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

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:

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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