How to Rebuild or Start Your Emergency Savings

Understandably, you or someone you know may have had to tap into an emergency fund during the COVID-19 pandemic.  

According to a recent MissionSquare Research Institute survey of state and local government workers, the pandemic put new stresses on finances, with 1 out of 5 public service workers tapping their emergency fund to make ends meet. Strategies for rebuilding or starting an emergency fund include: 

  • Re-evaluating your needs — A standard guideline is to set aside at least three to six months’ worth of living expenses, maybe more, based on your specific situation.  
  • Running the numbers — If your living expenses changed recently, recalculate them using this monthly budget calculator so you can set realistic savings goals. 
  • Scanning your budget for savings — Review your budget periodically for unnecessary items you can cut, such as an unused gym membership or streaming services you no longer watch. 

Learn about more ways to save and build up your emergency fund. 

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If your email or mailing address has changed recently, be sure to log in to your account and if needed, make any updates. Having your most current and accurate contact information on file helps us to promptly communicate important retirement plan updates to you. While logged in, check on your beneficiary designations, too, and make needed updates. This will help ensure your money will go to the people you want to inherit your accounts.

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Please note: The contents of this publication provided by MissionSquare Retirement is general information regarding your retirement benefits. It is not intended to provide you with or substitute for specific legal, tax, or investment advice. You may want to consult with your legal, tax, or investment advisor to review your own personal situation. Some of the products, services, or funds detailed in this publication may not be available in your plan. This document may contain information obtained from outside sources and it may reference external websites. While we believe this information to be reliable, we cannot guarantee its complete accuracy. In addition, rules and laws can change frequently.

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