Responsible Ways To Use A Monetary Gift
- By
Julia Austin
Source: LaylaBird / Getty
Keep it for bouts of unemployment
If you lost your job today, how long could you live on your current savings if another job didn’t come up for a while? This pandemic has shown many people the answer to that question. Even with unemployment benefits, making ends meet can be difficult. Meanwhile, the Bureau of Labor Statistics states the average number of weeks one remains unemployed after losing a job is around 20. That’s five months. If you had no savings before coming into this new sum of money, consider stashing some away in a checking account where it’s accessible – perhaps enough to fund your life for a few months of unemployment.
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