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PSA Thursday: How to Build an Emergency Fund During an Emergency

ByErin @ Team Afford Anything

Welcome back to PSA Thursday, a weekly segment in which we talk about how to handle money, work, and life in the middle of a pandemic.

Today, we cover two topics:

  1. How to build an emergency fund during an emergency
  2. The investment approach you can take to weather the storm

Here are the points we cover:

  • What to do if you’re worried that your emergency fund isn’t big enough to handle this crisis
  • Recommendations on how much to put in your emergency fund
  • Should you worry about having too much cash?
  • The best savings and budgeting strategy to use if you haven’t experienced a decline in income
  • What to do if you have had an interruption in your income
  • How small business owners can pivot their business
  • Strategies for breaking into freelancing during this time
  • When to think about reducing your retirement contributions
  • Using a home equity line of credit in a dire situation
  • What does the rebound in the stock market mean?
  • Why it’s so important to stay the course and not attempt to time the market
  • The benefit of dollar-cost averaging
  • Why we can’t compare this situation to any situation of the past

Resources Mentioned:

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