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The how and why you should making growing your rainy day savings a priority for your finances.
Having rainy day savings is important for families. When the car breaks down or you need to fix the dryer, it helps to have an emergency stash of cash to hand. Putting back money for rainy day savings is harder than it sounds. And if you’re struggling to pay your bills then extra savings can feel like a pipe dream.
If you’re serious about adding to your savings then the following tips can help. Read on to find out more about growing your rainy day savings.
Why are rainy day savings important?
Life can be unpredictable, so you never know when you might be faced with some sort of emergency. If something breaks in the home, or you need to pay an unexpected fine, some rainy day savings will ease the pressure on your finances and ensure you can afford things. Also, if you were looking to take out car finance with an auto.loan, having a bigger deposit could get you a reduced rate. You never know what you might need your savings for, but they’re handy to have there just in case.
Make simple cutbacks
You can cut down on your monthly spending to help you free up more money for your savings. You can cut down on your grocery bill using offers and better planning that will easily leave you with more money to save while reducing your electricity bill will also help your income to stretch further. Do you have a gym membership or TV subscription that are underused? Get rid of them and put the money saved into your emergency fund.
Start a side hustle
Wish you could earn more money? Well, the good news is that you don’t have to work overtime or take a second job to get it. Starting a side hustle is a good way to boost your income, while some people even find that they make more money from their side hustle than their job. Some great side hustle ideas include blogging, tutoring and completing online surveys. There’s so much you can do to earn some extra money, so it’s worth exploring to see what your options are.
Reduce your spending
Take a look at what you’ve spent over the last week. If there are a lot of unnecessary purchases on there, like your daily coffee or one too many UBERs, it’s time to cut back. By making small sacrifices, you can ensure that there’s more money left at the end of the month which you can transfer to your savings. Set yourself a spending limit each week and try to stick to it.
Saving money might seem difficult, but making small changes to your household finances can make a huge difference. Start looking for ways you can save today to get your rainy day fund started and plan for those unexpected surprises. By making sacrifices and changing your habits, you can easily turn your finances around and have a healthy pot of savings for when that rainy day comes.
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