Securing a safety net should be a financial priority according to Lubbock National Bank Senior Vice President, David Owen.
"So often if it's a major emergency, medical or even maintenance or like a car issue, you're going to have to charge on a credit card or borrow the money if you can get it," Owen said.
To avoid slipping into debt, take it right off the top.
"The best way to do that, whether it's $25 a paycheck or $100 a month, or whatever you can do, just do it first," Owen said.
Adding an additional account can help make saving a consistent habit.
"Establish a separate account specifically for that. Have money go into that account every pay period," Owen said.
Owen suggests treating an emergency fund like a bill.
"If you have a car loan, or any type of an installment loan and you pay it off, keep paying that payment to yourself," Owen said.
Owen said how much to store in a rainy-day fund depends on fixed costs.
"The rule of thumb is look at your fixed expenses each month, whatever they are, your recurring expenses like house payment and car payment and the like, and you want to accumulate three to six months in your emergency fund," Owen said.
Another strategy is putting any tax refund, raise, or bonus into savings rather than spending it.