Can you save too much for a rainy day?

“Save for a rainy day” is an old piece of advice — and a good one. But is it possible to save too much?

To begin with, what defines a “rainy day” in terms of financial needs? It could be any number of things: a temporary loss of employment, a major home or car repair, a large medical bill, and so on.

If you did not have the money readily available to pay for these types of expenses, you might be for…