Annuity News: Best Ways to Build a ‘Rainy Day’ Fund

Prepare a Rainy Day Fund

If you are trying to increase your overall savings, but aren’t sure how to do it effectively, you should know there may be some quick ways to get this accomplished. This can take some discipline, but if you plan out your finances correctly, and get rid of unnecessary spending, you may put yourself in a positive position later on. Having a rainy day fund of money saved up is important, and it can help you navigate through rough times.

Take Money from Paychecks

Getting your finances in order could start right from your paycheck. This is due to the ability to add a set amount to your account during every pay period. If you can keep up with this, and not skip out, you will have a nest egg built before you know it.

Use Your Tax Refund

Another great option that can help you get the funds you need is to save your entire tax refund. While it may not be an overwhelming monetary amount, this can supplement your savings from your income quite nicely. This may give you the confidence boost that you need to keep your savings quest going.

Consider using Gifts

In the same vein as saving a tax refund, taking in all cash gifts that you receive throughout the year and putting them in your savings account may have a very positive result for you. This can be small or large cash payments that you didn’t expect that will help grow your savings. Doing this can really prepare you well in the case of a rainy day.

Sell Unneeded Items

If you are doing some spring cleaning, it could be a good idea to sell off items that may not have much worth to you. If you do this, it is possible that you can take the money earned from these sales, and put them into your savings account. Even if the funds aren’t significant, it can go a long way to helping your situation.

Creating a savings account and sticking to it is another great way to start a rainy day fund, but sometimes you just don’t get to save as much as you had hoped. This is something that can happen to anyone, but there are ways to make it better. One option could be to get cash for a structured settlement. This may work out perfectly, as it won’t involve a loan, or any money that you have to pay back at all. It’s already your money, and you can take care of your expenses as you need.

We want to wish each and every one of you success in 2015. If you or your independent advisor have any questions about how you can get structured settlement cash, please call us at 877-894-4541.