[From Clutch Magazine]
According to the Consumer Federation of America, women who live alone or head their own households save far less money than the average American family. The median household income for the single woman, according to a 2007 survey, was reported to be $22,592 compared to the average American family which was $43,130. Obviously, single women don’t have the advantage of a second income from a spouse or partner so their working with much less than the average American household. But what was also interesting is that 68% of Black women bought what they wanted no matter the state of the economy, according to an ING Foundation Survey. What’s more, it’s reported that less than half of the “never married” group don’t have a savings account at all, while those that did held about $1,100. This may not be enough to cover a financial emergency and it’s definitely not enough to live off of should you lose your job.
While it’s not only crucial to start saving for a financially sound future, it’s important to build some savings to help weather this economic storm and always continue to build upon your savings. We don’t know when the current recession will end or when it will happen again.
Following are a few tips to help you find money to start saving or help you amp up what you already have in savings.
To read Clutch’s helpful suggestions, click here!