Single Mom Money Tips – Rainy Day Funds

Here are a few more tips in the Single Mom Money Tips series. Establishing a rainy day fund is a key to successful money management.

1.    Have a savings plan to prepare for emergencies. It is hard to predict when an emergency will happen that requires a large chunk of cash.

2.    Putting away money for a rainy day is very empowering (I’m speaking to myself here).

3.    If you have money saved, that is specifically for these times, your stress level will go way down.

4.    A stash of cash can relieve feelings of desperation and resorting to uncharacteristic behaviors.

5.    It is recommended that you have $1k-3k in savings. If you can manage to save at least $500 that is better than nothing.

6.    Open up a separate account for your rainy day fund. Use your tax refund, raises, or other windfall of cash to fund this account.

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Samantha Gregory

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Samantha Gregory has been encouraging single moms to learn how to thrive and not just survive the single mom journey. She is a coach, mentor, writer, mobile app developer, and mom of two. Hire her for your next project by calling 404-939-6179 or email samantha at richsinglemomma.com. Connect with her on Twitter, Facebook, Google+, and Pinterest.

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