Saving for a “Rainy Day.”

How do I save for a Rainy Day, or unforeseen emergencies that come about? This question should be asked by everyone from time to time, but what is the solution to this problem. Here are some ways it can be done.

1.) Taking a small portion of any income that is received, and putting it away, is a good idea; right? It would be, however, not having the discipline to leave these funds alone unless there is an emergency does some of us no good. The desire of a Want over a Need always wins out. Very few in our society today believe in delayed gratification and subscribe to the idea buy now, and pay for it later.

2.) What about making it less accessible to us; this would work, right? It might, by putting it in a bank savings account and allowing it to draw interest and grow. However with banks average interest rates between 0.06 1.25% paying annually on a savings account and the government reporting inflation at just over 2.0% how would you be able to get ahead? And if an emergency were to happen, banks could call a bank holiday suspending your access to your own money.

3.) If you were to open an online brokerage account that would allow more interest to be gained in the account, and maybe making more money. This too might work, but it would take to long in an emergency to receive your money and problems dont seem to occur during the calendar days of Monday thru Friday between the hours of 9am and 5pm. So now what?

4.) Think about this for an idea, what about holding it in silver and gold bullion? It is recognized everywhere in the world, and can be converted into each and every currency without a problem. You would have the best insurance for any emergency. It will buy gas, food, shelter, and passage if needed and in some cases the safety of yourself and family if need be. It is real money you could sell at any coin store or pawn shop, and settle any transaction with little effort on your part. And the best part, it cannot be destroyed easily.

So there you have it is, four ideas for how to save for a Rainy Day. Which one would work in an emergency for you? Which one will give you the best peace of mind knowing you have your bases covered in an emergency or you just want to be prepared? Which would allow you the feeling of security, as we continue to live in this unpredictable world?