How to save for a rainy day

How do you save for a rainy day when it’s already raining?

I’m sure that you’ve heard of the saying “save for a rainy day”. It’s totally sage advice, don’t you think? But how do you save for a rainy when it’s already raining?

2020 is the proverbial rainy day. If you didn’t have any savings prior to March of 2020, it’s ok. We can all learn a lesson that emergency savings isn’t optional, or “just a good idea”, but necessary to survive rough economic times.

That’s all good and well, but given that I don’t have time machine to take us back to easier economic times, it may seem like a tall order to save money when times are tough.

So how do we save during hard economic times?

Make saving a habit, not just a goal

What if your goal is simply to make saving habitual? Even if you can only hold onto your savings for a short time, you still practicing saving. The habit of saving your money will never steer you wrong, so give yourself some brownie points for saving during these crazy times in the first place. In the long run, having saving as a priority will only serve you. Solid habits are the foundation to financial success.

Side gigs are great for setting cash aside

Sometimes your expenses exceed your income. In times like this, side gigs are great for building up a reserve of cash, especially if your side gig is something that you would do without getting paid for it. What are some of your interests? Can you use that interest to bring in extra cash? 

Save even if you’re paying off debt

I know many people who claim that they aren’t saving because they’re paying off debt. I’m all for paying off debt, but it’s important to have cash on had, too. If there’s one thing that 2020 has taught us, it’s that emergencies happen. And when they happen, we need cash on hand. Even if you can only save 5 bucks a week, do it. There will be a rainy day at some point in time where you’ll be thankful that you have extra funds available.

And don’t forget to practice your gratitude while you’re at it. There’s a special kind of magic in gratitude. It’s like a signal to the universe saying “bring me more of this thing that I love”. As hard as it might be to turn that frown upside down, focus on the things in your life that you want to multiply, not the things that you want less of.

Just remember that you’re not being miserly by saving. You’re making sure that your future self is well taken care of. And, I don’t know about you, but I love that girl and want to make sure that she has everything that she needs.

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