4 Reasons You Need A Rainy Day Fund

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A rainy day fund can get you through hard times or pay for that dream vacation you’ve always wanted. When navigating through life it’s easy to get caught up in the day-to-day expenses, but what about the unexpected? A rainy day fund can be the lifeline you need when things don’t turn out the way you planned.

You save a rainy day fund just like you would save money for anything else. A little at a time over a period of years adds up quicker than you would think. Putting just $10 a week into your rainy day fund will add up to $520 over the course of a year. That might not sound like a lot, but after a few years it adds up and who wouldn’t like to have an extra $1560 laying around when they need it the most?

Read on to discover 4 compelling reasons that you should start saving a rainy day fund today.

1. You have children

Children are expensive and caring for their day-to-day needs can be daunting. What would happen if your child had an accident on the playground or in your backyard and needed emergency medical treatment? Would you have the money it takes to set their broken arm or pay the ER fee? A rainy day fund can help plan for these types of unexpected expenses. If you never need to use it, consider yourself extremely lucky and go on a very nice vacation once your youngster turns 18.

2. You own a home

Like kids, homes are expensive. Things break at the worst possible moment, and often appliances all die at the same time. A rainy day fund is invaluable for those moments when the washer stops working or the kitchen sink springs a leak.

If you never run into an emergency where you have to hire a contractor, the rainy day fund is a great source of money for a home improvement you’ve been wanting to accomplish, such as a bathroom or kitchen remodel. If you’ve never owned a home, you’d be surprised how much help a rainy day fund can be.

3. You have pets

Most people don’t insure their pets and a single illness or just a condition resulting from old age can get very expensive very quickly. If you have a dog and they develop bad knees, the medications alone can cost you a lot of money, but the extras that pet insurance wouldn’t even cover, such as home modifications, beds, supplements and therapies will really add up.

4. You are married

A secret rainy day fund is a great way to surprise your spouse with a trip, a special gift or other goodie. Having the secret fund to surprise your loved one with will leave you with a great feeling knowing that you were able to arrange something to really show your spouse how much you care.

Rainy day funds are a great idea for almost anyone. Whether you save $5 a week or $100 a week, you’ll love the feeling of having the security of money in the bank.