Do you have 10k tucked away?

Over 65% of Americans have less than $1,000 in their savings account, according to a GoBanking survey. 34% of Americans have $0. Absolutely nothing.

You can’t overstate that danger. That’s a car crash or surgery from bankruptcy. The more you look at these statistics, the more afraid you feel.

Why do we splurge money we don’t have so frequently?

Some people say the poor are lazy. However, what they don’t seem to understand, is being poor is expensive. Doctor bills are expensive. Car repairs are expensive.  Gas is expensive.

Working people don’t have time to make money. Not $11/hour money, but REAL money. That’s unfortunate because they work hard as hell. And while this isn’t an excuse for circumstance, keep in mind money isn’t optional. You need money like a plant needs water.

I’ve come up with a solution, and I’d love to hear your thoughts.

It goes like this:

Every week your paycheck is siphoned for taxes. They take out money for social security, medicare, and other government needs. Why not create a program where an automatic 10% of your paycheck is pulled directly into your savings account?

That way, you still own your money. The difference is, you don’t have to hassle and cut corners to buy a new iPhone. Because you’d log into your account and find 10% of your earned money waiting.

Simple as that.

This could easily be accomplished through an employer or bank app. If you’re bad at saving, you could schedule your account to only be open 1 day a month, or in times of emergency.

As an added bonus, parents with working teens could check their child’s account via the app to ensure they have savings from their job.

Also, and this is important: The 10% would be tax free. This would encourage people to save more conservatively and not rely on Government programs as often. It would also help with medical care or essentials like food and clothes.

Please recognize that when you work $11/hour, 10% would only be $1.10. But let’s say you work 30 hours a week. That’s an extra $33 a week or $132 a month. That adds up quickly.

REMINDER: I’m an 18 year old student with little knowledge of economics. I want to be as clear as I can. I am no expert and totally open to being wrong.

That being said, I’d love to hear your thoughts.