Name: How to prioritize and manage savings when home [Advertiser content from Bank of America]
Uploaded: 2020-09-12T18:05:04.000Z
Duration: 21 min 45 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

- Hi, I'm Melissa Bell publisher of Vox Media.

and how its purpose has suddenly shifted.

Today, we'll be focusing on saving when home

means changing spending and saving habits,

For some, the transition to spending more time at home

The U.S. personal savings rate jumped to 33% in April,

23% of Americans reported that a lack of emergency savings

So how can people put any new found savings

An emergency fund should be the foundation

Emergency funds should cover six to nine months

for those whose incomes have been impacted.

That's why it's even more important to set aside time

whether you've found unexpected savings in recent months,

by reevaluating your savings priorities, today.

a financial educator and founder of My Fab Finance.

Tanya, it's great to have you here today.

- One question that is really top of mind for me,

is centered around the folks who have been impacted

in a disproportionate way because of the coronavirus.

What financial advice do you have for them?

- Yeah, Melissa thank you for asking that question

because as a financial educator and working in this field,

were financially vulnerable and what we are finding

and people who might be deemed essential workers

who are working in, whether it is required fields,

or essential fields such as in the grocery store,

farming, et cetera, things that really help ensure

that our economy stays voting and our needs are met,

are vulnerable as well and they don't often

have those protections, but they haven't had them.

And that's one of the things that I'm hoping

of what it looks like to bring people up to,

and helping people kind of navigate, okay, what do I do?

What can I do to kind of alleviate some of this?

What was helping you or what worked before coronavirus

because maybe your hours have been cut back,

or maybe now you have additional health cost,

or maybe you're responsible for your childcare and so forth.

So you aren't able to go into your office

or you're not able to do things you used to do

And so we need to cut back on those expenses

and we can do that by looking at our budget,

And then cutting back on the things that aren't necessary.

Like during this time we really want to be focusing

The next thing is I would suggest that people take advantage

of help or assistance that's available to them.

I know that sometimes we might not want to or feel like,

I got this, but there's any time in history

They're rolling out when everything first started happening,

they were forgiving student loan payments

and mortgage payments for a certain amount of time.

A lot of utility companies have been understanding

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How to prioritize and manage savings when home [Advertiser content from Bank of America]

vulnerable

essential

prioritize

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