Survey takers, people who work from home, or your average family have seen their household expenses skyrocket as inflation and political struggles disrupt the economy. A rainy day fund is even more critical because most consider them a safety net for tough times. This blog will discuss why building an emergency fund with paid surveys should be on your list to prepare you for whatever life throws at you.
What is a Rainy Day Fund and Why You Need One
A rainy day fund is money for medical emergencies or surprise expenses. It’s tempting to think these things won’t happen to you, but life can be unpredictable. Nobody knows when they might face a crisis, and having savings funds can be a lifesaver during these difficult times.
Essentially, rainy day funds act as emergency funds that you can rely on in severe financial hardship. The money you save depends on your monthly income, expenses, and spending habits. Start building your fund to prepare you for whatever life throws at you.
How to Establish a Rainy Day Fund
We're all familiar with sudden medical bills or car repairs. So, a rainy day fund is essentially an emergency fund built from any extra money. You can dip into your fund when unexpected expenses pop up.
To start building your fund, open dedicated rainy-day savings accounts or high-yield savings accounts. Then aim to save as much as possible. Use these accounts to cover sudden expenses, and emergency funds cover your income for 3-6 months.
Set up automatic transfers from your checking account to a separate rainy-day savings account. And if you do need your funds, make sure to replenish them as soon as possible.
Benefits of Having a Rainy Day Savings Account
We all know about unexpected expenses; our parents have been preparing us for years. You may have to cover car repairs one week, and the refrigerator may stop working the following week. These sudden expenses can put you in a tight spot financially.
You may ask, how does a rainy day fund differ from an emergency fund, and that's ok.
The trick is to have emergency savings and a rainy day fund, so you have the money needed to cover a job loss. A rainy day fund keeps you from:
- Borrowing money
- Using credit cards
- Cutting essential living expenses
Strategies to Build Your Rainy Day Fund While You Earn Cash With Zap Surveys
How do you earn extra cash? Enter Zap Surveys – the mobile app that pays you for completing short surveys. Zap Surveys pay you for completing each survey from any market research firm. Many other survey sites are available, but no paid survey site compares to ours. You will grow your fund by committing to regularly completing paid survey opportunities.
Set up an online money account using companies like Stash, Lili, or Robinhood. While Robinhood and Stash are investment apps, they also have debit cards you can use to build a nest egg. Consider setting up automatic transfers to your fund each month. Even just a tiny amount of each paycheck can add up.
Don't forget to cut out that expensive latte or pack your lunch. Create a habit of taking surveys every day.
Maintaining and Growing Your Rainy Day Fund With Online Surveys
Maintaining and growing your fund with a legitimate survey site is possible. There are several ways to capitalize on our app's features to earn more cash for your money market account.
- Take Short Surveys to boost your earnings quickly.
- Learn each paid survey’s worth before spending time on them.
- Use Location Surveys to gain small bumps wherever you travel.
- You can earn even more by completing Zap challenges with Zap Rewards.
With all these features, it's easier than you think to maintain your monthly budget and grow your fund with legitimate survey companies.
Common Mistakes to Avoid When Completing Surveys to Build Your Rainy Day Funds
When building your fund, taking paid surveys can be a great way to earn extra cash. Still, you should be mindful of common mistakes that could cost you.
- Don't rush through surveys without reading the questions. Skipping over details can lead to inaccurate responses, which could disqualify you.
- Don't make a habit of providing inconsistent answers or exaggerating the truth.
Market research firms want honest opinions, and it's what they're paying for, so take the time to give thoughtful responses.
Using Paid Online Surveys From Zap Surveys to Build Your Rain Day Savings
Now that you understand why rainy day savings are necessary and how to build them up by taking online surveys, you're ready to start earning cash. With top survey sites like ours, you don't need multiple survey sites to establish financial freedom. As one of the biggest online survey companies in the world, we offer a simple way to earn cash and gift cards just by answering branded surveys.
Becoming a Zapper will unlock the highest-paying surveys and big rewards. With over $51 million given out to top survey takers, we're a trusted way to boost your savings, no matter your financial goals. So be a survey junkie and complete surveys today to start earning with us.