Here’s Why You Need More Than $1,000 In Savings

need more than $1,000 in savings

In America, 57% of people have less than $1,000 in savings. While this is considered the norm, it doesn’t have to be that way. If you’ve followed personal finance gurus like Dave Ramsey for a while, you may think that the best way to avoid getting into debt is by having an emergency fund of $1,000. That seems to be the magic number, but it’s not. Here’s why you need more than $1,000 in savings.

Why You Need More Than $1,000 in Savings

This post has been written by our staff writer, Kimberly Studdard.

1) Life Is Expensive

$1,000 back in the 1970s may have been a lot of money. But these days, $1,000 won’t get you very far.

In some cases, that’s less than a month of rent. Your car could break down and cost you $1,000 just for simple repairs.

The truth is, life has gotten extremely expensive. . . . → Read More: Here’s Why You Need More Than $1,000 In Savings