Preparing for a Rainy Day or Hurricane!
A "rainy day" can certainly put a damper on things, as well as have a rippling effect on our finances when we're not prepared for it. These past few days we've been hearing about the devastation caused by Hurricane Harvey, and now Irma. To make matters worse, there are Hurricanes Jose and Katia already forming. We never know what tomorrow brings and therefore we must be prepared for unforeseen events. It is paramount that we have some savings in a "rainy day" fund, preferably three to six months of living expenses. For many, it's a struggle just paying bills and living paycheck-to-paycheck but it can be done if we set our mind to saving what we can each week. Rule of Thumb: There's no amount too small! Just like we prepare for a storm by stocking up on non-perishables, batteries and flashlights, cutting back on our expenses, such as eating out less, and buying only our needs versus our wants can make a significant difference. It's important that we deposit the money in a "rainy day" bank account where we're less likely to spend it ("out of sight, out of mind"). Of course, always remember that, "Every penny counts!"