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We are whipping our way through summer and heading into back to school time, so let’s prepare for the unexpected! There are times when you need a small reserve of cash for expenses that come up. That’s where a rainy-day fund comes into play. This is different from an emergency fund, so I am going to tell you what this fund is and why you need it. And I am giving you a free $300 Rainy Day Savings Challenge so that you can be prepared for those small leaks in your budget!
To get your Free Rainy Day Savings Challenge, click the link below to begin the download!
Rainy Day Savings ChallengeWhat is a Rainy Day Fund?
A rainy day savings fund is a sum of money that you set aside specifically to cover unexpected small expenses or emergencies that may arise in the future. These are things like a utility bill being higher than the amount that you budget. A small expense that pops up for your child that you don’t have a sinking fund for. The rainy day fund acts as a buffer account that you can use for situations that are unpredictable and out of your control.
The rainy day fund is similar to an emergency fund in that it is to help you prepare for the unknown, but this fund is not as large as an emergency fund. An emergency fund is typically three to six months of expenses saved. Having this fund is a game changer for your budget and for some of us, it gives us peace to know that we are prepared.
Why a Rainy Day Fund is Important?
A rainy day fund will help you to avoid using credit cards or other debt to cover unexpected expenses, because we all know how those small expenses can add up. I like to keep $200 to $300 in my rainy day fund because there are times when I forget an annual bill and don’t want to tear a apart my monthly budget to cover it.
By setting aside a portion of your income each month into a separate savings account, you can build up your rainy day fund over time and have peace of mind knowing that you are prepared for any unexpected financial challenges that may come your way.
The Printable $300 Rainy Day Savings Challenge
Now that you know what a rainy day fund is and how it can benefit you, I want to share my $300 Rainy Day Freebie with you! This savings challenge was created to help you save $300 for your buffer savings account. There is no time limit on when you need to complete the challenge, but the sooner that you have some money saved in your rainy day fund, the better prepared you will be.
I created this tracker to mimic a rainy day with rain clouds, rain drops, flowers, and cute characters! This is a fun way to save and fully fund your rainy day account!
How to Complete the Savings Challenge
If you are familiar with my style of savings challenges, then you already know that I love to color and save money. I created this savings challenge to be used as a color and save challenge, which allows you to color in an image each time that you save the amount on the image. There are 32 savings amounts on this tracker, so that you can save in small amounts.
The savings amounts range from $5 to $20. You choose how often you want to add money to your challenge. This will depend on your savings goal and how soon you want to have your rainy day fund saved.
Let’s Save Together!
The best way to do savings challenges is with others! Since we are a community of savers, I want all of us to take on the challenge of saving for a rainy day. Let’s commit to completing this savings challenge by the end of the year! That gives us plenty of time to save and hold each other accountable.
Get Your Free Printable Rainy Day Savings Challenge
To get your Free Printable $300 Rainy Day Savings Challenge, Click the link below to begin the download:
Rainy Day Savings ChallengePlease feel free to check out the free budgeting resource library that has all a bunch of budgeting trackers to help you transform your finances: Free Budgeting Resource Library.
We are Going to Be Prepared!
Now you are ready to save for your rainy day fund and know why having this type of savings account is important. I want you to be prepared, so let’s take on the challenge to save for a rainy day as soon as possible!
I am taking on this challenge as well and I am here to support you! Please reach out to me in the comment section below or shoot me a message on social media: @thesavingbutterfly. I’d love to hear about your savings progress because we celebrate all our progress over here!
