The first step to building an emergency fund is to calculate how much money you can reasonably afford to save every month. To make the process easier, review your existing budget or
, the amount you should save is dependent on your situation. In times of financial hardship, like the coronavirus pandemic, you may not be able to save that much money, and even a few hundred dollars is a start. This is a great way to remove the temptation of spending the money before you get a chance to save it. Whereas if you had your entire paycheck deposited into a checking account, you’d have to transfer it to your emergency fund on a regular basis. This delays the time it takes you to save and may cause you to spend the money or forget to transfer it.
Ladies and gentlemen: CNBC feels that a step by step guide on how to save money in today's economy is necessary, and that it's to be used on things that should be covered by government services. Will they get on board with helping make that no longer a thing? Hmmm
Start by opening back up all the way