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Home » Business And Finance Articles » Should I Save Mad Money For A Rainy Day

Should I Save Mad Money For A Rainy Day?

Yes, this is a good idea! I know you want to know what is mad money? Well, a long time ago this term came about when a young lady went out with her friend to a party and her friend left her at the party with no way home. So, the young lady was mad with her friend that left her at the party and luckily for her, she had money stowed away in her shoe to take a cab back home. She thought to herself on her way home in the cab, that it was good that her mother had taught her to always have money set aside for emergency situations such as this!

Thank goodness, this young lady had the forethought to stash her mad money away so she could take a cab back home, since her friend left her in a lurch. Get the point? Having an emergency fund whether it be mad money or saved money is important for you to have. You say, how do I go about doing this? Well, you can read these tips to help you learn what you can do:

1) Set up a savings account specifically for your emergency fund or mad money fund. Whatever you want to call it, just establish one!

2) Deposit a certain amount of money on a weekly, biweekly, or monthly basis in your account. You may want to set up automatic deposits to your account via your payroll department. Or, you may want to have your bank automatically withdraw a certain amount of money from your checking account into your emergency or mad money savings account.

3) Try to save at least 2-3 months of your monthly salary to cover your bills for at least three months if you were to loose your job. This amount of time will hopefully allow you the cushion you need until you secure new employment.

4) The money you save in your emergency or mad money account should be used for household emergencies, personal emergencies or if you're no longer able to work. Don't use it for other expenditures such as bills, travel, etc... Get the idea? It's a savings account that you don't want to touch unless it's absolutely necessary!

5) Make sure the bank account you put your emergency or mad money into, is paying you the most interest you can earn for this account! Research as many sources as possible on securing the best interest rate you can get. Check with your bank, the internet, newspaper and other sources for the prevailing interest rate. You want to make sure your money can be accessed easily and quickly if you need it for an emergency!

By establishing an emergency or mad money fund, this will give you a better peace of mind if you need access to money when there is an emergency in your life. So, the sooner you start setting money aside for a rainy day, the better off you will be! Make sure the amount of money you contribute to your emergency or mad money fund, is realistic for your budget. Save as much as you can without upsetting your overall personal or family finances. So go ahead, get started today!

And here is another random article you might be interested in...

An Insight Into Affirmative Action Program

It is very important for every company manager or human resources worker to have an affirmative action program. Although certain steps should be taken in order to make that program work and to advance either women or minorities or any other underrepresented groups in the respective field, specialists on human resources strongly recommend not having quotas, at least not officially announced ones.

The majority of bosses do actually complain about these programs, but in fact they prove to be working really well, especially with productive and modern workplaces. When implemented correctly the affirmative action programs do actually insure having the best people for the job doing it in the best possible way. In case you think that it is not intuitive you should get a consultation from a person who has actually had the chance to help a company to implement its program of affirmative action and they will provide you with what you need.

If the affirmative action program is good enough, it will surely help your business in many aspects. It will not only protect you from the possible discrimination suits. It will also help you get the best employees available on the market, because such a program easily counteracts against prejudices and biases that do exist in all businesses. We all know that women are as good employees as men and whites are just as smart as the blacks, but still there is discrimination and certain groups have the position of power, while the others are usually under-estimated, under-paid and under-employed.

Even if you have never experienced it yourself, there is also a kind of institutional bias. It is very difficult to address that issue in any other way but with the use of affirmative action program, that was proved to be the only efficient way of correcting that. At the end such a program is good for the business itself as it does evaluate precisely employment policy and can tell you what kind of talented human resources you have possibly been missing because they are a part of one of the above mentioned under-represented groups.

Affirmative action program or AAP is an absolute must especially for organizations that do business with the government. Without having such a program, or even if it is just not working as well as it should be business may lose precious contracts just like that. For a vast number of companies the AAP is a business necessity more than a good business sense. Because the actual truth is that without having a well developed AAP working, and without keeping it up to date you may just turn out to be ruining your business yourself without even suspecting it.