We often talk about the importance of savings but, seldom do we realize the magnitude of it. Whenever we discuss savings, we often talk in relation to enjoying a comfortable retirement.
However, retirement is a long shot, and there is a whole life before it. You have to deal with your day to day expenses, pay utility bills, and fend for your basic grocery needs.
Especially in times of economic uncertainty, you never know when you will lose your job or get a demotion, which will leave you to forge for yourself. Thus, experts recommend that you should at least have three to six months of expenses stored for emergency funds.
More studies have proven that if not as vast, a savings fund that scatters over $100 can also be plentiful in avoiding ruts and landslides when leading a life in these uncertain times.
Statistics for those with $100 in savings
According to a survey based on 687 US adults, those who had hoarded more than $100 were else likely to be financially stressed. There were fewer chances of going bankrupt, falling victim to high-interest loans, and making senseless decisions.
Hence, judging from statistical data, you will also be better satisfied if you reach that amount of funds.
Statistics for those who had their utility supplies cut off
In further analysis, it was revealed that 37% of people who had their regular utilities disconnected were guilty of having insufficient funds in their bank account. Only a meager 19% of those who defaulted on their bill payments identified with having more than $100 in savings. This is an apparent testament to the benefit of saving more than $100 for your sudden expenses.
How to save more than $100?
This is a critical question since it is no surprise that you have an urge to spend it as soon as you get hands-on with the money. The impulsive buying streak becomes more pronounced. To meet your saving goal, save $35 every day. However, if your income does not allow you to save more than $35, you could begin by saving $5 each week or twice a week.
The initial few weeks may be hard, but soon it will become natural to you, and you will have a small pool of savings to fuel your conviction. After all, once you succeed in saving your first $100, you will automatically aim for $1000 for your year’s goal.