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    AS THE threat of a recession looms in the distance, Congress is working on a plan to help US workers prepare for the worst. Lawmakers are moving forward with a plan that would allow employees to automatically save for retirement and emergencies at the same time. 1A new program can help employees automatically save for emergencies through paycheck deductionsCredit: Getty Under the plan, employees would be automatically enrolled in a program to put a small percentage of their paycheck aside for emergencies, reports Yahoo. Companies would be able to match those funds into a retirement plan, like a 401K. The automatic enrollment aspect is key to helping Americans get started on saving, especially for those who are most in need. The bill would allow employers to automatically put aside up to 3% of an employee's salary for emergencies. Workers would be allowed to opt-out if they chose to. Read more on retirementRAINY DAY FUNDS Many Americans think they're 'too old' to save for retirement, poll revealsTAXING TIMES How much is capital gains tax? Accounts would be capped at...
    WHETHER you’re living on your own or with dependents, financial experts advise that everyone bolster their savings to have money on hand in the event of an emergency.  These emergency funds can help you stay afloat in the event of unexpected job loss, injury, or expenses.  1Half of Americans aren't confident they can cover a large unexpected expense with savings Saving is easier said than done - only 53% of Americans can handle an unplanned $500 expense without stress, according to a survey by retirement provider, Empower.  Why you need an emergency fund Saving money with worst-case scenarios may not be an exciting idea, but it is essential for proper financial health.  Income sources can dry up quickly and unexpectedly, even due to circumstances completely out of your control.  Without emergency savings, a large expense or sudden loss of income can become an uphill battle to pay bills and cover costs that are typically factored into your budget.  READ MORE SAVING STORIESAISLE HAVE THAT You've been shopping at Target wrong - know these things to save cashHAPPY MEAL I’m a...
    AT times you may need a backup plan if something goes wrong – especially if something unexpected impacts your financial situation. To be safe, it would be wise to build up an emergency fund. 1Finding ways to come up with money during an emergency can be stressfulCredit: Getty This emergency money is designed to help you cover any potential financial trouble you may witness in the short or long term. You’ll hope you never need it, but an emergency fund could save you if you lose your job, experience a death in the family, have a medical emergency, or face any other large expenses that your insurance might not cover. Below we explain how to save and how much cash you might need. How to save the cash  First, you’ll want to analyze all of your daily and monthly expenses. Personal finance expert Dave Ramsey has broken down the percentages that your take-home pay should be allocated towards. Most read in MoneyCASH CALL September child tax credit payment scheduled for next WEEKCHECK AGAIN Bonus Texas relief payments issued ahead...
    SUZE Orman has explained how households can build up a fund of emergency cash - and why you need it. Plenty of experts urge Americans to have at least three to six months' worth of living expenses, but Mrs Orman is recommending eight to 12 months. 1Suze Orman has explained how households can build up a fund of emergency cashCredit: Rex The money guru last year told CNBC that the emergency fund is "the most important thing in anybody’s personal financial portfolio", and the advice has since resurfaced. She added: “If you haven’t learned that after this past year of what we’ve been through, I don’t know. You have to be on another planet." The emergency fund is key for any unexpected expenses, if you suddenly lose your job, whether it's due to Covid or not, or if you become ill. If you don't have an emergency cushion, you'll typically always be worried about "what do to if one of life's 'what ifs' strikes", she added on her blog. Below we round up Mrs Orman's tips on how to create...
    A savings fund will allow you financial independence in the face of an economic crisis. If emergencies arise or you find yourself unemployed, your money will help you. Controlling your budget will allow you to create your savings fund without problems. When you create an emergency savings fund, you save a part of what you earn in order to use it in the future.Creating that fund and managing it well implies that you reflect on your present and future needs.You must prevent future risks and take advantage of your resources in something productive. All this must be supported by the organization and proper management of your personal finance.The Condusef advises that saving is not saving what you have left over, but rather allocating a fixed amount of what you earn for that purpose.To save, you need to readjust other elements of your budget, the amount you save periodically may be higher if you reduce your expenses or increase your income. Make a monthly budget, so you will know how much you earn, how much you spend and how much...
    Vaccines offer hope for end to pandemic, but brutal months lie ahead Biden taps Murthy as top doctor, offers Fauci key role Whats the difference between a rainy day fund and an emergency fund? © designer491 / iStock Emergency fund While they may be similar, rainy day funds and emergency funds are not the same. The second you start making money is likely the best time to start saving it. You never know when something unexpected will happen, which is why it’s essential to be prepared. Unfortunately, not having enough money saved is a common problem. Twenty-eight percent of American adults would have difficulty paying their monthly bills if they had to pay an unexpected expense of $400, according to the Federal Reserve. Although $400 may not seem like a huge expense, it’s the unexpected nature of it that might throw you off. If something isn’t in your financial plans, it’s probably not accounted for. And if you don’t have any cash on hand, you may have to go into credit card debt to cover a sudden expenditure. This is where...
    (CBS4) — Organizers have set up two funds to collect and distribute emergency aid to farmers, ranchers, and livestock owners impacted directly by the Troublesome, Cameron Peak and CalWood fires. “We’re acting as a makeshift Red Cross for livestock,” Meghan Molin told CBS4. “There doesn’t currently exist a national protocol or a national fund for disaster relief of animals on the scale we’re experiencing.” “People want to help, and we’re here to see that donated dollars or hay go to the people in our communities that need them,” said Molin. The group is also funding grants to help ranchers rebuild fencing. Right now, the group is trying to meet the immediate needs of the evacuated animals. They say the need is great. And, organizers know many ranchers will continue to need help feeding their cattle through the winter. Organizers are working to secure the funding to support the ranchers for at least a few months. “So many people have lost everything: fencing, hay barns, winter hay stock. We’ve already had significant snow fall and pastures won’t be viable for 6-7...
    NFL picks, predictions for Week 7: Seahawks silence Cardinals; Titans edge Steelers; Bears stay hot Gifts for 3-Year-Olds Theyll Love to Unwrap This Year Do you know these lucrative Social Security secrets? Ad Microsoft Incredible Blanket Puts Humans In A Deep Sleep, Melting Stress Away Ad Microsoft The 23 Hottest Gadgets of 2020 Ad Microsoft Full screen 1/38 SLIDES © Rawpixel.com / Shutterstock.com Although it’s easy to plan for expenses like sending your teen to college or future family vacations, some situations arise without warning. Your child might end up with an injury that isn’t covered...
    Save our Stages, which benefits the National Independent Venue Association's Emergency Relief Fund, kicks off tonight and runs through Sunday with 35 acts, including the Foo Fighters, the Lumineers, Nathaniel Rateliff, Dave Matthews, the Roots and Brittany Howard. Artists will perform from more than 25 independent venues around the country. Also on tap this weekend are Augustus and Covenhoven playing at the brand-new outdoor venue Number Thirty Eight in RiNo and Jon Snodgrass virtually celebrating the release of his new solo album, Tace. Here's our list of the weekend's best music picks: Related Stories Save Our Stages Fest May Be the Biggest Streaming Concert Yet Foo Fighters, Nathaniel Rateliff, Lumineers Play Fest to Save Venues Save Our Stages Fest Friday, October 16 through Sunday, October 18 Online Free/donations This three-day virtual festival hosted by Reggie Watts includes performances from the Foo Fighters, Brittany Howard, Dave Matthews, Dillon Francis, the Roots and more. In the mix: The Lumineers and Nathaniel Rateliff performing from the Boulder Theater. The festival will benefit artists and organizations rallying to aid independent music venues...
    NASCAR reveals remainder of 2020 schedule for all national series Around the World in 20 Stunning Sunsets What is a rainy day fund? (And why you need one) When you outline a saving strategy, you're likely focused on exciting opportunities: amassing enough money for a down payment on a house, buying a new car or taking a vacation. However, building up your reserves isn't solely about looking forward to the sunny side of life. It's equally important to keep a stash of cash for when trouble arrives. That money is known as a rainy day fund. © Friends Stock/Shutterstock A dog visits a vet. What is a rainy day fund?Rainy day fund definition Load Error You may be familiar with the need for an emergency fund, but a rainy day fund is different. The fund is meant as a safeguard for shorter-term and lower-cost struggles, like home maintenance or parking tickets. "The major difference between an emergency fund and a rainy day fund is the size and scope of each," says Daniel Mong, CFP, financial advisor at...
    A St. Paul non-profit that helps artists in need has been overwhelmed by requests for help during the pandemic and will temporarily halt giving out money until it can recalibrate. Most years, the Springboard for the Arts’ personal emergency relief fund has a $10,000 budget. The organization has distributed more than $1 million to fund applicants the past three months alone. The number of artists that have applied for $500 in aid has topped 2,000. With most art events and performances canceled due to the coronavirus, many artists are unemployed and are struggling to pay their rents or buy groceries. To keep up with the high demand for financial relief, Springboard for the Arts relied heavily on foundation and individual donations. As of June 24, the organization’s personal emergency relief fund has run out of money. While incoming applications are currently paused, Springboard for the Arts organizers hope to relaunch the fund in August. “We closed applications this week, but we already have about 300 applications that we don’t have the funds for,” said Laura Zabel, executive director of Springboard...
    Financial fallout from the pandemic is hitting millennials hard - and many will soon turn to their parents for help, if they haven’t already. Before parents ride to the rescue, financial planners urge them to map out a strategy that doesn’t just plug a short-term need but also makes sense in the long run. “Often the heartstrings will get pulled - ‘I really have to help them!’- but it can be detrimental to the parent,” says certified financial planner Jeffrey L. Corliss of Westport, Connecticut. TOP STORIES Four St. Louis police officers charged with beating undercover colleague Resisting arrest is Atlantas killer -- and Americas Is America on the path to another Pearl Harbor but with China? (Of course, financial aid can flow the other way, as many millennials help support their parents. I’m addressing parents here, but most of the advice applies to kids helping their folks as well.) MILLENNIALS LOSING JOBS, INCOME Even before the pandemic, millennials had lower median incomes, far more debt and a much smaller slice of the nation’s wealth than boomers had...
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