How to Save Money for a Rainy Day
We have all heard that we must save for a rainy day. The concept is that while the money is coming in and the good times are rolling we must save for the day that is all turns around. There are easy ways to save money for a rainy day. Follow these simple steps to save money for a rainy day and you will be set when those storm clouds start rolling in.
Other People Are Reading
Instructions
-
Save Your Money Today
-
1
Deposit 10% of your paycheck into your savings account every pay day to save money for a rainy day. If your work has direct deposit set it up to automatically transfer to the savings so that you don't even miss the money in your check.
-
2
Take your bonus checks from work and deposit at least 50%, if not all, of it into your savings account. This is money that you do not count on to pay bills so it will not be hard to put the majority of it away for a rainy day.
-
-
3
Use your any tax returns and birthday and holiday money to increase your savings account. The more money that goes in, the better off you will be when that rainy day comes rolling in.
-
4
Sign up for any match savings program your bank may have. Many banks deposit small amounts of money from your checking account into your savings account from every check card purchase. Use this to your advantage.
-
1
Tips & Warnings
If you need to save money for a big event, like a vacation, start a separate savings account for that. It is better to keep your rainy day savings account separate, that way you are not tempted to use that money for something else.
Do not get a debit card for your savings account. This will tempt you to use your money that you saved for a rainy day for everyday purchases.
