Having some extra savings is something you should always strive for, but "having access to cash in an uncertain time is crucial," said Castro. If you already have an emergency fund, no matter how big it is, you're off to a good start. "If you're fortunate enough to have stable employment right now, you should definitely focus on building an emergency fund," she explained. One example is to contribute enough to your 401(k) to take advantage of any company matching programs.
If you don't have an emergency fund, Castro recommends prioritizing building some reserves. "I would also prioritize cash savings over making extra debt payments during the next few months, especially if you feel the industry you work in is at risk," she advised. "You always want to make the minimum payments, but if you don't have any cash savings, I would focus on building at least a small cushion during this time." Trim your expenses, find a way to make some extra money from home, sell some stuff, etc. — every little bit counts.
