Half of Americans don't have $2k for a rainy day.

**MomToTwoBoys** · 05-24-2011, 02:43 PM

Half of Americans don't have $2,000 for a rainy day - May. 24, 2011

I felt like saying, "If you quit sucking down that fast food, I bet you'd have that $2k in no time."

**Debbie-cat** · 05-24-2011, 03:53 PM

Sad but not surprising.

**brennasmom** · 05-24-2011, 03:58 PM

Scary.... and even $2k isn't going to get you far on a "rainy day"

**savvy_sniper** · 05-24-2011, 04:00 PM

I know SO many people that have NO savings, a car note, a house note, and tens of thousands of dollars of credit card debt. An illness, injury, or job loss will put them in MAJOR financial trouble.

**annymoll** · 05-24-2011, 04:08 PM

Our friends and family all have savings for rainy days.We do also.Most of our casual acquaintances do not appear to have savings, but they do appear to have alot of fun, alot of children, or lots of wants.

**craftypam** · 05-24-2011, 04:11 PM

I'm shocked its only 50%; I thought it would be way more.

**Imarachne** · 05-24-2011, 04:13 PM

Maybe they will find the Frugal Forums and learn how !!

**MomToTwoBoys** · 05-24-2011, 06:48 PM

I really hope they find something that helps them to realize just how frivolous they really are. From what I've been hearing around here lately, there are a lot of states in financial trouble and some of them may go broke. I hope the people that are in that 50% aren't relying on their government to help save them because at the rate things are going, that's not going to work.

It's like the people who think that Social Security and Medicare are going to be around for them when they get to be old enough to utilize it, but they're currently out spending more money than they make.

It makes me sad, but I guess an economic meltdown's the only way people are gonna learn. When will they learn that by then, it's too late?

**Cricketlegs** · 05-24-2011, 07:34 PM

I do know that there was a time when we didn't have savings but we also didn't eat out or spend much outside of the home budget. We did pay our bills.

When I was a single mom every penny went for daily living with no eating out or junk type spending and there was zero savings for me.

Just because you don't have savings or $2000 doesn't make you a dead weight.

Some people live pay check to pay check and they are still responsible.

Maybe they didn't finish education to get a higher paying job. Maybe they lost their job. Maybe one parent decided to stay home with the children and they lost a second income.

What if the person who has the $2000 inherited it? What if they cashed in their 401k? What if it is their tax return and it will be gone in 3 days flat?

The "what if" list goes on and on on both sides so unless you can ask every single person in the study why they do or do not have the money then how can we really gauge what the true picture is?

**oheoh's momma** · 05-24-2011, 08:45 PM

I don't have a penny in savings . But at one time I had $8000 a child who rides their bicycle across country without health insurance. (It was a dare) cost us every cent and then some have not been able to build it back. That was a $1000 christmas fund, a $2000 saving account, and $ 5000 inheritance from my mother. We were not as financially down then but that wiped us out.

**frugalwarrior2** · 05-24-2011, 11:38 PM

I think what some people don't understand is a lot of people spend their money on medical and medicines not fast food.
We were in that situation for the last 5 years. We have money in the bank now but it is always threatened by a medical emergency. I was in the hosp. 1 1/2 days $7200. $300. in new meds-out of pocket. Fortunately the $7200. came down to $125. and a Dr. bill for $182. Cheap but whose got that planned.
Not so easy.
My Ds is in comm. coll. and starts university in late Aug. $15,000 a year for him. But we hope to pay for surprises and extras. And still cover his $600 2x a year ins. not so easy.
My DH just lost his work section. We may not have 2 cents in the bank if it goes on too long. How many other are incl. in this scenario? Not so easy.

**mndtrp** · 05-25-2011, 02:03 AM

Originally Posted by oheoh's momma

I don't have a penny in savings . But at one time I had $8000 a child who rides their bicycle across country without health insurance. (It was a dare) cost us every cent and then some have not been able to build it back. That was a $1000 christmas fund, a $2000 saving account, and $ 5000 inheritance from my mother. We were not as financially down then but that wiped us out.

Could you elaborate on this? I'm not sure what happened. You spent your savings on a child riding their bicycle across the country, who chose to do this because of a dare?

I've seen similar studies come out over the past few years, although I don't recall if the stats have changed any. It certainly doesn't surprise me. Without knowing the nitty gritty about my friend's and coworker's financials, I would guess that we are split between the people who do have money for an emergency, and the people who are not. Most of us make a pretty decent wage, some don't have an emergency fund due to poor spending habits and missing payments, while others have high child support, medical bills, or other valid reasons.

**FrugalKat** · 12-31-2011, 04:20 PM

It used to be you needed 3 - 6 months of expenses in an EF. Now it's more like 2 years...given the amount of time many people have been out of work.

**KimZ** · 12-31-2011, 04:33 PM

Originally Posted by MomToTwoBoys

Half of Americans don't have $2,000 for a rainy day - May. 24, 2011

I felt like saying, "If you quit sucking down that fast food, I bet you'd have that $2k in no time."

I would like to know when Living within your means became a dirty word.... I tell people know my budget can't take that right now and they look at me cross eyed like what's a budget... these are the same people that are out getting their nails done every 2 weeks on their credit cards... geesh

**forHISglory** · 12-31-2011, 04:38 PM

It's a very complex situation, and many of you have hit on some of the complexities. But I still think we as a nation are in rather perilous waters concerning our finances. Both nation and individuals seem as if they are teetering with too much debt, too much irresponsible living, too much lack of saving. And it doesn't take much to knock the structure over.