Best Five Simple Tips You Should Save Mad or Crazy Money For A Rainy Day

Five Simple Tips You Should Save Mad or Crazy Money For A Rainy Day

Yes, that's a good idea! I know you want to know what crazy money is.? Well, the term came a long time ago when a young woman went to a party with her friend and her friend left her at the party without going home. So, the young lady went crazy with her friend who left her at the party and fortunately for her, she snatched the money in her shoes so that she could take a taxi back home. As he drove home in a taxi, he thought to himself, "It's good that his mother taught him to always keep money for emergencies!"

Thanks to Nikki, this young lady predicted to get rid of her crazy money so she could take a taxi back home, because her friend had left her in a predicament. Get the point? Having an emergency fund, whether it's crazy money or savings, is important to you. You say, how do I do this? Well, you can read these tips so you can learn what you can do:

1) Set up a savings account specifically for your emergency fund or insane money fund. Whatever you want to call it, just set one up!

2) Deposit a certain amount into your account on a weekly, bi-weekly, or monthly basis. You want to set up automatic deposits in your account through your payroll department. Or, you want your bank to automatically withdraw a certain amount from your checking account in your emergency or insane savings account.

3) If you lose your job, try to save at least 2-3 months of your monthly salary to cover your bills for at least three months. Hopefully you will be allowed this pillow until you get a new job.

4) The money you save in your emergency or insane money account should be used for domestic emergencies, personal emergencies or if you are unable to work further. Don't use it for other expenses like bills, travel, etc ... Get an idea? This is a savings account you don't want to touch unless it's absolutely necessary!

5) Make sure that the bank account in which you have kept your emergency or insane amount is paying you the highest interest for that account! Research as many sources as you can to find the best interest rate you can get. Check your own bank, internet, newspaper and other sources for the usual interest rates. You want to make sure that your money can be easily and quickly recovered if you need it in an emergency!

By setting up an emergency or insane money fund, it will give you better peace of mind if you need access to money in case of any emergency in your life. So, the sooner you start allocating money for a rainy day, the better! Make sure the money you put into your emergency or insane money fund is realistic for your budget. Worry about your personal or family finances