Day 3 - Ready For A Rainy Day - FPiD

We saw a sleek-looking umbrella at Ikea a few months back. It was still summer in Dubai. (Isn't it mostly summer in Dubai?🤔)

I thought of buying it, as we lost the one we had earlier while moving houses. Moreover, we last used an umbrella two years ago. So we were wondering if we really need it.

Image Source: https://www.ikea.com/ae/en/p/knalla-umbrella-black-60282332/

🛍️ It was just 19 dirhams.
🖤 It looked nice.
🤷‍♀️ My partner said, “Let’s buy it – just in case.”

So we bought two.
Tossed them into the closet.
And… forgot about them.

Until last Saturday 🌧️

It started pouring. I had a doctor’s appointment at 2:00 PM. And it was raining cats and dogs. Without that umbrella, I would’ve either had to cancel or arrive completely soaked.

Thanks to our “just in case” decision, I reached the clinic dry, on time — and even enjoyed the rain ☔

That’s when it hit me.

🧠 Welcome to Day 3 – Get Ready for a Rainy Day

Life, like weather, can be unpredictable.

🌤️ Some days are smooth.
🌩️ Some bring storms.
🌀 And some — we wish never happened.

That’s where Emergency Savings come in.

It’s your financial umbrella — the one that keeps you dry when the unexpected hits.

💡 Why You Need Emergency Funds

✅ They protect you during a temporary loss of income
✅ Help cover unexpected medical or family expenses
✅ Prevent you from falling into high-interest debt
✅ Give peace of mind and breathing space when life throws curveballs

Without it?
You’re just hoping bad things won’t happen — because you can’t afford them if they do.

🧮 How Much is Enough?

Aim for at least 3 to 6 months’ worth of income.
This gives you time and flexibility to bounce back.

I’ve added an Emergency Fund Calculator to the Net Worth Template from Day 2.

📥 If you missed it, you can still download it here 

💰 Where Should You Keep It?

Put your emergency savings in liquid, low-risk options. Ideally, accessible within 24–36 hours:

• ✅ Savings accounts

• ✅ E-Saver accounts

• ✅ National Bonds

• ✅ Term deposits

• ✅ Money Market Funds

• ✅ Short-term sovereign bonds (thanks to rising rates)

🚫 When NOT to Use It

Your emergency fund is NOT for:

❌ Paying off debt
❌ Vacation plans
❌ Home or car down payments
❌ Rent or tuition fees (unless it's a true emergency)

Tempting? Yes.
But stay disciplined. Keep it strictly for real emergencies.

✅ Your Task for Today

1. Review your current emergency savings.

2. Check if they are easily accessible (liquid).

3. Use the Emergency Fund Calculator to assess if the amount is enough.

4. Update your Net Worth Tracker accordingly.

👏 Thanks for staying committed to the 30-Day Win With Money Challenge.
See you tomorrow with another powerful activity!

🧭 Until then — stay dry, stay prepared!

Thanks again for participating in the 30-Day Win With Money Challenge. See you tomorrow for an exciting and useful activity.