How much money do Americans need in emergency savings to be comfortable?

And many feel like them would need about double that amount. Just over 60 percent of Americans say they would need enough money saved to cover six months of expenses or more, according to the report.

Regardless, in reality, most respondents are insufficient, according to the report, and they wouldn’t be able to cover a $1,000 emergency expense using their savings.

Most people say they can save less because so many essentials cost more, Bankrate reportsS.

The situation may improve soon.

Overall, action eased slightly in May compared to April, according to the Labor Department’s May consumer price index report.

But the cost of certain categories of expenses remained higher than last year. For example, the price of soda and drinks is about 20 percent higher, as is the typical cost of auto insurance, according to the Department of Labor.

“Inflation has been a key culprit holding back future progress on the savings front,” Bankrate senior economic analyst Mark Hamrick said in the Bankrate report.

Many Americans are prioritizing growing their emergency savings, Bankrate finds. And the good news is that it’s never too late to start.

First, take a look at your key expenses, such as rent or mortgage payments, car insurance costs and food costs. Having a clear understanding of your expenses can help you figure out how much you should be trying to save.

Then you can decide how much money to put aside each week or month to reach that goal.

Remember, the kind of emergency fund that will keep you comfortable doesn’t build overnight.

A simple way to make sure your emergency fund keeps growing is to automate contributions. Many companies will let you automatically put a portion of your paycheck into your savings account, which can help you remember to move your money around.

“Savings automation is key to making this happen, especially with household budgets so tight,” says Greg McBride, Bankrate’s chief financial analyst, in Bankrate’s report.

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