Savings Account

If you’ve been wise enough to open a savings account at some point in your life, consider yourself lucky. For one thing, it means you’ve earned enough to put aside some extra money for your short-term goals. Secondly, in these financially challenging times caused by the coronavirus crisis, you have some buffer money you can rely on.

If your 9 to 5 job is affected by the pandemic, for instance, you might have to put your short-term goals like buying a car or a house on hold for a while. If using your short-term savings can prevent you from raiding your long-term retirement funds, don’t hesitate to go for this alternative. “We’re in the riskiest economy in our lifetimes, that’s why playing defense first is really important. You want to live to fight another day,” said personal finance advisor and entrepreneur Ramit Sethi, a New York Times bestselling author and creator of the platforms Earnable and I Will Teach You To Be Rich.