With spring around the corner, our snowy days are turning into rainy days (which I, for one, am thankful for!). I'm sure you've heard the term "rainy day fund;" this is where you set money aside for when your regular income has been disrupted or decreased. Also known as a short term emergency fund, these funds are set aside to help when the floods of life hit. This fund should also be separate from your every day accounts. Typically, financial gurus suggest having $500-$1000 set aside in an emergency fund. Especially when funds are tight, this can seem like a ton of money. However, you could start by saving $5 a paycheck. If you have this automatically sent to a separate account from your paycheck, will you really even miss it? Getting set up with a higher interest bearing account will also help your money grow.
If you are interested in getting an emergency fund started, let me know! 937-935-9509 or firstname.lastname@example.org. Let's get you set up so the financial storms of life can pass a little easier.