One thing the Coronavirus (COVID-19) crisis has shown us is how important it is to have an emergency savings fund. Things can go from good to bad fast and an emergency fund provides comfort and security in times of hardship.
The CARES Act will give most adults a $1200 stimulus check and $500 for each child. If you don’t have an immediate need for this money (overdue bills or loan payments), then this represents a great way to start your emergency savings fund.
A good emergency fund should cover three to six months’ worth of essential living expenses – rent or mortgage, utilities, car payments, food and clothing. While the $1200 stimulus check may not cover all those expenses, it is a good start.
To start your emergency savings fund, open a Savings Account at Langley today. If you’re not a member at Langley, apply online to join in less than 5 minutes.
Saving as little as $25 every week can help grow your savings by $1,300 each year. Use the calculator below to create a savings plan that works for you. These methods will bring you financial wellness and security in difficult times.