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3 Best Tips to Build a Rainy Day Fund

How can LGBTQ people build a rainy day fund?

Find 3 helpful tips by listening to this episode, and you’ll have your rainy day fund in no time. If you want to reach financial sustainability and financial independence, start here by getting rid of any credit card debt with the free, 7-Step Credit Card Debt Slasher.

Watch 3 best tips for building a rainy day fund

How much do you need in your emergency savings

It’s one of the best tools for our mental health – financial security. Here’s why and how LGBTQ+ people can build a rainy day fund. 55% of respondents to The Motley Fool/Debt Free Guys LGBTQ+ Money Study listed “saving for a financial emergency” as a top priority. 

What’s the best way to build adequate emergency savings? 

  1. Calculate how much you should have saved
  2. Multiply your month-to-month living expenses by 3
  3. For most Americans, that’s between $15K – $20K
  4. Can of tuna vs sushi per Avocado Toast Budget
  5. Open an “an arm’s length away” savings account. 
  6. An “arm’s length away” savings account is a savings account that isn’t at your usual bank or credit union w/no features such as check writing or debit cards that let you access the funds immediately
  7. Make this money hard(er) to get to
  8. Send it before you spend it
  9. As soon as you’re paid by your employer and before you pay a single bill, send a predetermined contribution – whether $5 or $50 – to this arm’s length away account
  10. Most easily done by DD or EFT

 

With the goal of saving so much money, between $6K – $20 for most of us (and more for some of us), it’s best to set a strategy and then forget it. Follow these 3 steps today and you’ll have your rainy day fund in no time.

 

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