From a young age, the adults around us tell us to save money for a rainy day. When you’re a child, you can’t imagine saving money for a thunderstorm – you can’t go out and have fun when it’s raining! However, as an adult, you learn that a rainy day is simply a miserable time in life that requires a little cheer and sunshine. Saving for that particular day may seem difficult at times; everything is getting more expensive but we’re not earning any more than usual! Still, despite the difficulty, we should be doing all that we can to put money away for those “just in case” moments in life.
If you haven’t already begun weaving your safety net for your family, then you need to get started putting one together now. You may need one to replace appliances, fix up the car, or pay for divorce legal services to cover you after an injury at work while you wait for help from personal injury lawyers. The point is that the money that you save is going to be your cushion in a financial crisis, and while you may think that a crisis will never happen to you, there’s always the “what if?”. So, with that in mind, here are five reasons to convince you to get saving for that rainy day right now.
- Job Loss. No civilian could have expected the COVID-19 pandemic to turn into what it has, with home losses and job losses. You can’t always predict that you’re going to lose your job, so why wait to find out? You could have the most comfortable and secure job and still lose it; you can’t take security for granted. You should ensure that you have at least three months of expenses saved at all times if only to help you to get by while you look for another job.
- Poor Health. Should you become ill, it can be a comfort to know that your mortgage and bills are paid even if you can’t work for a while. If you keep expenses for your day-to-day living in your savings account and you find that you suddenly can’t work, you don’t have the added stress to ensure that your payments are covered on top of everything else. How are you going to finance that trip to the ER anyway? Oh, wait, your rainy-day fund is working for you!
- Home Repairs. The one thing that all homeowners dread is an unexpected repair. From the boiler busting to the roof needing new tiling, home repairs are often very difficult to manage when you don’t expect them. However, if you have money put to one side, needing repairs is never a problem as you’re already covered.
- A New Car. Your old car is ready to give up the ghost, and you need to replace it. Without the car, your kids can’t get to school and you can’t get to work. A kitty to cover you for vehicle expenses is a kitty you want to be involved in! Make sure that you have money put to one side for yours!
- Last Second Travel. Whether you’re traveling because of a family or friend in need, it can help to ensure that you have money put to one side to keep you going when you need to go somewhere new at the last minute. Last-minute travel is often more expensive than most, so you should have enough money put to one side. It can also help to use currency conversion such as with 1 Canadian dollar to 1 Rupee, because it means you can budget for your holiday while also having the backup blanket of a little emergency cash if you need it.
Friends, how are you saving for rainy days at home? Please leave your thoughts in the comments below.
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