Best Practices for Tapping Your Emergency Fund

You set the money aside for a rainy day and, now, that rainy day has arrived. And this is no springtime shower -- it's more like an all-out hurricane you didn't see coming. This financial storm was brought on by the coronavirus pandemic, which may have cost you your job and even some of your retirement savings.

In the span of seven weeks starting in mid-March, more than 33 million American workers filed for unemployment. That's an unprecedented number, considering that the weekly average of filings this year prior to mid-March was 350,000. The federal government did expand unemployment benefits by passing the CARES Act in March, but backlogged state unemployment offices are taking weeks to get those benefits into American households.

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Source Fool.com