Experts tell you all the time to save money. But what's the difference between a rainy day fund and an emergency fund?!?!? Isn’t it all just.....savings?!?!?

Nope. And when you think that way, all your savings in one place, experts say it's like a blob of savings and maybe too easy to dip into.

The folks at Don't Waste Your Money describe it like this:

Emergency funds ideally provide a 3 to 6 month cushion of living expenses. This is for events that are truly life changing; a divorce, job loss or unexpected medical expense.
Again, this emergency fund-- needs to be a separate account.

Rainy day savings are for things you anticipate; car repairs and home maintenance.
To figure out rainy day expenses make a list of items you'll probably have to pay for in the next few years, in addition to car and home repairs, think of vet bills or braces for the kids.
And here's the thing, you can't just plop a bunch of cash in each bucket and have instant savings. You have to start somewhere, the experts recommend direct depositing even just a few bucks a month just to get started.