It may seem impossible for the 54% of Americans who live paycheck-to-paycheck or the nearly 40% of people earning $100,000 per year who are also similarly strained.
Having savings in an emergency fund for unforeseen events may seem counterintuitive in a tight-budget household that finds it challenging to save money.
By tracking your spending each month, you may find that you spend well over what you earn. Your cost structure may be out of sync with your annual income.