The coronavirus pandemic hasn’t hit its peak yet, but it’s already cost a record number of Americans their jobs, with 16.8 million people filing unemployment claims in the last month.
Many stared down the first of the month with a scary question on their minds: How will I pay my bills?
Unfortunately, many households were unprepared for the swift financial blow: four in 10 don’t have enough cash savings to cover a $400 emergency expense, according to the Federal Reserve’s 2019 report on Americans’ economic well-being.
If you’re in a tight spot and trying to come up with cash fast, keep your future financial health in mind as you weigh your options, said Kelley Long, a Chicago-based certified financial planner and CPA. Long is a consumer financial education advocate for the American Institute of CPAs.
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