Money & Budgeting

People are generally pretty good at saving for specific items or experiences. Say, for example, you want to save enough money for a down-payment on a house. You put certain strategies into action, cut back on certain other expenses and slowly build your way up to that figure you had been aiming for. Sure, it takes time and effort and a few missed dinners at fancy restaurants, but the tangible reward at the end, coupled with the defined amount of money you’re shooting for, make the process one that most people can manage sooner or later. Saving for unspecified events or that looming ‘rainy day’ we all fear, is another thing entirely. While people know they should save for a rainy day, they’re generally far more preoccupied with splashing out and having fun in the sun, so to speak. While it’s not fun to think about, the feeling of security that comes from knowing you have funds in reserve for unplanned events like house or car repairs, illness or that terrifying moment when your computer hard drive gives up the ghost is something that we all should aim for. Your accountant or financial advisor can help you find more individually-catered saving solutions, but here are three tips to get you started and help you get that rainy day fund up, up and away!