Emergency Savings
Almost 30% of Americans have no emergency savings, according to a recent survey.
This means that an unforeseen event will force many of these people to increase their debt load. Credit card debt will increase.
People know they are at risk. Yet there has been an uptick regarding public optimism about the economy. The financial security index is rising.
When things are going smoothly, this is the time to build up an emergency savings account. When the economy heads south, it's too late.
There will be a recession. Everyone knows this, but in between recessions, people tend to adopt the state slogan of Louisiana: "Let the good times roll."
Get an automatic payroll deduction plan set up. Put the money in a bank or credit union.