How you can start building

WASHINGTON (7News) — Inflation continues to affect Americans negatively. Many are finding it difficult to save money due to higher costs on everyday items, like groceries, gas and housing.

More people are living paycheck to paycheck with no safety net for those unexpected expenses. They could be in financial trouble if something unexpected happens.

Financial planners say it’s best to have six months to a year’s worth of savings set aside for emergencies. But studies show that one in four Americans has no emergency savings at all.

“A large percentage of Americans have no savings at all, and that’s a concern, because without savings, if there are financial challenges that happen, and they always do, it can make it very difficult to recover or to cover those expenses,” said Rod Griffin, Experian, Sr. Dir. of Consumer Education and Advocacy.

It can be difficult to start saving more. Griffin said the trick is to cut expenses, and there are online tools that can help do that.

The tools can find subscriptions and streaming services you no longer need or use, and even cancel them for you. They can also find the best credit card for you, potentially offering lower interest rates or fees.

Some tools can also find the best auto insurance that puts more money back in your wallet, potentially saving you hundreds of dollars a month.

“Write down your expenses for a month, so that you know where your money’s going and where it’s coming from as well. That will put you in control of your money, instead of it controlling you, and that’s what’s really key,” Griffin said.

Griffin said to start saving small, setting aside just $20 or $30 a month in a savings account. Over time, it will add up. Aim for six months to a year of emergency savings.

Also, get your credit report, so you know what’s there and what you need to work on.

Here are some top tools for finding and canceling unused subscriptions by scanning bank and credit card statements:

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