September - National Preparedness Month
Saving money is important for many reasons, but it’s especially useful to help you handle unexpected financial emergencies. Imagine spending all your money on a necessary car repair or a trip to the hospital and you barely have enough money to last until your next paycheck. Setting funds aside for a “rainy day” will give you peace of mind and save you money in the long run.
What is a Rainy Day Fund?
A rainy day fund is a reserved amount of money typically $500 - $1,000 to be used in times when regular income is disrupted. In short, the money in this fund will get you through to your next paycheck.
How Do I Start a Rainy Day Fund?
A good place to start is by opening a savings account specifically for emergency expenses. To begin funding your rainy day account, start depositing small amounts of money each month — $25 or $50, more if you can. Then, try increasing that amount over time.
It may take a while, but if you consistently set money aside, you’ll soon have your rainy day fund flushed with cash. Once your savings account is fully funded, you may have the financial freedom to pursue other goals, like saving for a house. And more importantly, you’ll know that if things go wrong, you’re covered.
At Maspeth Federal Savings, we make it easy to save by offering two savings accounts that you can choose from that earn interest over time to help you reach your emergency fund goal. Our Statement Savings account allows you access to Online & Mobile Banking as well as money management tools to get you on the right track. Visit your local Maspeth Federal Savings branch to open a savings account so that you are always prepared for the unexpected!
The information herein is general/educational in nature & should not be considered financial or legal advice. Maspeth Federal Savings makes no warranties about such information or results obtained by its use, and disclaims any liability arising out of your use of, or financial position taken in reliance on, such information. Consult an attorney or finance professional regarding your specific situation.