Rainy-Day Fund

Rainy-Day Fund

A rainy-day fund is an excellent payday loan alternative.

If you do not have one now, of course, it cannot help you in any current financial crisis.

Creating a rainy-day fund, however, can help make a future financial emergency less painful

If possible, save $20 to $30 per week as a rainy-day fund (a fund only to be used in emergencies).

$20 x 52 weeks = $1040 saved per year
$30 x 52 weeks = $1560 saved per year

If you cannot save that much, imagine that you have just taken out a $100 payday loan. Payday lenders typically charge between $12 and $30 per $100 every 14 days.

$12 x 26 bi-weekly payments = $312 saved per year
$30 x 26 bi-weekly payments = $780 saved per year

Try to cut out unnecessary expenses and luxuries until you have saved enough money to bail you out in an emergency.

A rainy day fund may not be enough to cover an emergency entirely, but:

Having a rainy-day fund could turn a potential financial crisis into a financial inconvenience.

Again, if you don’t have a rainy-day fund now, it will not help you in any current financial emergency. Please consider other payday loan alternatives before approaching a cash advance lender.

Recent Posts:

Random Posts:

GD Star Rating
a WordPress rating system