The importance of a rainy day fund and how I was blind

Why did nobody tell me about this before? Because I didn’t have people in my family who were financially savvy, that’s why. I had to learn about something as simple as a rainy day fund from alternative sources when it should be something you’re taught about as a child.

It goes to show the importance of providing financial literacy to your children, but unfortunately, most parents don’t do it. I’ve heard that financial literacy rates are actually going down. That explains why people think that they can’t afford anything when they’re on a middle-class wage.

A rainy day fund has already saved me a few times, and it helped me escape the shithole that is Gloucestershire. My fund now consists of £60, and unless my life falls apart again (you never know) it will begin to grow in a permanent way.

What is a rainy day fund?

A rainy day fund is an amount of money saved so if you were to have a financial setback out of the blue, you’re covered without having to dip into other accounts.

Not to be confused with an emergency fund, a rainy day fund is not to live off if you lose your job, it’s only for smaller emergencies. Like if your car was to break down or your wife wanted her nails done.