Skip to main content

Saving for a rainy day

Your emergency back up plan.

While it may feel like you aren’t saving for anything in particular, many financial advisers say a rainy day fund is the most important thing to save for.          

Saving for a rainy day is also a great way of starting a savings habit, a habit that can help with your future plans and goals. 

How much do I need to save? 

Financial advisers usually recommend an emergency fund that will cover 3 to 6 months’ expenses. However this is just a simple rule of thumb. If you fall into the following categories, you may need to set aside a larger amount.

  • Self-Employed. Your income can fluctuate or your business might decline. And if it goes belly-up, you’re unlikely to get a redundancy package.
  • Sole Breadwinner. If yours is the only income, what happens if you lose your job?
  • Health Issues. Not only could you face unexpected health expenses, your health might affect your ability to work. 

Simple tips to help you reach your savings goal

  1. Analyse your expenditure. Check how you’re spending your money each month; it can be surprising to see what you’re wasting it on.
  2. Create a budget. Work out how much you need for food, rent, bills and leisure, so you can see what you’re able to save each month.
  3. Pay savings first: Make your savings the first thing you pay into each month. If you’re in debt, your debts are the first thing you should pay off.
  4. Earn more, save more: Save a fixed percentage of your income. So as your income goes up, so will your savings.
  5. Think savings. If possible, any money left over at the end of the month should be saved. Top up your savings whenever you can.
  6. Monitor your savings. Keep an eye on your savings and evaluate if you can afford to put away a bit extra each month. With Open24 online banking and our mobile app, it’s easy to keep track of your savings 24/7.

Try the

'52 week saving plan'

Save €1 on the first week,
€2 on the second week,
€3 on the third week, etc.
and so on, until...
At the end of the year, you will have saved:

Pay yourself first!

Try to make sure your first transfer on payday is to your savings account

If you only
buy lunch


a week

you could save
per year
Set a solid goal

Saving 3 months’ salary is a good starting goal to help cover life’s unexpected expenses.

So start saving today.

Average cost of a take away coffee: €3.65

Icons from the Noun Project:
Created by Christian Lisogorsky, Nattanicha Klaikham

We're here to help

Give us a call on 0818 50 24 24 or +353 1 212 4101 (from abroad) and our dedicated team will assist you. Lines are open from 9am to 5pm Monday to Friday (excluding Bank Holidays), and from 10am to 2pm Saturday and Sunday.

Compare Accounts

Not sure which account is right for you? Let us help you with that.

What would you like to do with your account?

How much will you place on deposit?

How would you like to draw down your money?

How would you like to open your account?

Please fill in all the fields above to get started!

Enhanced Customer Support

There are times in life when we are less able to cope with the everyday things – Do you require additional support?

Back to top
Page loading
Close takeover popup
PTSB logo

Altogether more human