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Do You Have an Emergency Fund?

A rainy day - emergency savings fund - Do you have an emergency savings?

Legends Bank wants you to be prepared for whatever life throws your way

Most Americans don’t have enough money to cover emergencies.

If you’re like most Americans, you probably don’t have enough saved to pay for emergencies. A GobankingRates survey found that more than ½ of adults have less than $1,000 in savings.

  • 55% of Americans can’t cover 6 months of living expenses
  • 54% of Americans can’t cover medical emergencies
  • 42% of Americans can’t cover emergency car repairs

Who’s at risk:

Millennials (age 18 – 24) are the least prepared for financial emergencies

Most millennials haven’t had time to save over older generations. They say that low wages and debt along with high costs of living are the biggest obstacles to saving money.

Seniors have the highest percentage rates of being prepared for emergencies to no surprise. Seniors tend to have less debt allowing them to put aside more for their emergency fund.

Women vs Men:

  • 61% of women don’t have enough saved to cover 6 months of living expenses
  • while only 46% of men don’t have enough saved

So how much should you save?

It is recommended that your emergency fund size should be equal to at least three to six months of your net income.

For example:

If you earned the median household income of $59,039, your emergency fund should be about $15,000 to $30,000. You would have to set aside $625 a month for two years or $416 a month for 3 years.

Legends Bank wants you to be prepared. We have savings accounts for every budget. Even if you can only afford $25 or $50 a month, save what you can. You just need to get in a savings habit. Take advantage of our automatic transfer service to conveniently tuck away money into your savings account.

We’re Legends Bank … professionals who know what you want and need most. And a homegrown, financial institution that’s here to stay.

Contact Us Phone (Regular Business Hours): 1-866-391-1925 Or email us at: customerservice@legendsbank.com.

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