Savings Made Easy Thanks to a Rainy Day Fund! | First Volunteer Bank

Life happens, and our team at First Volunteer Bank wants you to be as prepared as possible when the unexpected occurs.

And while you can’t stave off every emergency, you can take some of the financial sting out of the unknown by salting away a little extra money.

Establish a Strong Rainy Day Fund

It never fails. When it rains, it financially pours—and not in a good way.

Unexpected emergencies are what make a rainy day fund so important. Unplanned car repairs, medical deductibles due at the start of a new year and a dental emergency are just some of the reasons behind the need for a rainy day fund.

Wouldn’t it be nice if you were able to have the money available to pay for those unexpected emergencies when they occur? Yes! And guess what? It can happen! All you need to do is save, save, save!

First, did you get a raise this year? Perhaps you are receiving a tax refund? Or you even still have some holiday money in your wallet? Whenever you receive extra income, rather than spending it put it into your rainy day fund.

It was money you were not anticipating anyways, and it would be more beneficial to save for an emergency than spend it on a new wardrobe—don’t you think?

Second, you need to make your rainy day fund a completely separate account than your personal checking. If you see the money, you have a higher chance of spending it. Therefore, you want to make your rainy day fund hard to get to so that you are not tempted to reach for it when you see something you want rather than need.

Finally, now would be the perfect time to host a yard sale and use the money earned to start a rainy day fund. Not only will you be building a nest egg for any unexpected emergency that might come your way, but you are also decluttering your home, which can help you feel less stressed by itself!

Do you need a place to put your rainy day fund? Visit First Volunteer Bank today to learn about our savings account options when it comes to putting your emergency fund in a safe place for a rainy day!