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If you're like me, as soon as that direct deposit hits, the money is gone faster than it got there! I'm not proud but yes, I am that girl who cant seem to defy the stereotypes of the average girl having a shopping addiction. I mean...how can you not? might as well shut down all the malls till I can situate my life but, that's a perfect world and I can't offer you that, But what I can offer is helpful insight on exactly how much you need in your savings in order to truly feel financially stable.
New research has found the average American feels prepared for the worst once they have $5,078 saved up. A poll of 2,000 employed Americans, split evenly by generation, found Gen Zers need at least $4,286 in their bank account at any given time to feel prepared.
Meanwhile, baby boomers would like to have almost $6,500 and Gen X would feel most secure with closer to $5,000. Our results also found that 63% believe they could afford to cover an unexpected, $500 expense. Although 30% of them admit it would put a strain on their finances,. Another 17% could not currently afford that type of expense, but believed they could eventually find some way to afford it.
We also found out that In order to chip away at that cost, 32% of respondents would dip into their savings, while 28% would call family and friends. Unlike me, we also found out that nearly three in four (72%) people spend most of their paycheck on paying bills, and 69% said that’s the first thing they do when they get paid.
The survey also found that the average American starts to feel stressed about their money just seven days after receiving their paycheck. It’s clear that rising costs are impacting Americans’ well-being and people need simple, helpful and powerful tools to manage their budget, especially between paycheck
Though 40% admit that their mental health is being negatively impacted by their current financial situation, 72% agreed that maintaining financial wellness positively impacts their mental health in the same way that meditation or mindfulness does. I guess this all goes to show maybe you CAN take stress off your plate, you just have to hve a determined mindset!