38 Reasons You Need At Least a $500 Emergency Fund | America Saves (2024)

Nearly a quarter of savers who take theAmerica Saves pledgechose “emergency savings” as their first wealth-building goal. And they have the right idea.

Think and acting like a saver not only means knowing what you’re saving for and how much it costs, but having a plan for building that savings.

Being able to travel by car can help people earn more, spend less, and get better value in their housing. Cars, however, are relatively expensive to purchase and maintain. American households spend, on average, more than $8,000 dollars on car purchases and maintenance each year.

Vacation anyone? You might be gearing up for your next trip soon. Luckily, you don’t have to be rolling in dough to travel!

Retirement savings is a top priority for many Savers. Saving now for retirement will ensure that you have enough money to enjoy a comfortable standard of living when you stop or reduce the amount of hours you work.

Getting out of debt is the #3 goal Savers select when they pledge to save. With planning, discipline, patience, and maybe some outside help, almost anyone can reduce their debts and start to accumulate wealth.

Saving for education is the second most popular goal (after saving for emergencies) savers select when they pledge to save with America Saves.

Develop a savings plan to build up money for a down payment at purchase, for moving expenses, and for post-purchase emergency expenditures such as needed home repairs.

Oftentimes, individuals with disabilities may not be familiar with savings options that are available to them or they may be afraid to save money due to the fear of jeopardizing public benefits.

More and more people who take the America Saves pledge are choosing investment savings as their goal. Making investments can build wealth over time more reliably than using a savings account, but it also involves risk. So, it’s important to educate yourself.

It can be hard to put aside money for savings. But there is an easy way to save money without ever missing it. Make your savings automatic. You can start small and save $20 a week or month or you can try and save more.