Report shows 25% of Americans have no emergency savings NBC Boston [Video]

Do you have money saved for a rainy day?

Putting aside an emergency fund can be an essential element of larger savings goals so that when unplanned expenses and emergencies hit, you’re ready for them. But for many Americans, that’s easier said than done.

Madeline Spencer-Orrell is working hard to cover her bills and make ends meet. But the 27-year-old doesn’t have any emergency savings.

“I have a savings account, but it’s fairly empty,” said Spencer-Orrell. “I have credit cards, which are not great … If anything were to go on, it would just go on a credit card.”

Financial experts recommend setting aside at least three months’ worth of your living expenses in an emergency fund.

“It feels kind of hard to believe that anyone in their 20s kind of has that set aside,” Spencer-Orrell said.

She isn’t alone.

According to Bankrate’s annual Emergency Savings report, one in four Americans don’t have emergency savings at all.

“Just day to day, I feel …