Start a “Rainy Day” Fund at Your Gainesville Apartment

Misfortune can happen at any time, so it’s a smart idea to have a “rainy day” fund easily available when you need it. Whether you end up using the money to help cover the cost of a sudden illness or just replace a lost hubcap, there are several easy ways to start saving.

The first thing to do is to find a good place to keep the money you save. A savings account is always a smart option, and the interest paid on the money you save can help your fund grow to keep up with inflation. The downside of a savings account is that your money may not be very readily accessible, and if you dip into it too frequently you may end up having to pay a penalty. Another option is to invest in a small safe you can hide discretely in your Gainesville apartment, or a safety deposit box at your local bank. While these may keep your money more readily available than putting it into a savings account, inflation may cause your fund to lose value over time and the size of your safe or deposit box will limit the amount you can store.

Once you’ve decided on how you’re going to keep your fund, it’s time to start adding money to it. Saving spare change is one smart way to start your fund. Simply keep a small jar handy and every time it fills up, take it to your local bank to deposit or exchange for easily storable bills. Many banks also offer programs that automatically round purchases made on debit cards to the next highest dollar amount and depositing the extra into a savings account, which is another smart way to help grow your fund faster. These strategies may not grow your fund quickly, but over time it may surprise you how much you end up with. It’s also smart to take a small portion of any sudden windfalls such as a tax return, say10-20%, and put this money into your rainy day fund to help it grow even faster. You may even want to sell some of your old or unwanted belongings at a consignment shop when you first begin saving, to give your fund a head start.

No matter how you choose to save your money or where it comes from, it’s always a smart plan to keep your own records in a spreadsheet. This allows you to quickly identify how much your bank charges in fees if your money is in a savings account, and ensures you always know the balance of your fund if you keep it on hand.

With spacious floor plans and leasing specials for new residents, renting a Bellamay Grand apartment is a smart choice for any financially conscious person. For more information on our available units, contact us today.

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