>

Saving for the rainy days

June 1, 2016

lifestyle

 

We are frequently reminded to save. It can be hard to get motivated to however and a few concrete examples can help motivate us to squirrel a little extra money away for rainy days.

Motoring

Even when things are going to plan running a car is a constant drain on the finances. There are all kinds of expensive emergencies that can come about. If keeping moving is important to you then it is vital to have an emergency fund on hand.

There is always the possibility of a break down or mechanical problem. These can be expensive to fix, and with certain problems it is more economical to just get another car. On top of problems like this there are other expenses that can blindside the driver. It is easy to pick up a parking fine or accidentally go past a camera too fast.

Unemployment

CC 'Newtown graffiti' (Flickr)

Economic recovery is proving elusive, and plans to reduce unemployment hinge on making it easier to dismiss workers. Given this it is increasingly likely that you could find yourself out of work.

A good amount to have saved back in case you are out of a job is six months worth of all expenses. It can be tricky to get to this point but it is worth doing. A handy upside is that you will have the freedom to walk out of your job if you get sick of it without necessarily having something else lined up straight away.

Housing

Of course you have taken out insurance so that you are covered in case a hurricane takes off the roof of your dwelling or flood waters rise up and drown your living room. The only problem is that your could be waiting an awfully long time to actually see any money from them. Actual rainy days can be a compelling reason to have rainy day savings.

Illness

You can be in prime health and still end up unable to work because of sickness or an injury. Even if you do not have to miss work you could find yourself having to fork out for pricey medicines and treatments. Saving up to be sick might not be any fun, but it pays to be prepared.

Family

Who knows when you might find yourself having to put your hand in your pocket to help out a family member. Children are very expensive indeed, and are prone to carry on being so well into adulthood. Don’t ever write off the chances of surprise additions to your family either!

What emergencies are you saving for? Leave a comment and let us all know what you are thinking.
Share

Related posts:

  1. Saving money the easy way
  2. Money Saving tips for the New Year
  3. Extreme money saving: 10 top tips
  4. Money in a jar: saving made easy
  5. Top tips for saving up for a holiday
, , ,