Daily Money - No Frappuccinos in Quarantine

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Elizabeth O'Brien is a senior writer at MONEY

One silver lining of self-isolation is that you’re probably saving money, if you're fortunate to still have your job and your health. I’m no longer buying Starbucks or Chipotle for my kids, so that’s an extra $50 or $100 a month in the bank. And I’m not getting my hair done -- at least, not professionally (my husband gave me a decent amateur cut this weekend). When I finally see my stylist again, I’m going to make up for those lost visits by giving him a huge tip. But I’m not going to pay Starbucks for all the frappuccinos my sons didn’t drink during quarantine. This period of reduced consumption is an opportunity to pad your emergency fund. I just set up an automatic transfer of $200 a month from my checking account to the high-yield core cash position in my brokerage account. I plan to add a few hundred more when my stimulus check comes in. Read more about what to do with your stimulus check---and learn ways to save even more money--in today’s edition.

Best wishes,

Elizabeth

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TIMELY RETIREMENT NEWS, INSIGHTS, AND ADVICE

Here Are 4 Smart Moves for Your Stimulus Check

First, pad your emergency fund.

Here's How to Save Even More Money During Quarantine

Looking closely at your budget can be empowering.

6 Remote Jobs Nearly Anyone Can Do From Home

From virtual assistant to transcriber, there's an option for everyone.

RETIRE WITH MONEY COMMUNITY INSIGHTS

Last week's featured story on the stimulus bill had a misleading section about the required minimum distribution provision. It said RMDs were "delayed" when in fact the requirement has been waived completely for this year. There is no need to take an RMD for 2020. Thank you to the readers who wrote in and asked about it. The story has been corrected.

Did you already take your RMD for 2020 and now want to put that money back into your retirement account? Please let me know at elizabeth.obrien@money.com. Thanks!

RETIREMENT NEWS FROM AROUND THE WEB

Facebook Launches a Global Version of its Community Help Feature in Response to the COVID-19 Pandemic

Facebook is expanding its Community Help feature as part of its COVID-19 response, to provide a hub for information and community mobilization efforts. TECH CRUNCH

Here are 5 Stimulus Check Scams to Watch Out For

The government will never ask you to click on any links to access your money. MARKETWATCH

Easing the Isolation During the Coronavirus Crisis

Adding structure to the day can help, as can virtual check ins. NEXT AVENUE

Is it Ethical to Hire Babysitters, Delivery Services, and Cleaners Right Now?

Here's what to do if your pipes spring a leak during the pandemic. VOX

ABOUT ELIZABETH

Elizabeth O'Brien is deputy editor at MONEY. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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Daily Money - No Frappuccinos in Quarantine

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