Here are 4 ways to stretch your emergency fund during the coronavirus crisis:
Finally, if you’re one of the 20 million Americans still waiting on a, don’t just spend it blindly once you receive it. Make a plan for how you’ll spend the cash before it arrives. Whether you use the funds on basic essentials, pad your emergency savings or apply it to staying current on your debt payments, the money will stretch further if you take the time to figure out your immediate financial priorities. Perhaps you’re working to pay off your high-interest credit card debt this year.
Unless you’re still earning your regular income and you have a healthy emergency fund that covers at least three to six months’ worth of your living expenses, it’s probably best to reassess your financial strategy—at least in the short term. If you don’t want to lose traction, one option to consider is to continue to make those extra debt payments to yourself instead.
If you’ve been paying an extra $500 per month toward your ongoing credit card debt, consider putting those funds into your savings account instead. Yes, your credit card debt will continue to accrue interest, but you’ll have the option to access the funds for essential emergencies if you should need the money.
Hopefully, you won’t have to touch this debt fund and you can go back to making the larger payments to your creditors at the end of the current crisis. The extra interest costs, if you can’t avoid them, are well worth the added peace of mind and security that having the additional cash on hand will give you in the meantime. And, if you do need to access the money to cover necessities, you’ll be grateful for the decision you made.
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