Emergency Savings – How to Save Up a Rainy Day Fund
PREPARE FOR THE UNEXPECTED WITH EMERGENCY SAVINGS
No one can predict the future, but an emergency savings account can help you deal with unexpected expenses and events. Job loss, illness or injury, car and home repairs are just a few of life's surprises we all face at one time or another.
A rainy day fund can help get you through these rough patches with less stress and less financial hardship.
Emergency savings fast facts:
- Set a goal of saving three to six months' worth of living expenses in case of unexpected expenses
- Create a budget and figure out where you can cut back to save more money faster
- Once you've paid off a debt, continue paying that amount to your emergency savings account
- Save any bonuses or refunds that you don't need to spend