Try Not To Spend All Of Your Emergency Funds
Is the pandemic an emergency? Technically, yes–but it’s a long-lasting emergency that could stretch for months. Unless you absolutely need to dig into it, don’t waste your emergency funds on excess toilet paper and Tylenol, especially if your job could be at risk.
Certified financial planner David Carlson recommends keeping an emergency fund with six months’ worth of living expenses. If you don’t have an emergency savings account, now is a good time to start one. Even $500 will help, Carlson says.
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