Single Mom Money Tips – Prepare for a Rainy Day
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Have a savings plan to prepare for emergencies. Putting away money for a rainy day is very empowering (I’m speaking to myself here). As your money grows you begin to feel more secure in knowing you have the funds to take care of unexpected expenses.
It is hard to predict when an emergency will happen that will require a large chunk of cash. If you have money saved that is specifically for these times your stress level will go way down. You will not feel desperate and resort to uncharacteristic behaviors.
It is recommended that you have $1k-3k in savings. If you can manage to save at least $500 that is better than nothing. Open up a separate account for your rainy day fund. Use your tax refund, raises, or other windfall of cash to fund this account.
Samantha Gregory
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This is definitely at the top of to-do list! Its always a “how do you save something when you have pennies left over?” BUT, until now, it never occurred to me to set aside a little of my tax refund instead of using the entire amount to pay down debt. Thanks!