The coronavirus pandemic hasn’t hit its peak yet, but it’s already cost a record number of Americans their jobs, with 16.8 million people filing unemployment claims in the last month.
Many stared down the first of the month with a scary question on their minds: How will I pay my bills?
Unfortunately, many households were unprepared for the swift financial blow: four in 10 don’t have enough cash savings to cover a $400 emergency expense, according to the Federal Reserve’s 2019 report on Americans’ economic well-being.
If you’re in a tight spot and trying to come up with cash fast, keep your future financial health in mind as you weigh your options, said Kelley Long, a Chicago-based certified financial planner and CPA. Long is a consumer financial education advocate for the American Institute of CPAs.
““You want to try to protect your credit and make it as easy as possible to recover once things get back to normal,” Long said. That can mean selling…