Are You One Step Away From Financial Ruin?

A recent survey released by Bankrate stated that 75 percent of Americans don’t have enough savings to cover their bills for six months. A financial analyst at Bankrate actually stated that it is “alarming” how little Americans have saved up.

Right now most Americans are living one disaster away from financial ruin.

Saving can be hard right now. With unemployment rates still high and a still stagnant economy, it can be hard to make head way with saving. But it is also because of these same reasons that it is important now more than ever to save for a rainy day.

With no real increase in salaries and everyday expenses continuing to rise it is important to have a nest egg to fall back on in case of job loss or medical emergency.

I have always stressed that the first step is just getting started. Whatever you can start saving, just start doing it. As long as you are consistent, it will add up quickly.

Take a moment and write down everything your money is being spent on. This may require you to gather receipts for a period of at least two weeks. Once you have a clear picture of where your money is going then you can see where you can do some trimming to be able to save more.

Without a financial safety net, you put yourself financially at risk. Before retirement, before any kind of investing, you must invest in everyday financial security.

Financial planning, good & consistent saving habits and remaining debt-free are the key.

Black Enterprise Columnist Jennifer Streaks is Financial Author, Journalist & Pundit. Continue the conversation by following her on twitter @JStreaks or visiting her website at