The saying "Always have something for the rainy day" has never been truer than today. Look around you. Isn't the present too unpredictable? You can have a job right now and none tomorrow. You could be crossing down the street, and suddenly a truck hits you. You then die, leaving your family no one to turn to.

But how do you make the most out of your income? Here are 6 ways:

1. Keep aside a portion of your money every month. Begin everything with one small step, they say. You don't need to have a lot of money to save and invest. Make it a point to set aside at least a third or even 5 to 10 percent of your monthly income. To ensure you don't forget to do so, include savings as one of your expenses. You can also set up your savings account that it automatically debits your desired amount from your salary.

2. Create a time deposit account. A time deposit account is close to a savings account. Your money still earns some interest. The only difference is that you cannot withdraw your money until the duration of the time deposit is over. Otherwise, you have to pay the fees. This is one of the brilliant options if you are planning for something big at least a few months or years from

now.

3. Open a savings account. You already read it a while ago; now it's time to expound it a little bit. A savings account is called as such since you're allowed to build up interest income out of your savings. However, remember that usually you have to maintain a certain balance if you don't want to pay up some fees.

A savings account has a very small interest rate. It doesn't make you a millionaire 10, even 30, years from this point on. However, it's a good way to start. If you want to teach your kids the value of money and savings, you can help them open their own savings account.

4. Opt for the 401(k) plan. You need to save up for your older years, especially for your retirement. Fortunately, the government has already provided you with one good choice: 401(k) plan. This is a retirement savings program where you, as an employee, contribute to the fund, and your employer will match your contribution. The money is completely tax free until you start withdrawing from it.

5. Start your own business. A lot of people don't want to go into business because they are afraid of the risks. They love the security the 9-to-5 job offers. But creating your own enterprise is one of the best ways to increase your income to several folds. With it, you can dictate how much you'd like to earn, and you are the boss. You can also always pass the business to your kids if you're old or if you're already gone.

6. Buy insurance policies. Do you know that there are still thousands of Americans who are uninsured? This is actually unfortunate because insurance policies are very important. You can use it to avoid draining your savings whenever emergencies occur, such as vehicle collision, house fire, sickness, or even death in the family.

To start cutting costs on premiums, start your search with a Utah insurance quote. Use comparison websites to know which insurance companies are currently offering a good coverage at the lowest possible cost. It doesn't really take you more than 10 seconds to generate a handful of results.

There will always be risks involved when investing and saving money, but it's better to take calculated ones to reduce the chances of losing everything you worked hard for.