What Happens When That Rainy Day Comes?

loss of household income

We’ve all heard the term “saving for a rainy day”, but what happens when that difficult day arrives? We all hope it never does, but an unexpected layoff, disability or a death in the family can create a loss of household income and wipe out a rainy day fund. If the family has been living paycheck-to-paycheck, bills can start to accumulate immediately even before the family member can return to work or find a new job, draining existing savings.

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