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"Younger Americans aren't keeping enough cash on hand for emergencies
Generally, experts recommend keeping between three and six months worth of expenses in a liquid cash account like a high-yield savings account. However, as the economy has faltered during the coronavirus pandemic, some experts are recommending adding even more to your emergency fund — personal finance expert Ramit Sethi has recently started recommending 12 months worth of expenses.
According to the Bureau of Labor Statistics data, the average household spent $42,743 last year on essentials alone, including housing, food, healthcare, and transportation. That means the average household spent roughly $3,500 a month to live, not including discretionary spending.
A solid six months of these expenses would mean that the typical household would need an emergency fund of about $21,000. Looking at the Personal Capital data, many Americans don't meet that amount, even if the household were to consist of two people with median savings balances.
Let's face it: Keeping funds in cash isn't the best way to grow money, even in high-yield savings accounts or money market accounts. While cash grows at a modest interest rate in both of these accounts, it certainly doesn't grow the way it could through investing.
But, keeping some liquid savings is critical for emergency planning and saving. Having an emergency fund is the best buffer from needing to take on high-interest debt after a job loss, medical emergency, or family emergency."
- Business Insider
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