Unemployment is lasting longer for more Americans—here are 3 ways to boost your savings (via CNBCMakeIt)
As employers hold back on hiring amid recession fears and rising interest rates, unemployed Americans are spending more time looking for jobs.
Layoffs and extended periods of unemployment are a few of the many reasons you might have to use your emergency fund. Experts typically recommend aiming to save three to six months worth of expenses, but as longer periods of unemployment become more common, it may make sense for you to put away even more.
"Three to six months of living expenses is a worthy goal, but even $50 or $100 could be a big help in getting you through a tight situation you can't foresee," Fox tells CNBC Make It. Unfortunately, there is only so much you can realistically cut from your budget, and you may not have any current expenses you can feasibly live without. But it's never a bad idea to go over your typical spending and see if there's any wiggle room.. If you haven't comparison shopped for essentials like groceries and personal care items, you could be missing out on savings at discount retailers. And cooking at home more often may help if you frequently order takeout or delivery.
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