America Saves Week Day 2 - Saving for the Unexpected

We like to break down unexpected expenses into two categories — rainy days and emergencies. Rainy day funds typically range from $500 - $1,000 to help you get through those smaller, unexpected expenses like a flat tire or weekend visit to urgent care. Your emergency fund is for a bigger unexpected events like illness. Saving these two groups of savings will allow you to be stress free from finances during a time that may be stressful in itself.

Though many think of rainy day and emergency funds as the only savings for unexpected events, there are also opportunity funds. If you are in the position to save, you can not only save for an unexpected car repair, medical bill, or appliance breaking down — you can also save for the last-minute dinner invite with friends and family, the concert for your favorite artist, or the ability to grab a birthday gift for your child’s classmate.

Saving for the unexpected can mean many things, so find what resonates with you the most!

Resource of the day: Check out our blog that goes in depth about emergency funds and rainy-day funds: Do I Need an Emergency Fund and a Rainy-Day Fund? | Gulf Winds Blog: Save. Spend. Live. (gogulfwinds.com)