Emergency Fund

[betty]

Do you have an emergency fund na ba? 

parang ang hirap gawin. 

[stormy]

Yes sis meron na. Pero pang "emergency" na simple lang like mawalan bigla ng income. Yung matitinding "emergencies" gaya sa health/medical e mahirap yata mag-ipon parang forever na mag-iipon.

[betty]

yung tipong 6 months worth of salary daw...

im just starting out kasi yung savings ko di aabot for the 6 months.

[stormy]

^yes sis, emergency fund daw yung 6 months worth ng living expenses if ever mawalan ng income meron naman na kami. Yung ibang klaseng "emergency" fund yan ang nahihirapan ako. Kaya mo yan sis unti2x lang maiipon mo rin. Ilagay mo kaya sis sa separate acct sa bank?

[betty]

what im starting now is the fund of my kids for their high school education..so far ok naman na.

wish me luck, thanks

im wondering why is it tayong 2 lang concern for this topic, hehe

[yaskulet]

ako meron na din nito. pero mabilis maubos ang pera kaya naisip ko di pa din ito sapat. kaya more more ipon and invest.

[mommyjo]

from what i've learned sa financial planning seminar na naatenan ko, it should be 3-6 months worth of our monthly salary. although i've met someone na basta di bumababa ng 50k yung liquid fund nya. it's an arbitrary number pero that works for him so kanya kanya rin siguro...

[helencons]

Suze orman suggests to have at least 8 months worth of monthly expenses as emergency fund.my hubby and i maintain 2 separate emergency fund.this works for us best

[kaiz]

^yes sis, emergency fund daw yung 6 months worth ng living expenses if ever mawalan ng income meron naman na kami. Yung ibang klaseng "emergency" fund yan ang nahihirapan ako. Kaya mo yan sis unti2x lang maiipon mo rin. Ilagay mo kaya sis sa separate acct sa bank?

6 months pala sis? shooocks! akala ko ok na yung equivalent sa salary ko for 3 months.

[stormy]

^sis iba2x naman depende sino/saan nabasa ang financial advice na ito. Ako kasi pamilyado na kaya 6months pinaka maliit na dapat emergency fund. Nung nag-aaral pa ako basta d bababa sa 20k laman atm ko. Bale yun na ang "zero balance" ko. Mahirap pag may anak na, ibang usapan na.

[hazedhaze]

@kaiz Depends naman talaga sayo. May tinuro sakin yung financial advisor ko, siya kasi, 3 months lang EF niya. Pero may MF kasi siya and credit card. So pag kelangan niya ng money, credit card siya muna, 1 month pa naman daw payment. Tapos sa MF niya kukunin yung pambayad if ever kasi nakatubo na raw yun in 1 month's time. Ganun.

Pero to be safe, 6 months dapat. Better if GROSS ang gamitin mong basis. Tabi mo nalang sa ibang separate account para alam mong di dapat galawin.

[sweetscience]

san niyo tinatago yung emergency funds niyo mga sis? sa personal bank account or parang mag-iinvest ka din like insurance? sorry, no idea kasi..

[cristal28]

im starting na my emergency fund and the sa bank ko na lang lagay para mas madali makuha if ever nga ma may "emergency" pero considered na siya sa akin na money spent as long as i have work pa.

[prisma]

san niyo tinatago yung emergency funds niyo mga sis? sa personal bank account or parang mag-iinvest ka din like insurance? sorry, no idea kasi..

sa lahat sis...insurance for retirement, bank

[marsh_candy]

Nabasa ko din, 4 Levels of Wealth.

Level 1: Financial Stability - ito mostly yung emergency fund. You should have accumulated enough liquid assets to cover your expenses for min. of 6 months. Pati life and hospital insurance.

Level 2: Financial Security - accumulate a critical amount of positive cash flow assets that generate passive income to cover MOST BASIC expenses. In other words, when you reach this level, you can stop working and maintain a very basic lifestyle.

Level 3: Financial Freedom - accumulate a critical amount of Positive casg flow assets that generate enough passive income to sustain current lifestyle.. (mabuhay kahit di na magwork, worry free)

Level 4: Financial Abundance - accumulate a critical amount of Positive cash flow assets that generate enough passive income to sustain your desired lifestyle (sobrang mayayaman na)

Status namin- starting pa lang sa level 1 

[stormy]

^maganda yan sis nagsisimula na sa level 1 may iba na nasa negative pa kaya blessing na rin yung pa-level 1 na thanks also for sharing this and thanks for acknowledging na nabasa mo sis

[yaskulet]

^totoo yan sis. good thing nasa level 1 na din ako. natapos ko na halos lahat ng liabilities ko. thank God.

[ms.rain]

we all have to start from somewhere.

i keep 6 months worth of expenses (not salary in my case) in savings account for emergency fund. yung madali kong maaaccess. the rest pinapaikot ko para lumaki. and the harder for me to access it, the better. it means hindi ko talaga magagalaw. tiis tiis lang for the future. i want to retire by 40! LOL.

[betty]

me too, my target age of retirement is 40, waaah...... hope nothing unplanned happens.

[stormy]

^^yes tama yung 6months worth of living expenses not salary baka kasi mas madami ang gastusin kaysa sweldo kada bwan. Emergency fund ko gusto ko galawin ilagay sa MF haha tinitiis ko lang talaga.