Since COVID-19’s spread across the globe has been declared a worldwide pandemic in March of 2020, millions of people have experienced income insecurity. Taking pay cuts, being furloughed, or losing jobs have become ongoing issues in many households. It’s no wonder, therefore, that plenty of Americans are wondering about their financial security in the future.
Being financially covered in extreme situations will make dealing with them a lot easier. But did you know that a staggering 69% of Americans have as little as $1,000 in savings according to some studies? We all know by now that $1,000 won’t go very far, so it’s time to look at proactive ways to build an emergency fund.
Whether you’re worried about extreme situations (such as a second, deadly wave of the Coronavirus) or less extreme situations (like making sure you have enough for repairs), here are 21 tips that will help you solidify your emergency fund!