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It’s not fun to ponder, but one day you might face a costly car repair, a sudden job loss or unexpected illness. Forty-four percent of adults surveyed by the Federal Reserve said they could either not cover a $400 emergency expense or they would have to sell something or borrow to cover it. 
“The current average savings rate of around 3 percent is much too low to provide households with short- or long-term economic security,” says Jim Benedict, a senior wealth planner at PNC. “Over the short term, most families need between six months and a year of expenses in cash to cover economic emergencies. The low savings rate and high spending rate we’re seeing now means many don’t have that cushion.”
Saving money can feel like a luxury, but peace of mind is priceless. Here are five tips to help you build up your savings in case of emergency.
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1. The Federal Reserve, “Report on the Economic Well-Being of U.S. Households in 2016,” 2017
2. PNC Investments, “Millennials & Investing Survey,” 2018
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