2024 Author: Steven Freeman | [email protected]. Last modified: 2023-12-17 08:15
Tanya Menendez is the Co-founder and CEO of Snowball, an online platform that helps you tackle debt and investing through free personalized recommendations and affordable coaching. Menendez co-founded Maker's Row, an online marketplace that helps democratize American manufacturing for small businesses. Menendez has been included in Forbes' 30 Under 30 List and named one of People en Español's Most Powerful Latinas. You can follow Tanya @makertanya and Snowball @asksnowball.
More than 46 percent of millennials have up - after all, life happens and you just can't anticipate everything.
What Is a Rainy Day Fund?
A rainy day fund is money you have set aside (in a bank account) to cover any unexpected expenses that come up - it's an emergency fund. This can include anything from short-term unemployment or emergency situations, such as an ER visit or your car breaking down.
You should set up this fund before any other types of savings (eg, retirement, college, downpayment of a home). It can protect you if you lose your income and prevent you from taking on high-interest debt (loans or credit cards), losing your housing, or going into bankruptcy. Especially if you have debt, the best way to get out of it is to prevent yourself from going further into debt.
How Much Money You Should Have in Your Rainy Day Fund?
It's recommended to have up to 6 months in living expenses. Of course, 6 months can be daunting and the important thing is taking the first step - we recommend that even saving as little as up or anniversary gifts
How Do I Start Contributing to an Emergency Fund?
- Create a monthly savings goal - automatically transfer funds to your savings account each month. This can be as low as - if you think this is doable, see where else you can get some extra money. This can include a second job (check out this list of side hustles) or selling items like clothes.
- Save any large cash payments - if you get a tax refund or work bonus, automatically put aside a certain percentage towards your savings.
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