Savings for a rainy day
Savings for a rainy day are a financial reserve for difficult times
such as a stroke of fate, loss of employment, or unexpectedly large
expenses, which you can quickly access at any time.
As a rule of thumb, you should set aside two to three months’ gross salary. However, the amount of savings for a rainy day is individual for everyone and depends on personal lifestyles, such as family, job security, etc.
It is advisable to use a separate account for the savings for a rainy day so that the reserve is only used in emergencies and is not included in everyday expenses.
Do you find the explanation helpful?