Whether it’s used for fixing a leaky roof or removing sudden mold growth – a rainy day fund is absolutely necessary for every homeowner.
Saving money can sometimes be difficult, but don’t despair – here are three tips for building a rainy day fund.
First things first, make a budget. Include a line item for setting aside 1 percent of your home’s list price annually to put in this fund.
Once you’ve established this amount, look where you can trim your expenses, such as not eating out as much, cutting a premium cable package or canceling unnecessary memberships.
Finally, consider selling some stuff you no longer need. You can host a yard sale or post items on eBay or Facebook Marketplace, and then deposit this money into your fund.
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