HONOLULU (KHON2) – Many people are stocking up on supplies and taking their own precautions amid the Coronavirus outbreak, but are you financially prepared too?
As you prepare for the Coronavirus, officials say you should also assess your financial vulnerability.
“I think that’s why it’s important to always have a savings a plan available so that you have a fall back in this type of situation,” said Mark Munemitsu, President and CEO of Honolulu Federal Credit Union.
Officials say you should have an emergency fund ready and if you don’t, now is a good time to start one.
“A normal rule of thumb is you’d want to have anywhere from three to six months of savings to address those emergency situations that may arise like a loss of a job or an emergency.”
You can set up an emergency savings account by contacting your bank directly.
“Normally it’s initiated by the customer like if you have a direct deposit you might want to increase the amount that’s removed from your paycheck that goes into your savings account.”
If you already have an emergency fund, Munemitsu suggests putting away more money during this time.
Also, if you don’t feel comfortable going down to your bank, consider mobile banking instead.
“Check with your financial institution as whether they have remote services, mobile banking, online banking that way you can continue to conduct business with your financial institution.”