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A Federal Reserve study from 2019 has shown an alarming statistic: 40 percent of Americans do not have $400 in their bank account for emergency expenses. While this study was performed months before the coronavirus pandemic, it\u2019s a startling reality at a time when people are losing their jobs because of the pandemic. While rebuilding your emergency fund can seem daunting or almost impossible, it doesn\u2019t have to be the case.<\/p>\n
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If you\u2019re looking to build an emergency fund, here are a few tips on how to get started:<\/p>\n
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Make changes to the way you budget.\u00a0 <\/strong>Usually when households retool their monthly budget to make necessary cuts, the first thing to cut is \u201cfun money,\u201d such as going to concerts, movies, happy hour events, or nightclubs. Because of COVID-19, most of those options aren\u2019t available — so where do you find money to save for your emergency fund? For many families, this might be a difficult decision, but if you look closely at your bank and credit card statements, you might find unnecessary spending. One of the biggest budget killers, especially right now, is takeout; ordering from DoorDash or UberEats too often can cost you more than you realize.<\/p>\n <\/p>\n Ask around about payment relief options.\u00a0 <\/strong>Of course, this is no guarantee, but since March 2020, we\u2019ve seen utilities, cable companies, and even some landlords have provided payment relief — i.e. if you can\u2019t pay your electric bill on time, they won\u2019t shut off your power. Many companies have eagerly worked with customers who can\u2019t make ends meet, and if you\u2019ve lost income during the pandemic, or if you\u2019ve fallen ill, these relief options could help you get from month to month.<\/p>\n <\/p>\n Open a savings account or certificate for your emergency savings.\u00a0 <\/strong>It\u2019s generally the best idea to put the money you saved somewhere safe, such as one of Polam\u2019s Vantage checking accounts or one of our certificates of deposit (CDs). Our Vantage savings accounts are ideal for anyone who\u2019s just starting to build up their emergency savings fund, and our CDs are a great choice once you have a good amount of savings. Visit one of our branches and we\u2019ll help you make the right decision regarding how and where you save.<\/p>\n","protected":false},"excerpt":{"rendered":" A Federal Reserve study from 2019 has shown an alarming statistic: 40 percent of Americans do not have $400 in their bank account for emergency expenses. While this study was performed months before the coronavirus pandemic, it\u2019s a startling reality at a time when people are losing their jobs because of the pandemic. While … <\/p>\n