As part of their “America Saves Week”, the Consumer Federation of America released some statistics about the savings habits of Americans.  They report that only 40% of Americans have an emergency savings fund.    

Of the 40% of the people who had emergency funds, 14% have less than $500 in their fund.  Over 51% had more than $2,000 in this account.  SensibleSteward recommends a minimum of $2,000 in emergency savings, as auto repairs or medical expenses can now easily top $2,000.

The report also listed some successful strategies for building an emergency fund, including regular, automatic withdrawals from a checking account, saving a tax refund, depositing loose change, and using the proceeds of debt reduction to save for emergencies.  All of these methods are excellent ways to build savings over time.

For more information about America Saves Week, see http://www.americasaves.org.  For the full press release from the Consumer Federation of America, see http://www.consumerfed.org/pdfs/America_Saves_Week_Press_Release_2.26.07.pdf.