Why Americans are saving less and how you can boost your emergency fund.

According to Bankrate’s Annual Emergency Fund Report, 68% of people are worried they wouldn’t be able to cover their living expenses for just one month if they lost their primary source of income. And when push comes to shove, the majority (57%) of U.S. adults are currently unable to afford a $1,000 emergency expense.

Are you feeling the weight?

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Why are Americans saving less?

• Inflation - rising costs have put added pressure on the average American’s wallet, forcing people to spend more money and while the inflation rate is beginning to cool, it still stands at 6.5%
• Fed rate increases - people have been relying on credit cards since the pandemic, as the rates skyrocket, it is costing consumers more and more every month

As a homeowner, here's how you can protect yourself and your family in the event of an emergency:

1. Determine how big of an emergency fund you need to cover your household expenses for 12 months.
2. Open a line of credit: This gives you access to your equity in case you ever need it. Interest-free, and you only pay for it if you use it.

If you own a home, you should have a line of credit, even if you never plan to use it.

You’ll never be able to predict when an emergency will happen, but you can almost always count on having one at some point. When that happens, you’ll want to feel confident in knowing that you have available funds stowed away to cover the expense.

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