Emergency Fund Readiness & Stimulus
Published: April 13, 2021
Revised: December 28, 2021
Economic Stimulus Payments have served as a lifeline for many. A total of 159 million payments were disbursed in the first round, totaling more than $267 billion dollars.
Did you receive a stimulus payment over the past year? Lack of savings is a barrier to achieving financial sustainability.
A natural stimulus payment priority is to make sure your family’s basic needs are met. Assess your financial needs over the coming months and prioritize necessary expenses. Consider using the Economic Impact Payments for food, medicine, and other essential items.
Use any remaining funds from stimulus payments towards fully funding your emergency savings. An emergency fund should cover 3-6 months of essential living expenses.
Keys to Navigating Your Emergency Fund Readiness:
- Ensure your family’s essential needs are covered
- Open or use a designated savings account
- Use available stimulus funds to kickstart emergency savings
- Track your savings and monitor
- Plan for short-term and long-term savings goals
Chris “Peach” Petrie is the founder of Money Peach. Money Peach partnered with OneAZ to provide free financial education to members across the state. To learn more about OneAZ’s partnership with Money Peach, click here.
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