 TITLE: How to Save Money if You’re Still Employed During COVID-19 CONTENT: Create an Emergency Fund\n------------------------\nA 2019 survey by GOBankingRates found that 69% of Americans had less than $1,000 in a savings account. That leaves millions of Americans with potentially little cash in the event an emergency arises, such as an unexpected hospital stay or an unplanned home repair.\nWith the economy on shaky footing, now is a great time to start an emergency fund so you don't find yourself in a financial bind should an unplanned expense arise.\nHow much money should you have in an emergency fund? Generally, your emergency fund should contain enough money to cover three to six months' worth of expenses. If you can go beyond that recommendation, even better. But if you're only able to put aside one month's worth of expenses, you're still getting a jump on surprise expenses.\nTo start setting aside money in an emergency fund, consider taking the following actions:\n*   Slightly decrease your debt payments while still making at least your minimum payments.\n*   Save money during the pandemic that you might otherwise have spent on things like movie tickets and restaurant meals.\n*   Seek ways to cut costs, like getting rid of an unused gym membership.\n*   Hunt for a side gig to generate more income. This could include becoming an Amazon delivery driver, a dog walker or an online tutor.\nYou might also apply those moves to other areas of your finances, such as saving for retirement.\nSo, how do you get started with an emergency fund? Here are four tips:\n1.  Develop a household budget. This should take into account all of your sources of income and all of your household expenses.\n2.  Set a monthly savings goal. Look at how much money you can put in your emergency fund once you've covered your monthly expenses.\n3.  Park your money. The last place you should stash your emergency funds is under your mattress. Instead, consider opening a high-yield savings account, a money market account or a certificate of deposit (CD) account.\n4.  Don't touch it. To resist the urge to dip into your emergency fund to buy a new TV, keep the money in an account at a bank or credit union that's not tied to your primary checking or savings account.\n5.  Set it and forget it. Automatically transfer a portion of each paycheck to your emergency fund. END