Rain…rain go away, come again another day. We all have those days where nothing seems to go our way. Whether it be a small house repair, flat tire, or parking ticket, it happens to all of us. Because of this, having a rainy day fund can help you be prepared for these unfortunate events. So, what is a rainy-day fund? We are here to tell you!
What is a rainy day fund?
A rainy day fund is similar to an emergency fund. An emergency fund is there to help you with bigger issues like an unexpected surgery or job loss. These funds are for those short-term issues that you can most of the time predict could happen. We know these unexpected things will happen, so let’s be prepared for them.
How much should I save?
The good thing about a rainy day fund vs. an emergency fund is that it’s for less severe issues. With that said, you don’t have to save as much as you would for an emergency fund. For your fund, you may want to have between $200 and $1,000. You shouldn’t need anymore than that to help you take care of a small unexpected expense.
How do I start?
It’s time to dig out that piggy bank! You can stash your funds in a piggy bank or an Eastex Credit Union designated account. Pretty much any place that’s easy for you to access. If you want to start adding cash to it immediately, have a garage sale! Sell things you know you never use. It may be hard to let go of things at first, but you’ll be glad you did.
We encourage you to start saving today. Always expect the unexpected and have your umbrellas ready for those rainy times. If you’d like to open a savings account, we can get you set up with the account that’s right for you. Open an account with Eastex CU today!