How much should you have in savings?
It depends on your expenses. If your expenses are, for example, $2,000 per month, and this includes all of your expenses, including rent or mortgage, car payments, food, gas, etc...Financial experts recommend that people save between 3 to 6 months of expenses. However, according to Springleaf Financial, over 40 percent of Americans are saving less than this recommended amount. They are living from paycheck to paycheck, meaning if they miss one paycheck, they will be behind on their expense payments. The most interesting part of this study is that this is across all income and education groups, from peoeple earning $10,000 per year to people earning over $200,000 per year. From people without a GED or high school diploma, to people with a graduate degree.
The study states tha this is caused by a lack of financial education. People just do not know how much they should save, and do not understand the real consequences of not saving until it is too late and they have to learn "the hard way."
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