The conventional financial advice has been to save lots of enough to hide six months of living expenses — just in case of an emergency. Well, the emergency has arrived, and it's clearly getting to last longer than that.
Even if you managed to store months' worth of living expenses — if you probably did everything right, if you pinched pennies for years — you'll still be watching your savings dwindle because the depression goes on. State labor departments remain overwhelmed (resulting in seriously delayed unemployment benefits payments), and therefore the country is watching a possible second wave of COVID-19
For many, even having six months of savings was an unrealistic goal. One-third of usa citizens said they might have difficulty covering an unexpected $400 bill in an April 2020 Federal Reserve System survey. More Black and Hispanic people said they might have a tough time covering their expenses during this situation than White race , which was before COVID-19 — then they lost jobs at a better rate during the pandemic.
Are you watching your financial reserves dwindle thanks to the impacts of the coronavirus? Did you create hard choices and sacrifices for years to create an emergency fund, only to feel now that none of it mattered because the crisis drags on?
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