The Daily Item, Sunbury, PA


March 18, 2013

The Color of Money: The case for rainy day funds


"If more Americans could automate the funding of a rainy day fund, such as through payroll deductions to a separate bank account, then we could extend the automated model to foster emergency savings," Walsh said. 

But we understand. The economy is still tough. You may be facing a furlough or perhaps you just found a job and you're playing financial catch-up.

"Many families are having trouble making ends meet, and for some families accumulating a large rainy day fund is just not realistic," she said. "But even saving $10 a week for a year could help you fix your car if it breaks down. Even a small emergency fund is better than nothing."

Let me put it this way: It recently rained heavily where I live and all I could find rushing to get to my office was a small umbrella that kept collapsing when the wind kicked up. I got wet. But I didn't get drenched.

 Readers can write to Michelle Singletary c/o The Washington Post, 1150 15th St., N.W., Washington, D.C. 20071. Her email address is Comments and questions are welcome, but due to the volume of mail, personal responses may not be possible. Please also note comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated.

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