Amid Coronavirus Concerns, It's Critical to Build an Emergency Fund. Here's How.
The World Health Organization officially declared COVID-19 a global pandemic this week, leading to school closures, travel restrictions, and dozens of other measures in an attempt to keep people safe.
As more Americans are forced to confine themselves to their homes, it's been especially burdensome for part-time, contract, and hourly employees, who often don't have paid sick leave. Losing a couple of weeks' worth of income can be devastating, especially if you don't have any emergency savings to fall back on.
Some companies have adjusted their sick-leave policies to make it easier for workers to take time off, but many employees are on their own financially if they're forced to stay home. Even if your employer does offer paid sick leave, it's still a good idea to make sure you have a strong emergency fund in case you're stuck at home longer than you'd planned.
Source Fool.com
