Hawthorne Press Tribune
Herald Publications - El Segundo, Hawthorne, Lawndale & Inglewood Community Newspapers Since 1911 - (310) 322-1830 - Vol. 62, No. 41 - October 8, 2020
The Weekly Newspaper of Hawthorne
Hawthorne Business Creates Virtual Tasting
Events as a Safe and Fun Way to Social Distance
Common Space Brewery in Hawthorne believes that virtual Craft Beer Tasting is a safe way to host a team event, a virtual party, or simply a get together with family and friends. They take the hassle out of the planning – all you have to do is sit back and enjoy. Learn the
ins and outs of how beer is made, what notes to look for when trying beers, a live Q&A, and more. Photo courtesy Common Space Brewery.
Be Prepared: Build Your Emergency Fund
(BPT) - Many of life’s interruptions can’t
be predicted. Not having funds set aside for
unexpected problems can leave you racking
up high credit card debt or putting yourself
in other difficult financial straits.
“When it comes to savings best practices,
it is especially clear after the pandemic how
valuable an emergency savings fund can
become at a moment’s notice,” said Jaspreet
Chawla, Senior Vice President of Savings
Products at Navy Federal Credit Union. “Here
are some tips that might help you kick start
your emergency savings.”
Here’s how to create an emergency fund
to protect your finances.
1. Do the math; set a goal.
If your first instinct is to save an enormous
sum that will cover all expenses for many
months, think again. While financial experts
recommend having between three and six
months of living expenses in an emergency
fund, this number might not be realistic if
you’re just beginning to save. It’s often a
good idea to start with a smaller goal - $500
or $1,000. Then, as you get into the habit
of saving, you can slowly start to raise your
future goals until you reach the three-to sixmonth
2. Decide where to put the funds.
The money in your emergency fund should
be kept separate from accounts you use for
paying bills or making purchases and be
easily accessible when an emergency arises.
Using just one account may make it far too
easy to “borrow” from your emergency fund
for non-essential items. Instead, place your
emergency funds into an interest-bearing account
that’s specifically designated for this
purpose. Good options include a savings
account or money market account. Either
can be easily accessed without penalties and
allow your money to grow.
3. Get creative and save.
Building an emergency fund means you’ll
need to trim spending elsewhere. Quick fixes
like evaluating your cell phone plan, cutting
the cord on cable or bringing your lunch to
work can help free up money for savings. Or
think bigger, like refinancing your home or
car. Use a refinance calculator to see whether
a new loan will save you money.
4. Save unexpected windfalls.
You can boost the balance of your emergency
fund when you least expect it with “found”
money. Invest birthday or holiday cash gifts,
work bonuses and tax refunds directly into
your account and see how quickly you can
reach your emergency fund goal. Since this
money isn’t part of your typical spending, it’s
See Finance, page 7