Tips on financially preparing for emergencies

The COVID–19 pandemic has had an impact on many of us in different ways.  For some being financially prepared was not an option and for others trying to prepare has been a challenge.  The shut down in March not only financially impacted businesses but left many employees having to rely on unemployment with nothing to fall back on.

According to Northland Credit Union Marketing Director Matt Duthler, only one in ten individuals are saving enough for retirement.  Duthler said because we’re still in the unknown with COVID–19, it is wise to give extra attention to your finances.  He advises against making large purchases and provided tips on how you can build an emergency fund.

Duthler said you should work up to an emergency fund of three to six months which will aide you in the event of job loss.  Duthler also offers alternatives in the way of financial counselors for those who may find saving a bit challenging.

He says when it comes to your credit score,  it is important to pay down that debt which may mean temporarily separating your needs from wants.