Stressed About Finances Right Now? Here's What to Do.
Many Americans had financial concerns before COVID-19, but the pandemic has caused its share of panic since cases started multiplying domestically back in March. Since then, unemployment levels have reached record highs, and even workers who haven't lost their jobs are feeling the strain. In fact, 62% of Americans say they're stressed about their current financial situation, according to a recent survey by insurance agency Haven Life. If you feel similarly, here are some important steps to take if your paycheck has held steady.
Under normal circumstances, it's wise to have at least three months' worth of living expenses tucked away in a savings account. That way, if an unplanned bill lands in your lap or you wind up unemployed, you'll have money to access in a pinch. Due to the nature of the COVID-19 crisis, it would be wise to aim for more like six months' worth of living expenses in savings, so if you're not there yet, make an effort to boost your cash reserves. Though certain things, like groceries, may be costing you more money than usual right now, there's a good chance you're saving in other ways -- perhaps by not commuting to work or not spending money on entertainment outside the home. As such, you may have a solid opportunity to solidify your emergency fund.
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Source Fool.com
