28% of Americans Have No Emergency Fund

3 simple ways to start one on your current salary

According to a Bankrate survey, 28% of Americans have no emergency savings.

This means nothing to fall back on in the event of job loss, home repair that insurance won’t cover, emergencies requiring travel, or unforeseen medical issues.

Many people are looking to start an emergency fund but don’t know where to begin. This lack of knowledge leads to people putting it off and eventually falling into the previously mentioned 28 percent of people who have no fund at all.

Having an emergency fund as part of your financial plan is essential. On top of increasing your list of assets and growing your net worth, you will have the peace of mind to know you’re covered in the event something unexpected comes up.

But for many, getting started is the biggest hurdle. Bills consume so much of our income and there doesn’t seem to be much left after.

For those in this predicament, we’ve come up with a few ways you can start an emergency fund on your current salary.

1. Slightly Adjust Your Budget

Seems simple, right? For most of us, budgeting is necessary because our resources must be allocated to certain expenses…