If a sudden $500 emergency came up --- almost half of Americans polled by Monifi couldn't pay for it. With skyrocketing gas prices and out of control inflation, it's harder than ever to save. Money Man Pat Shinn says has a theory.
"Part of it is Peer Pressure! Having to have the latest iPhone or largest tattoo or designer hand bag. It comes back to this: You have to Spend Less Than You Make!" Shinn says there are groups that can help you pay off debt and online banks that will help you automatically start saving with every paycheck. Shinn: ":Things come up in life. So -- we typically recommend 90 days of expenses collected in a Rainy Day Fund!" If that sounds impossible to you --- Shinn has a plan.
"You're not going to start off with some astronomical sum. Take a certain percentage of you check, and then periodically you're going to increase the saving amount by 1%."