A rainy day fund consists of a small amount of money, at least 500$, in a savings account separate from your checking that you do not have easy access to. Saving for this fund starts with small, regularly scheduled contributions that build up over time. Nearly a quarter of savers who take the America Saves pledge chose “emergency savings” as their first wealth-building goal. And they have the right idea. Research shows that low-income families with at least $500 in an emergency fund were better off financially than moderate-income families with less than this amount. Yet most Americans don’t have enough savings to cover an unexpected emergency. Read more about Saving for Emergencies.