For the past two days I have been cooped up inside because it is raining. What does this have to do with money? Well, there is always the popular saying “saving for a rainy day”. The phrase implies that it is important to set aside money now so that we will have it available when we need it later. There are many unplanned expenses that can come up, and having a “rainy day” fund can help to lessen the impact on your regular budget when, say, the hot water heater breaks or you suddenly find yourself jobless.
In the current economy, though, many people feel that saving for a rainy day is more easily said than done. If you are struggling to make ends meet, how can you possibly save any money for the future? I decided to look around for some tips that can help to make saving for a rainy day doable for just about anyone. Here are some suggestions that I found.
There are a few ways that you can save on phone service. If you feel that you can, consider getting rid of your land line and just having a cell phone. I can’t remember the last time that I had a land line phone and I do not foresee myself ever having one again. you do not want to give up your land line, keep costs low by getting rid of any “extras” like call waiting, caller ID, and call forwarding and shop around to make sure that you get the best possible deal on long distance. It may also be cheaper to use your cell phone or the internet to make long distance calls. Keep cell phone costs in check by cutting out ring tones, games, and other extras.
Other practical ways to find money to put in your rainy-day account include checking your tax withholding to make sure that you are getting as much money in your pay check as you can, buying clothing that is easy to care for so that you do not have to spend money on dry cleaning, comparing car insurance rates to make sure you are getting the best deal, and making your coffee at home instead of buying it on the way to work.
While you may not think that these suggestions will help you to create the kind of rainy day fund that you will need, they are a step in the right direction. Any money that you are able to save, no matter how little, can help to take the sting out of unplanned expenses. You will thank yourself when you get a flat tire and you either have enough in your savings account to cover it or have to pay less than you would if you had no savings because your savings covered part of it.