Emergency Fund

[showermist]

^sis, it doesn't need to be 6months worth. depende kung saan ka komportable.  ako dati 3mos lang nung una.  tapos di ako nakuntento, i made it 6mos worth.  ngayon i am on way of building it to a years worth. hay goodluck to me

[alyra]

^im still on my 5 month's worth of emergency fund, naka time depoist. pero one of financial goals ko this year to increase it to a year's worth. [textspeak!] luck sa ating dalawa sis  pahirapan na to..

[izzybaby]

I started with a TD (just last month) and after 35days, will convert it to SDA for higher yields and add more funds to it hopefully. As of now, I have 2months worth of e-fund and I am so determined to reach my goal by yearend.

[ikaela]

Is it a good idea to keep an emergency fund in a time deposit? Aren't emergency funds supposed to be easy to access for, you know, in case of emergencies?

[laylanik]

i do. i keep it in a separate savings account. it's worth 6mos of monthly living expenses.

[showermist]

you can still access naman your money kahit nasa TD sya.  yun nga lang you will be denied of the earnings for that term.

even if its an emergency fund, you still want the money to earn kahit maliit lang yung interest. thus, TD and money market.

or better yet, put a little to your savings account para easy access.  yun nga lang mas mataas ang temptation to spend it sa mga little luho's.

[tasha26]

I actually do, but I'm thinking of investing it in a business. Pagnaka bangko kasi ang baga lumago.

[showermist]

^er, then it's not emegency fund anymore... it's an investment na  

[prettygurl00001]

Good thing I've seen this, especially the 4 levels of wealth on the very first page of this thread. Sadly, I'm not yet completely at level 1. Kasi naman, almost a year's worth of combined monthly income pa lang ang emergency funds namin. Eh dami pa kami binabayaran like housing loan, car loan, car insurance, etc. I guess we still have a long way to go. 

[tasha26]

Is it a good idea to keep an emergency fund in a time deposit? Aren't emergency funds supposed to be easy to access for, you know, in case of emergencies?

Pinaka-ideal is sa ATM Account para anytime talaga na may emergency may huhugutin ka. Kaso lang, nakaka tempt din kasi sa mall ang daming ATM machines. Pag super dali mag withdraw, kahit di naman emergency talaga, you classify it as "emergency" hahaha. So kung di ka marunong mag-control, mag TD nalang. Kahit time-bound yan, pwede mo pa rin ma-withdraw anytime gusto mo. May penalty lang naman. Pero I think yung interest earned lang ang may penalty, di naman yung principal mo. Am i right sisses? Pa-confirm nga. hehe.

[Nuna]

subscribing!

nagsisimula pa lang ako mag-save for emergency fund. ang layo ko pa sa 6 months na yun.. hay

[ikaela]

Hey gals! I've finally accumulated 3 months worth of expenses (about P50,000) and I'm looking at placing it in a BPI Maxi-Saver or a BPI Direct Save-Up account.

BPI's Maxi-Saver is a savings account that has interest rates that are a little higher than a regular savings account so your money would earn a bit more.

BPI's Direct Save-Up's interest rates are less than that of the Maxi-Saver's but it does come with life insurance coverage that is equal to 5x your account's average daily balance (10x if you die by accident).

Both are liquid, you can get your money any time. Which do you think is a better place to put it?

[calipdia]

hi!

i was actually considering the same... but im leaning towards MaxiSaver
especially since I have insurance naman na 
feeling ko mas ma-maximize ko [textspeak!] feature ng savings  especially kung talagang withdraw lang when really in case of emergency

[ikaela]

^ Thanks calipdia. I thought about it some and I think I'm leaning more towards the Direct Save-Up. I don't have insurance kasi and having that extra protection/peace of mind would prevent me from taking out my emergency fund whenever I want to. It also has a lower maintaining balance (1,000 for Direct Save-Up vs. 25K up to 75K for Maxi-Saver) so I don't have to worry about extra charges in case I do need to take out the money.

[prettygurl00001]

^ sis, for the BPI Direct Save-Up, I think you must have an existing savings account first before you can avail of that. I have that BPI Direct Save-Up kasi. It is linked to my existing savings account. Then monthly, a certain portion or amount from my savings acct is transferred to the Direct Save-Up.

[polykarblush]

Regarding sa Maxi-Saver, may charges ba once your accounts falls below 25k? Since its an emergency fund, tapos like...you urgently need 10k to withdraw from your maxi-saver. How much will they charge you?

[ikaela]

^Here's the info you're looking for sis:

http://info.bpiexpressonline.com/bpiprod/produpd.nsf/Deposit+Rates/BankServicesFees?OpenDocument

The charge is P200 if your deposit account is with BPI, P150 if it's with BPI Family. Check out "Monthly Service Charge for Falling Below the Required ADB".

[cheerful.baby]

3 months worth of expenses would be enough. Especially if you have a stable job. After na macomplete ito, you can invest the rest of your saving sa Mutual Funds.

[noemi86]

yes... I am starting to save now...

[elsa]

ako din start na magimpok!!! super hirap sa ngyon siguro kasi nagsisimula pa lang  pero sana makaya ko... sarap kasing magshopping waaahhhh!!!!

ano din ba pwede pagkakitaan sa maliit na puhunan?