An article on CNN Money.com tells us that most Americans can’t afford a $1,000 emergency expense. Two statistics from the article are noteworthy:

 

“A majority, or 64% of Americans don't have enough cash on hand to handle a $1,000 emergency expense, according to a survey by the National Foundation for Credit Counseling, or NFCC…”

“Only 36% said they would tap their rainy day funds for an emergency. The rest of the 2,700 people polled said that they would have to go to other extremes to cover an unexpected expense, such as borrowing money or taking out a cash advance on a credit card.”

 

I am part of that 36 percent. This is a scary fact, and one that made me realize that I need to do something immediately. I’m going to embark on a journey, and I’d like to bring you along. My goal is to save $500 per month for 4 months until I have saved $2,000. To some, this may not seem like a big sum of money, but for me it’s a big deal.

 

I’m going to keep you updated on my progress, and let you know the ways I’m cutting back to save along the way. I imagine I will encounter some obstacles during the holidays, but I will stick with my plan (See step 1 in Five Steps to Saving) and make my dream a reality.

 

Come join me on this journey. How much can you save in 4 months? 

 

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