emergency fund

Do You Need an Emergency Fund and a Rainy-Day Fund?

Emergengy Fund Jar

How important is it to have a separate rainy-day fund and emergency fund? In an effort to simplify money, people sometimes consolidate these accounts. This is not necessarily a bad thing, but it’s important to remember rainy-day funds and emergency funds serve different purposes. It’s important to have not just one, but both funds available to tap into as needed.