Greensboro, NC -- A new study finds that most Americans are not financially prepared for an emergency. Bankrate.com reports only about 25% of consumers have the recommended cushion of at least six months' expenses set aside. Another 24% of consumers don't have any emergency savings at all.
Johnnie Vineyard with The Family Service of the Piedmont stopped by the Good Morning Show Tuesday, to share some money saving tips for adults and children.
Vineyard told us how much you save depends on what goals you have in mind as far as your lifestyle, "Ideally, for everything that we should be saving for, it should come to be 10% of our income."
Vineyard also suggests keeping your savings in multiple savings accounts, for example, retirement accounts for retirement income, a maintenance fund for your home, etc.
Vineyard also gave us advice on how to get your child to start saving. He said to first introduce your child with learning how money works in the value of money.
As far as what age to start, Vineyard said, "Around 3-4 years old, they start understanding value and having wants of their own. If they have something they want to buy and they have to save for it, it starts teaching them how to save, and the value of money."
To learn more about the services offered at The Family Service of the Piedmont, click here to view the website.
WFMY News 2