Emergency Fund and COVID-19

If you have been putting money away in an Emergency Fund and now are laid-off due to COVID-19, you are going to get through the financial emergency.
COVID-19

Photo by Markus Spiske on Unsplash

If you have been putting money away in an Emergency Fund and now are laid-off due to COVID-19, you are going to get through the financial emergency. I have always advocated that you save eight to twelve months of monthly expenses in your Emergency Fund. Some others say three to six months. If you have saved and have the fully-funded Emergency Fund of twelve months, you should be feeling pretty good about your financial situation. Some of you might have only been able to save three months of monthly expenses. That’s okay, at least you have some money put away. None of us know how long this virus is going to last nor how long companies are going to be able to delay payments.

Additionally, we all need to eat and some need to buy medications. Therefore, having money set aside is a wonderful thing to have. Congress is still debating the stimulus package. Who knows when that $1,000 check will get sent. Please remember to stay inside your homes and only go out if you really need. Wash your hands thoroughly with soap and water for at twenty seconds. If you are hoarding hand sanitizers, face masks, Lysol or Clorox wipes, or bottled water, you need to do your share and donate some those items to hospitals. Doctors and nurses throughout our nation are risking their lives to help those infected with the COVID-19 virus. Regulations have been eased for the medical professionals regarding protective gear. It is not because they are not at risk. It is because there is a shortage of rubber gloves, plastic face shields, plastic aprons, and face masks. Their risk of getting the COVID-19 increases when they don’t have the right gear. PLEASE, I ASK THOSE OF YOU WHO ARE HOARDING THESE ITEMS TO PLEASE DONATE THEM TO OUR MEDICAL PROFESSIONALS.

Americans have always banded together and helped each other out throughout our history. Think about what your grandparents and the sacrifices they made during World War II. They worked hard to help each other out. The Great Depression is another great example of Americans coming together. Please remember who you are.

Share on facebook
Share on twitter
Share on linkedin

More Posts

ROTH IRA vs 401(k)

The second image links to www.thepennyhoarder.com site’s article about common retirement mistakes. 

Categories

Send Us A Message