Saving for a Rainy Day

RCB Bank offers tips for building an emergency fund.

By: Value News | Category: Financial Services | Issue: April 2014

Protect yourself from life’s unexpected downpours with an emergency fund account. Pictured: RCB Bank employee Kim James.

Protect yourself from life’s unexpected downpours with an emergency fund account. Pictured: RCB Bank employee Kim James.

Life happens. Sometimes it happens according to plan. Occasionally, an unforeseen rain shower pours down – a busted water pipe, a broken down car, a job loss.
    Though we cannot forecast the unexpected expenses that pop up after a downpour, we can open an ­umbrella to shield us from dipping into debt.
    Tara Depperschmidt, of RCB Bank, and her husband use a simple strategy to build their rainy day fund for ­emergencies. It’s based on a single principle: pay yourself first.
    “When my husband and I first got married, he was in school and we were living payday to payday,” said Depperschmidt. “We knew that if something came up and we needed extra funds, we would be in a great deal of trouble, so we thought we better think of some creative ways to try to save a little bit of money.”
    Their creative thinking led to a solution that required only a small change in their budgeting habits. To start, they figured out what their lowest paychecks would be each payday and used that as the base of their budget.
    “If $500 is my base ­budget and I made $525 on a paycheck, I’d set aside the $25,” said Depperschmidt. “We already determined we could survive on the $500, so why not pretend we don't have the $25 and save it for an emergency?”
    When their paychecks increase, for example to $550, they increase their ­savings to $50.
    “I figure I have managed with $500 all this time, so why not continue to set aside the extra money?”
    Depperschmidt admits it’s a mental issue to make certain you put aside the money. When she sits down on payday to look over her bills, first and foremost, she pays herself.
    “Saving money is never a fun thing to do but once you really get it in your mind that it’s the right thing to do, and when an unexpected expense comes up and you can cover it debt-free, makes it a great thing to do,” Depperschmidt said.
    There are numerous banking products that can help a person save – checking and savings accounts, money market accounts, 30-day CDs – but it truly depends on individual circumstances when it comes to choosing which one will work best for you. If you’re unsure, the best thing to do is speak with a professional banker.
    “Something, anything you save is better than ­nothing,” said Depperschmidt. “I have two checking accounts and one savings. One checking is my everyday account which I use for everything. The second checking account is used for saving for specific reasons, like an upcoming vacation. My savings account is for emergencies only, money that I want limited access to.”
    To learn more about how RCB Bank’s products and services can not only help you save for a rainy day, but reward you in the process, stop by your local RCB Bank and chat with one of our friendly bankers. You can also call us at 855-BANK-RCB or live chat online at We’re happy to help, at no ­obligation.
    For more savings tips and other financial articles, go to and select Newsroom.  

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