What is the amount of money Americans need to feel comfortable during emergencies, and how much do they currently have?

While many Americans are aware of the amount of money they need in their emergency fund to feel secure, achieving that objective is simpler in theory than in practice.

According to Bankrate's "2024 Annual Emergency Savings Report," nearly 90% of Americans adhere to the traditional rule of thumb that recommends saving enough money to cover at least three months of expenses.

According to the report, about 60% of Americans believe they would need at least six months' worth of savings to cover their expenses.

According to the report, most respondents do not have enough savings to cover a $1,000 emergency expense.

It's hard to save: 'Inflation has been a key culprit'

According to Bankrate, many people claim they struggle to save money because the cost of essentials has increased.

That situation may improve soon.

The U.S. Labor Department's May Consumer Price Index report showed a slight decrease in overall inflation from May to April.

The cost of juices and drinks increased by around 20%, while car insurance also became more expensive, according to the Labor Department.

Mark Hamrick, Bankrate's senior economic analyst, states in Bankrate's report that inflation has been a significant obstacle to advancements in savings.

How to start an emergency fund

Americans prioritize increasing their emergency savings, according to Bankrate, and the good news is that it's never too late to start.

Understanding your key expenses, including rent or mortgage payments, car insurance, and grocery costs, can help you determine how much you should aim to save.

To determine how much money to set aside each week or month in order to reach a financial goal, you need to first establish the goal.

Building an emergency fund that makes you feel secure takes time.

Automating your contributions to your emergency fund is an easy way to ensure it continues to grow. Many companies offer this feature, which automatically allocates a portion of your paycheck to your savings account, preventing you from forgetting to move the money yourself.

According to Greg McBride, Bankrate's chief financial analyst, the key to achieving savings is automating the process, especially with tight household budgets.

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