Nick McWilliams reporting – With large-scale bank failures, inflation, and rocky stock market forecasts, residents are urged to closely monitor their own financial wellness.

According to a recent study by Edward Jones Financial and data collection and intelligence company Morning Consult, two out of every five Americans emergency funds will not last longer than a month if needed, with 29-percent having less than $500 in emergency savings.

Financial Advisor Steven Shields from Medina says that the statistics are disturbing with rising costs meaning more strain on dollars.

“It’s a very critical part of all of our American lives. We need to make sure we have a good understanding of what our savings account should look like, and how much we need in there. We recommend having three to six months in there for most Americans.”

Shields says that while some money is better than none at all, when factoring in expenses like food, electricity, housing, insurance, and more, most funds will be depleted faster than a person can find alternative employment, seek out government assistance, or redirect funds to help ease the burden.

While that can be a scary revelation, he stated that a few tips and tricks can go a long way in better supplementing emergency funds each month, including determining what is necessity and what is discretionary, systematic deposits into savings, and having open conversations.

“Spend the time to realize how much you really need from a month-to-month standpoint, and having an honest conversation about what some realistic emergencies that might come up for your family. Whether its income, wellness, or activities, to help make yourself more prepared for those.”

In addition to speaking with a licensed, certified financial advisor, Shields urges residents to save all unexpected income like refunds, bonuses, or gifts.

Additionally, he advises adjusting the amount taken from each paycheck for savings accounts with any salary changes, and determining a good goal for an emergency fund.

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