A Penny Saved is a Smart Move

More than half of Americans have less than three months of living expenses saved up for a rainy day.

One in four doesn’t have any savings at all. The pandemic was a testimony to how shortsighted that can be.

KTRH Money Man Pat Shinn suggests taking it one step a time if you need to replenish your financial reserves. “Simply start tucking away a little bit at a time. It’s not like you have to get it all in one month’s worth of savings. You do a little bit at a time.”

Spend less than you earn and sock a little away each pay period or month. And you might be able to sweeten the pot if you have an old car in the driveway you don’t use, given the astounding increase in prices for used cars. “We know it’s due to a chip shortage and we know that won’t last forever. So one idea would be that if you have an extra car that you don’t need now is a great time to sell,” Shinn adds.

Used car prices jumped another 8.3% in the first two weeks of October, and over 37% in the past twelve months.

photo: Getty Images

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