MONEY|EDUCATION
Showing You The Money, Honey — Stats and Resources Most Need To See (and Save)
Hoping to help more people, especially women, to seek out and create more financial security
I recently had an unexpected thing happen to come up that made me want to give $400- $500 to help the young woman who was kind enough to take care of my senior cat after I found out that my overseas move would take too much of a toll on his health.
She didn’t ask me for financial help, but I figured she could use the help.
She doesn’t come from a rich family, as far as I know
She works at the local food cooperative that pays a fair wage, but she’s young, artistic, and renting.
I’m pretty sure that she planned to put the $500 or so vet bill on her credit card, from what I gathered.
I don’t come from a rich family either!
In fact, I grew up in abject poverty and still struggle with unhealthy spending habits.
However, I had the $500 to give and very much feel that Kitty deserves every penny of it.
It got me thinking of some important statistics that I didn’t know about until 15 years or so ago.
I believe that as many people as possible, especially women should know them too.
“Knowledge is power.” — Sir Francis Bacon
8. Over 50% of women have no savings at all.
(Source: GOBankingRates)
Women seem to have more trouble saving than men. With 50.56% of women having no savings and only 22.94% having the average amount in savings of less than $1,000, the situation seems alarming. Men tend to have more in their savings accounts across the board.
10. The median amount of savings for American households is $3,500.
(Source: The Ascent)
For a more realistic view of American savings, we should look into the median savings instead of the average amount on the savings account. The median is almost five times lower than the average. Few people keep separate emergency and savings accounts, and those who do usually have around $2,000 on them.
About 50% of women ages 55 to 66 have no personal retirement savings, compared to 47% of men.
Women also lag men at the other end of the spectrum: 22% of women have $100,000 or more in personal retirement savings compared to 30% of men.
Because 65% of men and 58% of women ages 55 to 66 are married (defined as those whose spouse lives in the same household), the amount of retirement savings available is difficult to assess. Married couples plan their retirement together and save together.
But how on earth can you feel “secure” in marriage when half of the marriages end in divorce these days??
To continue…
Americans faced a difficult year due to the Covid-19 pandemic, which put a strain on many families’ finances.
More than half, 51%, of Americans have less than three months’ worth of emergency savings, according to a recent survey from personal finance website Bankrate. The survey includes over 1,000 responses from telephone interviews conducted by SSRS Omnibus between June 22–27, 2021.
For 2021, 25% of survey respondents indicate having no emergency savings at all, up from 21% who said they didn’t have any in 2020. Another 26% say they have some emergency savings, but not enough to cover expenses for three months.
That puts many Americans well behind the three to six months worth of living expenses financial experts typically recommend having set aside in an emergency fund.
I’m writing and publishing this story to get the wheels in motion.
These discussions, even with just yourself, must be had. Wishing thinking and focusing on “laws of attraction” aren’t going to make money magically fall into your wallet.
I don’t have the answers for you, but resources are out here…seek and you shall find:
The free resources on this page will help you learn how to save effectively. You’ll learn how to close spending leaks in your budget, how to cut costs on everyday expenses, and what to do with the money you set aside to save effectively.
Here’s the ultimate guide to 190 of the best budgeting tools, deals & coupon sites, rate comparison engines, and personal finance resources online. This list has everything you need to start saving money immediately.
Buckle up! It’s about to get REAL around here as we share 54 ideas to save some dinero. Let’s dive in by first establishing some general savings ideas to get you #ThinkingLikeASaver.
Become a member: