizing on the Ebola scare.  The Better Business Bureau is warning consumers about a va...

Full Story
Lumber Hunt

10/16/2014 10:05 PM

Connor Burtis is holding a treasure hunt with the ultimate prize: A handcrafted piece of furniture.

Full Story | Watch


Events