3 Ways to Create a Rainy Day Fund

Having a rainy day fund is such a necessity that all of us should be involved with. Sadly, lots of us struggle enough to make ends meet without the added strain of putting money into a savings account. A rainy day fund, otherwise known as an emergency fund, is a sum of money that can be used in the event of an unexpected situation such as losing your job.  

This fund should ideally contain at least three months worth of money that would cover your usual outgoings. Take a look at these tips for three great ways to create a rainy day fund.

Rainy Day Fund

Invest your money 

If you’re interested in investing in property, then make sure you seek out a reputable company. RW Invest, who have a trusted name within the property industry and a proven track record for success. Using a good company can help you find the best opportunities that meet your budget. Any money you make from property investment success could be put towards your rainy-day savings.


Focus on budgets  

Budgets, budgets, budgets. If you’re keen to generate a significant amount of savings, then budgeting is, unfortunately, something you need to do. While it can be hard to stick to, putting a monthly budget in place is helpful. A monthly budget lets you see where your money is going, providing better clarity on how you can spend less.

If it helps you, you can use tools to track your budgeting efforts. There are some great tools out there, such as the downloadable budgeting spreadsheets. Calculate the amount of money you should be left with after all your outgoings should show you how much you can afford to put towards your rainy day fund.  


Make some extra cash 

If you’re not making enough money to be able to invest or be left with expendable income, then you might need to look into making some extra income. If you have some free time, focus on using your products or services to earn money on the side of your usual job. Sites like People Per Hour and Upwork allow you to find freelance jobs if you’re skilled in areas like copywriting, graphic design, web design and more.

If you’re not keen on freelance work, selling your unwanted items is another great way to generate some extra money. You could do this the old-fashioned way by selling items at a car boot sale or put some listings up on sites like eBay. Plenty of people have earned £1000’s from selling their old, unwanted items.


If you can manage to put away some savings each month, a rainy day fund is a very sensible approach. I’m fortunate enough to be able to save 20% of my monthly wage. If you have debt it might be worth considering paying this off before starting a rainy day fund.


6 thoughts on “3 Ways to Create a Rainy Day Fund”

  • I have been trying really hard this year to build things up to where I want them to be (six months of outgoings). I haven’t been doing too badly – budgeting is the number one thing to do for me and sticking to it! I would like to invest too but feel like I need to learn more about it first!

  • Hello!
    I always say i need to save money but at the end of the month without fail I need to dip into it!! Meh. I need to get better at staying out of my rainy day fund! Ha!
    Thanks for writing this post I definitely need to be brave & look at my finances more in depth & see where all my money is actually going!! 😕
    Anyway, alls to say I appreciate this post.

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