Most Americans have less than $1,000 in savings - KRISTV.com | Continuous News Coverage | Corpus Christi

Most Americans have less than $1,000 in savings

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In a new survey 62 percent reported having savings account balances under $1,000. In a new survey 62 percent reported having savings account balances under $1,000.

A new survey finds that 62 percent of Americans have less than $1,000 in their savings accounts. A third of those have no savings at all, according to GoBankingRates.

"I'll put 100 dollars there each check, and then I find myself having to take it out just because I'm running short from a bill that's popping up," Erik Campos, who has less than $1,000 in savings, told KRIS 6 News. 

Although the ATM is always hungry for savings deposits, two-thirds of Americans like Campos spend their paychecks elsewhere.

"I stagger it," Campos said. "Usually this check will go to rent, you know these two checks will go to the car, they'll go to the phone or something like that. So I mean it's just all over the place you know all month long."

Keeping cash in the bank can be difficult as bills add up, but local financial advisors offer some saving tips.

"Start early, be consistent, stay with it," Cory Summers with Corpus Christi Financial Group said.

It can start with as little as $25 per month. 

"Putting it on a set it and forget it method would probably be the easiest," Summers said. "Eventually people will forget that it was only $25 and then you go to $50. And you learn to live without it."

Advisors say the keys to financial health are staying current on bills, finding a job that's the right fit, and building an emergency fund. 

"Some say 90 days, some say six months," said Mike Carrell, Regional President of Frost Bank. "There's so many unexpected things that can happen that you need to be in a position to respond, and having that savings is so important to be able to do that."

Of course most people would love to see their savings bloom. 

"Down the line hopefully I'll see it keep growing, you know other than now where it will grow and it will come back to me," Campos said. 

Those who have saved say it becomes all the more crucial once retirement approaches.  

"I get really concerned for a lot of our friends," Aeron Farmer told KRIS 6 News. "They haven't been able to set anything aside, absolutely scraping day to day just trying to figure out whether to buy food or medicine."

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