The conventional financial advice has been to save enough to cover six months of living expenses — in case of an emergency. Well, the emergency has arrived, and it’s clearly going to last longer than that.
Even if you managed to stash away months’ worth of living expenses — if you did everything right, if you pinched pennies for years — you could still be watching your savings dwindle as the economic crisis goes on. State labor departments remain overwhelmed (resulting in seriously delayed unemployment benefits payments), and the country is staring at a possible second wave of COVID-19.
For many, even having six months of savings was an unrealistic goal. One-third of Americans said they would have difficulty covering an unexpected $400 bill in an April 2020 Federal Reserve survey. More Black and Hispanic people said they would have a hard time covering their expenses in this situation than white people, and that was before COVID-19 — then they lost jobs at a higher rate during the pandemic.
Are you watching your financial reserves dwindle due to the impacts of the coronavirus? Did you make hard choices and sacrifices for years to build an emergency fund, only to feel now that none of it mattered as the crisis drags on? We’d like to hear from you. Please fill out this form; we may contact you to be featured in a future BuzzFeed News story.
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