Where did all the savings go?
US households run low on cash.
Hello Financial Healers,
According to reports, savings that US households relied on during the pandemic are evaporating. It’s a concerning trend: 👇
It’s sad because inflation not only makes your favorite grocery items more expensive, it steals your wealth. CNBC reports:
“More than a third of U.S. adults… dipp[ed] into their savings [in 2022]… to help them afford higher prices…”
What does this mean for us?
Many American households have depleted their savings, but that doesn’t mean you can’t replenish yours.
To get started, rebuild your emergency fund. Get it to at least $1,000. If you’ve never had one, create it now.
E-funds are perfect for protecting yourself from unexpected expenses like flat tires or trips to the family doctor.
Build one so you can cover expenses without turning to debt, which is what most Americans do.
And that’s it!
These past few years have been difficult, but God is faithful. He’ll multiply the seed you sow. You just have to keep putting the cash in.
P.S: if you need help building a savings plan, check out my online Financial Workshop. Bring in your numbers and we’ll strengthen your home economy.)
God bless your Prosperous Soul,
Stephen K. De Silva
About: Stephen K. De Silva is an author, speaker, and financial coach. From 1995 until 2017, he served as the CFO of Bethel Church, and a member of the senior leadership team. Stephen’s unique experience, training, and gifting make him a pioneer in the subject of money. You can reach Stephen at hello@stephenkdesilva.com