Saving Money for a Rainy Day - Wandtv.com, NewsCenter17, StormCenter17, Central Illinois News-

Saving Money for a Rainy Day

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If you lost your job today, could you live off what you have saved?

According to Bankrate.com, 26 percent of Americans could not live off what they have saved. That is if a situation suddenly interrupted their finances.


Melissa Hesse, a Credit Manager at Land of Lincoln Credit Union said, "people live paycheck to paycheck."

According to Bankrate.com, Hesse is right, 1 in 4 Americans don't have enough saved for an emergency. Not everyone can say they earn $70,000, but less than half of them can say they have saved six months worth of expenses. If you fall in the 30-49 age group, bankrate.com reports you most likely haven't saved at all. While 18-30 year olds are most likely to have five months worth saved, but that comes from living with roommates or mom and dad.  
Hesse said, "three months is hard enough. . . You want to have a $1,000, so if you can start small and work your way up to that, that's good."

Hesse said parents should teach their kids how to budget around 15 years old.

"I think it's good to start young to get them to learn how to use theirs and how to balance a checkbook, Hesse added."

Because when they get older, it is more difficult to save. 

"Saving money is definitely difficult right now. I have a kid in college, one in kindergarten and one in diapers. So it's hard to save money especially in this economy," Rodney Powell told WAND.

So make sure you have emergency savings for that rainy day.

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