3 Saving Funds Every Girl Should Have

These three saving funds will become your secret weapon to feel financially confident! Financial success is all about planning for the worse – pessimistic I know! But it’s better to be prepared for the worse than be faced with it and have no idea what to do. In my opinion, being prepared is even more important when you are a woman.

Statistically, we earn less, invest less and are more likely to be in situations where we need to leave immediately. So, whilst these funds are perfect for anyone, I think they are more important to have if you are a woman – especially fund #3.

All three of these funds should be kept in cash (i.e. not invested) in an account which you can easily access and withdraw from. You want to be able to access these funds at a moments notice!

#1 Emergency fund

As the name suggests, an emergency fund is a pot of money to cover you if an emergency strikes. Experts recommend you keep 3-6 months’ worth of expenses in an easy access account. You need to be able to access this money at the drop of a hat!

The exact amount you need is completely dependent on your situation. For me as a single person with no dependents or fixed expenses, my number will be a lot lower than someone with a mortgage, 2 1/5 kids and a dog 😅

What constitutes an emergency? This depends on your personal situation but in general we’re talking about things like medical emergencies, redundancy or being stranded. We are not talking about buying a new phone because yours has a small crack!

Building up this fund should be one of your first priorities when you begin your financial journey! 

#2 F*ck it fund

Do you find yourself saying f*ck it and breaking your budget often? If so, you need this saving fund in your life!

Build up a little pot of money to cover those random f*ck it moments. Giving yourself the freedom to indulge in these f*ck it moments will prevent budgeting hate from building. It will also prevent you from taking on unnecessary debt or feeling guilty about spending.

The amount you should have is completely personal (unhelpful I know 😅)! But it is! Personally, I like my f*ck it fund to always be above £50 – currently it is no way near this because I’ve had a few f*ck it moments recently!

This is a nice fund to have but it is not as essential as having an emergency fund. This type of fund is perfect as a sinking fund – in that you add a little to it each month.

#3 F*ck you fund

My favourite savings fund – the f*ck you fund! This is a *secret* pot of money that gives you the freedom to walk away from toxic situations. Whether that is a relationship or job. Having this money that is yours and yours alone, means you will always have a safety net.

This one might sound a lot like fund #1 (they are similar) but their usages are slightly different. The f*ck you fund gives you the freedom to walk away from any situation you need to escape. The amount you should save needs to be enough to allow you to start again – so maybe the equivalent of your monthly wage? Maybe more – depends what makes you feel comfortable!

Do you have all three of these funds already? Are any of them new to you?