How much is a realistic rainy day fund in 2019?

How much is a realistic rainy day fund in 2019?

When we talk with clients about financial planning, one of the things we might discuss is the need for an emergency fund to cover unexpected expenses. It’s commonly known as a rainy day fund. However, in response to the reality of how hard it is to save money, The Independent has coined the phrase Drizzly Day Fund. A rainy day fund was traditionally the equivalent of three to six months salary. How much I hear many of you cry! New analysis from a bank has suggested that having just £500 tucked away could make a real difference.

Some younger people are being put off saving altogether because the three to six month target is so far out of reach. A more affordable target, like £500, is reachable and research suggests that £500 can be enough for most people to avoid a downward debt spiral. You can read a fully copy of The Independent article here.

You can speak to us about anything related to savings and investments. Call Mark Fryer at Fryer Glass on 01276 301103 or email [email protected]

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