Financial Capability

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Building A Rainy Day Fund

Category: Financial Capability

Financial planning isn’t something most people one day wake up and are suddenly good at doing. Putting money in a fund like this helps establish the habit of saving. If you haven’t started a rainy day fund yet, starting small helps to get the ball rolling. Don’t get hung up on the amount you are contributing or what you can afford to contribute. Rather, focus on the action itself. For most people, it can take some time to get their account funded to the level they need. This is very normal and expected. Once you set up your separate account, enable an automatic deposit so part of every paycheck funds the account. Be creative if you’re having a difficult time coming up with the extra cash to begin saving. Consider alternative sources of funding to get started. For example, have a garage sale or consign clothing and use the funds to kick off your rainy day fund.

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