![\"Woman](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2025\/11\/GettyImages-1388970463.jpg\")
\n\t\tHow much is enough for your rainy day fund? (Picture: Getty Images)<\/p>\n
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\n\t\tHow much is enough for your rainy day fund? (Picture: Getty Images)<\/p>\n
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After day-to-day expenses, it\u2019s easy to forget about building a safety net<\/a> in case things go wrong. <\/p>\n But burying your head in the sand can prove pricey, as evidenced by a Norton Finance study<\/a> that found the average Brit spent \u00a31,590 in the past two years on unplanned bills, while 12% forked out more than \u00a34,000.<\/p>\n Respondents took more than six months to recover from a surprise cost<\/a>, which ranged from home and car repairs to family emergencies, with one in five having to repay money they borrowed as a result.<\/p>\n Then there\u2019s the dreaded situation of losing your job. You\u2019re only entitled to statutory redundancy pay once you\u2019ve been with the employer for two years, after which it\u2019s capped at just a week-and-a-half\u2019s pay for each full year of service. <\/p>\n Alternatively, if you\u2019re fired or have to leave for another reason (such as ill health<\/a>), you could be left entirely without income for who knows how long, the consequences of which could be devastating.<\/p>\n Despite this though, 50% of the UK population have less than \u00a3250 in savings<\/a> designated for emergencies, according to Starling Bank<\/a> \u2014 barely enough for a drizzly day, let alone a rainy one. But how much is enough?<\/p>\n \t\t Although everyone\u2019s situation is different<\/a>, Anthony Fuller, chartered financial planner at Path Financial, typically recommends<\/a> an\u00a0emergency\u00a0fund equating to six months of essential living costs, along with \u2018some extra allowance\u2019 to cover ad-hoc issues like your boiler breaking.<\/p>\n \u2018You might want to allow more than this in some situations,\u2019 he tells Metro. \u2018For example, if your income is variable, your employment is insecure or if you have dependents relying on you.\u2019<\/p>\n Christie Cook, managing director of retail at Hodge Bank<\/a>, echoes this, putting the figure at around three to six months of your typical bills and mortgage or rent.<\/p>\n \u2018For some people, particularly those that are self-employed or are freelance, aiming for\u00a0the\u00a0higher end of that scale can help provide extra peace of mind,\u2019 she adds.<\/p>\n This may sound daunting, particularly if you feel like you\u2019re just getting by as is. However, Christy notes that \u2018the\u00a0goal isn\u2019t to create a huge pot overnight.\u2019<\/p>\n \u2018The\u00a0best thing you can do is set up a standing order<\/a> to your savings account so that\u00a0there is something definitely going in\u00a0there each month, even if it\u2019s just a few pounds,\u2019 she tells Metro. <\/p>\n This \u2013 along with the \u2018pay yourself first\u2019 method<\/a>, where you put aside what you want to save on payday before you start spending elsewhere \u2013 can help you prioritise your emergency fund by making it one of your \u2018must pay\u2019 bills.<\/p>\n \t\t Try to remember that something is always better than nothing; as Anthony highlights, \u2018even \u00a310-20 per week could equate to \u00a3500-\u00a31,000 after a year which is starting to provide some buffer against financial shocks.\u2019<\/p>\n He recommends reviewing your bank statements to see where you could cut back \u2014 though it might not seem like you have any spare cash, 10 million Brits<\/a> pay for a subscription they don\u2019t use, and many pay too much for utilities like broadband<\/a> when they could get a cheaper deal by switching.<\/p>\n The best savings account for an emergency fund<\/p>\n In terms of where to save, both experts agree that an emergency fund needs to be easily accessible so you can withdraw funds as and when you require.<\/p>\n Anthony also highlights that it should be \u2018kept in cash rather than invested\u2019 as\u00a0\u2018you want the value to be stable.\u2019<\/p>\n \u2018Something like an instant access cash ISA, triple access savings account or premium bonds could work well,\u2019 he says.\u00a0<\/p>\n \u2018You should also pick a cash product which generates some interest or return \u2014 for example, 3% interest on a \u00a310,000\u00a0emergency\u00a0fund is \u00a3300 per annum, so is well worth having!\u2019<\/p>\n Do you have a story to share?<\/p>\n Get in touch by emailing MetroLifestyleTeam@Metro.co.uk<\/a>.<\/p>\n Arrow Arrow Arrow![\"Husband](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2025\/11\/GettyImages-2216528491.jpg\")
\n\t\tExperts say three to six months of your essential expenses is a good role of thumb (Picture: Getty Images)<\/p>\n![\"wallet](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2025\/11\/GettyImages-2216639849.jpg\")
\n\t\t\u2018Paying yourself first\u2019 can help you prioritise saving (Picture: Getty Images)<\/p>\n
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