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Money Saving Tips for a Rainy Day

Tips on Saving Money for a Rainy Day

You may be aware of the saying that you should save money for a rainy day. That means when you have enough money to spend, you should not use it all and are intended to save some in case of emergency. There are some effective ways in saving money for a rainy day. If you follow these tips in doing so, you would be able to overcome unexpected difficulties to come.

1. In order to save money for a rainy day, you had better deposit ten percent of your payroll into a savings account every time you receive your pay. If possible, you could deposit such sum directly to your savings account by automatic transfer, so you are not worried about the saving in this respect.

2. When you have bonus checks received from work, you should deposit the fifty percent of it into your savings account. Since it is the extra money you get, it is unnecessary to spend it for your daily bills. Instead you could use it for a rainy day.

3. In your daily life, you would get some tax returns or some money from your birthday and holiday allowance, do not spend it and just put it into your savings account. The more money you accumulate from such resources, the better you are prepared for a rainy day once it really comes.

4. If you are regular user of certain bank that offer the service of the match savings program, you should be willing to sign up for it, for the bank would deposit a small sum of money into your savings account every time you purchase something with your check card. You should take it to your advantage as much as possible.

5. When you are considering saving money for a big event, such as purchasing a car or going on a vacation, you are kindly advised that you should set up a separate savings account for it. To this end, you would still keep your savings account for a rainy day, while it would not affect your other plan for big events in your life.

6. If possible, please avoid taking your debit card as a savings account. It would tempt you to spend the money you have saved for a rainy day. It is better to do your everyday purchases with the money you allocate monthly..

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