As the COVID-19 pandemic continues to impact the global economy, many individuals and families are feeling the financial strain. With so much uncertainty in the job market, building an emergency fund has become more important than ever. Here are some tips on how to build an emergency fund in today’s economy:

1. Set a goal: Determine how much money you need to save in your emergency fund. The general rule of thumb is to save three to six months of living expenses, but you may need more depending on your job security, family size, and other factors.
2. Make a budget: Look at your monthly expenses and find areas where you can cut back. Consider canceling subscriptions or memberships you’re not using, reducing your utility bills by conserving energy, and buying generic products instead of name-brand items.
3. Automate your savings: Set up automatic transfers from your checking account to your emergency fund. This will help you save consistently and make it easier to reach your goal.
4. Consider a high-yield savings account: Look for a savings account with a higher interest rate to help your emergency fund grow faster. Be sure to research the account’s fees and requirements before opening it.
5. Use windfalls wisely: When you receive unexpected money, such as a tax refund or work bonus, put it towards your emergency fund instead of splurging on something you don’t need.

Building an emergency fund may seem daunting, especially in today’s economy. However, by setting a goal, making a budget, automating your savings, choosing a high-yield savings account, and using windfalls wisely, you can give yourself and your family some financial security in uncertain times.