Every once in a while, everyone has expenses pop up they weren’t counting on. 

For example, it could be as simple as forgetting to pay for a two hundred dollar membership. Or, you may get into a car accident and have to spend money repairing your card. Another example is your dog needs surgery. 

You can’t control when things like this happen, but you can manage your finances. 

By having a rainy day fund, you don’t have to stress out when you need extra money. Dealing with situations like these are worrisome enough. That’s why having enough money to deal with the unexpected is so important. 

If you’d like to save for a rainy day, here are nine tips that’ll help you get started.

1. Set a Rainy Day Fund Goal 

First thing’s first, it’ll be easier to have a fund if you set a goal. If you’d like to start small, set your goal low. Your goal could be as little as saving two hundred dollars, for example. 

More realistically, with an unforeseen expense, it can be pretty expensive. For example, a family member may need assistance with something medical-related. And if that’s the case, it can get costly. 

So, it’s best to save up as much as possible so you’ll be prepared for any circumstance. But, if it’s easier, start with a small goal. Then, as more money becomes available, you can increase your fund later. 

2. Get Disability Insurance 

You may have been thinking about getting disability insurance but haven’t done it yet. With both short-term and long-term disability insurance, there are a lot of benefits. 

Having coverage is invaluable. If you were to get injured or sick and need time to recover, disability insurance would cover you. 

You could go into debt because you have to live off your credit cards. But if you have disability insurance, it would kick in and help pay for food, expenses, and more. 

And it doesn’t matter which profession you’re in. Doctors need disability insurance just as much as someone who works in marketing. No matter the profession, disability insurance allows you to protect yourself and your income. Justin Nabity explains the importance of disability insurance in greater depth here.

3. Sign Up for a Student Automatic Debt Repayment Plan

If you have a student loan you’re paying off, see if the company has an automatic debt repayment plan. If they do, many times, the loan company offers savings when you sign up. 

So, once you’re signed up, you’ll save some money. Plus, you won’t have to worry about forgetting to pay online or send them a check each month! 

4. Set Up Automatic Investments 

You can also have money set aside in the form of investments. 

If you have an investment account, set up an automatic transfer. That way, every month, a certain amount of money will get added to your account. And, with investments, you can make money. 

Assuming you make wise investments, when you need money for an emergency, it’ll be there! In fact, you may have more than enough!

5. Use Online Bill Pay

If you want to streamline paying bills, then use an online bill pay system. You can often set this up on the company’s site itself. 

Most banks also give you the option to input your account information and send the payments for you. Your bank can submit your bill payments either electronically or in the mail. 

Using online bill pay can save you a big headache should you forget to pay something. You won’t have to deal with any late fees. Plus, you can keep an eye on your bank account. You may find that a bill is less that month, which means you can set aside the amount you usually would have paid. 

6. Break Up With Your Credit Cards 

If using your credit cards is doing more harm than good, then you should limit your spending. Building up your credit with a credit card is a good thing. But if you end up getting in debt, then it’s counterproductive. 

Make the responsible choice to only use credit cards when you need them. When you use them, pay them off right away or, at least, once a month. They shouldn’t have a large balance. 

By using your credit cards wisely, you’ll have more money to put aside for a rainy day. 

7. Cut Out Your Favorite Daily Snack 

Are you in the habit of stopping to get a daily boba drink? Or, you may think you can’t survive without your favorite coffee drink from Starbucks. Whatever your favorite everyday snack or drink may be, consider treating yourself less. 

The little things add up, and you’d be surprised how expensive certain drinks are. Take a boba drink, for example. Depending on the state you live in, this sweet tea drink may cost up to six or seven dollars! 

So, instead of regularly treating yourself, use that money for your emergency fund. You’ll feel a lot better when you need the money, knowing you put aside that money instead. 


If you haven’t yet experienced any emergencies, it’s hard to rationalize why you need a rainy day fund. But just because nothing has transpired doesn’t mean it won’t happen in the future. 

You have nothing to lose by having a fund set aside. If you happen to save even more in the future, you can always “cash in” on your fund and use it for something fun! 

Now, it’s always wise to save for the future. Retirement may be on the horizon, so the more you set aside, the better. Always strive to make smart financial decisions, and you’ll be in good shape!