If the only way you can build an emergency fund is to pay the minimum due on your credit card, that is what you need to do.
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I get so frustrated when people tell me it's unrealistic to create an eight-month emergency savings fund, or have money saved for a home down payment, or pay off their $5,000 credit card balance.
It may take you months or even a few years to build up an adequate emergency savings fund. That's okay.
Cash - in savings accounts, short-term CDs or money market deposits - is great for an emergency fund. But to fulfill a long-term investment goal like funding your retirement, consider buying stocks. The more distant your financial target, the longer inflation will gnaw at the purchasing power of your money.
I am certain more emergency supplemental bills will be needed before this process is concluded. In fact, there is a point I have repeated several times recently which keeps the enormity of this situation in perspective.
We also need a fund that can say 'no'.
There are two things that you need to save for. First, you need an emergency cushion of no fewer than six months of living expenses. This needs to be cash in a liquid account where you can get at it in - yes - an emergency if you need it. In other words, money markets, not CDs. You also need to save for your future: that means retirement.
This emergency spending measure is certainly only the beginning, since we here in Washington will continue to work closely with the president and emergency agencies to ensure they continue receiving the funding they need.
Let the wealthier countries and corporations of the world fund an Emergency Organization.
Your goal should be to pay off your credit card bills in full at the end of each month and set aside money toward your emergency savings.
If you are worried about job security and do not have an adequate emergency fund (ideally eight months' worth of living expenses stashed away in a federally insured bank or credit union), you need to focus more on saving money than paying down the balance on your credit cards.