Get Ready! Money Pros – βœ… Week #23 Action Item: Check Your Rainy Day Fund

βœ… Week **#23** Action Item: Check Your Rainy Day Fund

πŸ‘‰Β  A rainy day fund helps protect you against an unexpected event.

πŸ‘‰Β  Having cash reserves provides liquidity for financial challenges such as a loss of income, unforeseen medical expenses or vital car repair.

πŸ‘‰Β  There is no magic number. Just put aside what you feel will protect you if you were to lose your income for an extended period, usually three to six months of expenses.

– ⭐️ Pro-tip:

πŸ’‘ Your rainy day fund should remain liquid and should not be invested. When you need it, you’ll want to make sure that you won’t have any surrender charges or other barriers to accessing your money.

πŸ’­ Habit of the week: Assemble The Pieces

πŸ‘‰Β  Assemble the pieces of what you have available for your rainy day fund.

πŸ€” Get Ready Money Guide Tip: Discussion prompts and ideas for those following The Get Ready Guide Kit

πŸ‘‰Β  How do you feel about your rainy day fund?

Source: The Get ReadyΒ  Money Guide Kit

πŸ“ Resources (Get Ready Money Club Members):

πŸ“ Access your resources for this week’s action item (#23) from your Get Ready Money Club dashboard.

πŸ‘‰ The Get Ready Blueprint Week 23 (monthly focus area 6: strategy review). This week, you’ll check to see if you are on track with your rainy day fund by calculating your liquidity ratio.

πŸ‘‰ Review your cash flow analysis from Week 16 and net worth statement worksheet from Week 21 where you can add up your fixed monthly expenses and your liquid cash (Get Ready Toolkit: Evaluating Your Financial Readiness section).

Note: These resources are available for all Get Ready Money Club members.

πŸ™Œ Join The Get Ready Money Club – it’s free! ([here](http://www.tonysteuer.com)).

πŸ“š The Get Ready weekly action item is from The Get Ready Blueprint: A 52 Week Guide to Changing The Way You Think About Money). Pick up your copy at your favorite online bookshop (Amazon)(bookshop.org).

Author

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  • Tony Steuer

    I make the complex world of financial services easy to understand so that people feel empowered to take control of their financial lives. A recognized authority on financial preparedness - in case of that disaster you did not expect - I advocate for ethics, integrity and consumer protection within the financial industry.

    View all posts

About Tony Steuer

I make the complex world of financial services easy to understand so that people feel empowered to take control of their financial lives. A recognized authority on financial preparedness - in case of that disaster you did not expect - I advocate for ethics, integrity and consumer protection within the financial industry.

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