Important Things To Have A Rainy Day Fund For

No matter how careful you are, how solid your research or how meticulously you plan, sometimes life just has a way of turning around and biting you. Hard. In times like these, it’s always good to have a little extra money stashed away, so you don’t find yourself having sleepless nights worrying about bills. Below are a few life events that are worth having an emergency fund tucked away for, that you can dip into should any of these events arise.


Photo Source

The Car

Whether it be a small run-around to get you to work cheaply, or a big SUV so you can transport the kids, the dog, and all the baggage that comes with them around town, we depend on our cars for day to day life. The last thing you need is for the brakes to fail, or the engine to give out, and you be stuck with a huge bill that you never saw coming. Sometimes the dealership will fix some problems under warranty, but they’ll always try and find a way out if they can. Therefore it’s best to have some money squirreled away for any emergency work that needs doing. How much you need depends on what car you drive. But at the very least you’re going to want enough to cover the cost of suspension and brake replacements (as consumable items they are most likely to need attention), as well as the cost of labor for the garage to fit them. You should also bear in mind the cost of tyres. Depending on where you live, it will be important to invest in specialized tyres for the colder weather. Let’s not forget too, that tyres are consumable and need replacing regularly. Being caught short can make it tempting to opt for budget brands. However, it is always crucial to buy quality when it comes to tyres. The quality of your rubber is all that keeps your car from skidding on slippery roads, or allowing those powerful brakes to bring you to a stop. And don’t think you should limit your funds to just the car. Any piece of machinery that is essential to your daily life could give up for no discernable reason. Your heating could break, and it nearly always happens in the depths of winter when you need it most. Washing machines, shower units, and many other items could need money set aside for any drastic TLC.



You might already have children, or you might be planning to have them in the near future. Either way, they cost a lot, and you should definitely have some funds set aside to get you through. The costs can begin before they’ve even arrived. All those pregnancy tests and fertility clinic trips aren’t free. Even the most affordable IVF services can add up over time if you are having trouble conceiving. Add to that all the new shoes and school trips you’ll be paying for, and it’s little wonder that your child could cost you nearly $250,000 in the first 18 years. It’s also a great idea to have money set aside for the milestone birthday parties. Some people like to go big for the first birthday, but as they’re so young, this could be more for the family and friends than for the child. But reaching their teens and the all-important ‘sweet sixteen’ can be cause for larger celebrations, and if you’ve got all tied up in the competitive spirit with the other parents, it could get quite pricey.



Having spent a small fortune getting your children through high school, and even paying for extra tuition so that they get good grades, you now have the wonderful opportunity of sending them to college. Good schools can cost a lot, and they’re going to need money for clothes and food whilst they’re there, not that they’ll spend it all on food anyway. Starting early can be a great way to offset the high costs. With tuition fees averaging around $100,000 for four years at college it can seem pretty daunting. However, that equates to $450 per month for 18 years. You may not be able to save that much every month, but saving just $200 per month could mean cutting over $43,000 off that college loan.

Hopefully, these scenarios have given you a little to think about and have got you looking into all the options out there for savings accounts to make sure you’re never caught off-guard by life again.

Speak Your Mind