Americans are worried about losing their paycheck due to the Coronavirus outbreak.
A new survey shows 73 percent of Americans have less than five thousand dollars in savings in the event of an extended health emergency.
"That’s really alarming when you consider something like COVID-19 can come out of nowhere,” Rob Poindexter, with GoBankingRates.com told KTRH. “All of a sudden you’re out of work and your rent is due and your mortgage is due and all your other bills and you have no money.”
Poindexter says half of all Americans are already living paycheck to paycheck.
”They want a higher salary, but they also want to pay down some of the debt that they had,” He added. “Most of the debt they had accrued was student debt as well as medical expenses.”
Poindexter recommends planning and writing out your budget. The key idea, though, is sticking to it. That’s where he says many fall short.
For more on the survey itself, CLICK HERE.