3 Tips for Building a Rainy-Day Fund

Published on October 31st, 2018

When most people think about saving, the first thing that comes to mind is their retirement. However, having a rainy-day fund is equally as important, with many benefits that are often overlooked. Setting aside money for emergencies can make the difference in an unexpected situation, saving you from serious financial trouble and encouraging positive saving and spending habits. Our short term cash lenders have advice on how to make this ambition a reality.

Don’t Overcommit

Make a reasonable commitment by deciding on an amount that won’t affect your regular expenditures. Even a small sum is a great start. Get in the habit of setting this money aside every single month. We promise it adds up.

Cut Back

If you want to dedicate an even larger amount to your rainy-day fund, it might be a good idea to reevaluate some of your regular purchases. Consider how much you spend on your electric bill, entertainment, eating out, etc. This doesn’t mean cutting fun and comfort out of your life, just finding more cost-effective alternatives.

Reassess Your Goals

After you’ve been dedicating money to your emergency fund for a while, it might be time to rethink your goals. Do you feel like you’ve saved enough? Do you want to set aside more each month? You can now decide if you want to continue saving or start allocating that money elsewhere.

If you’re ready to make a change and start saving for the future, let our short term cash lenders help. We know how difficult unexpected expenses can be with no savings, so let’s try to avoid that situation as best as we can.

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