Emergency Fund

[Aichusyu]

I call my EF a "safety fund" too!

I have a small amount of safety fund in a 3-month TD, worth P30K
I have a more liquid safety fund in a passbook of the same bank, worth 20k which I am still building up to 40k sana. I really want to have about 70K in Emergency Funds that I will not touch until a really huge thing comes which I am praying hard na it won't be soon...

Those are my funds that I am working hard to build... It's not easy, I have had a lot of challenges but I'm proud that I have the knowledge about this and the consciousness to think of taking care of my future self...

It is sad to know that am the only one in my  barkada that has a savings... My friends who are working for a few years now but they only have atm money which they withdraw empty if they see a branded clothes sale, frivolous and unplanned travel (pandamay na piso fare lol ) and so many more. It try to tell them to save, even just P500 per payroll but their discipline is very low, I guess...

[sachism]

for those who have low-ave discipline (like me?), better talga ang SDA or TD or something na hindi easily accessible but still liquid.

Better pa nga to put the SDA/TD docs sa safe sa bank together with other important documents like title, etc.

Something I have realized is, you can learn to have discipline. Lagi ko iniisip, sana kung pano kahirap kitain ang pera, ganun din kahirap gastusin

Another tip, I put all our funds in one ATM for the whole month para madaling makita kung nauubos na budget mo. Dami ko pa ding missed months (meaning, over pa din sa budget at ginagamit pa din ang stash , tsk tsk) but I think Im getting there I am so trying to live within our budget. haist. This is my goal para matigilan na ang kakakupit ko sa savings LOL. I also try to talk to my hubby about where we normally spend more than what is on the budget so we can work together on achieving our goal.

[swit_squiggle]

emergency fund always pops up out of nowhere. however we can still make certain preparations as much as possible to somehow lessen it by doing the important things before the urgent happens. I usually put my emergency fund in the bank sa atm and hide it somewhere na hindi madaling makita at magalaw. hehe.

[curandera]

Right now since I am still in the process of building my emergency fund, I keep the fund in a time deposit with a term of 90 days.  That way, hindi ko siya magagalaw for 3 months then idadag ko yung naipon ko when it is time to roll over then fund.  I plan on doing this until ma-build ko yung desired amount ako.

I have to admit, medyo slow talaga ang pag-build ko ng emergency fund ko... i am trying to wipe off my credit card debt din kasi.  Hopefully, I will be finished by december of this year.  Then concentrate na ko on my emergency and mutual funds and other investments.   

[blackgreen]

Hopefully by the end of this year maka 1/4 man lang ako sa 1 month worth of salary ko para sa emergency fund. May nabasa ako dito na 3 to 6 months worth of living expenses. My first step is to put my initial amount in time deposit for 1 month then monthly magiincrease yun fund.

[lclanzaderas]

na-deplete ang emergency fund namin. from 6mos naging 1 1/2mos na lang. kinulang ang budget sa pagpapagawa ng bahay, nagalaw tuloy namin yung fund. di bale, malapit na matapos ang bahay, makakapag-ipon na ulit kami for emergency fund. 

[kaiz]

Ubos din emergency fund. Nagka stroke my mom and ako lang naman ang gumagastos sa kanya

[betty]

nako sis ok lang yun, thats really an emergency case. get well soon to your mom

[aprilryan]

ako 1 month pa lang EF ko. plano ko 3 months. pero it might be best na 6 months. pag nagkasakit (either ako or family), depleted agad kung 3 months lang.

I keep it in an ATM account. I deposit a fixed amount every month. When I get extra money, I put it in my EF (and also a "pension" fund which I set up which I keep in another account).

[swit_squiggle]

The banks will give you a coupon spa and whole body massage fully loaded with all other freebies if you put your retirement funds with them. Hooray!! another millions in their pocket. sis read Bo Sanchez 8 secrets of the Truly Rich, the book uncover the secret trade of the Millionaires. Not really. its not a secret. parang ganun na rin. hehe

[health.gal]

The banks will give you a coupon spa and whole body massage fully loaded with all other freebies if you put your retirement funds with them. Hooray!! another millions in their pocket. sis read Bo Sanchez 8 secrets of the Truly Rich, the book uncover the secret trade of the Millionaires. Not really. its not a secret. parang ganun na rin. hehe

Yes sis, I agree with you, but Bo Sanchez also said that we also need an Emergency Fund. Besides, this thread is all about Emergency Funds, not Retirement Funds.

Do you have an emergency fund na ba? 

parang ang hirap gawin. 

Now, back to the topic, yes I have an emergency fund pero sobrang liit pa niya, malayo pa sa target na amount ko. 

[swit_squiggle]

haha off the topic na ba ako?hahaa.
aprilryan mentioned kasi that she will save his pension funds in the bank. so nakisabat nalang.
Oh well, emergency fund per se kasi ideally 6 months of basic salary kailangan esave sa bank. enough for whatever emergency na mangyari.

[sarahsensible]

Yung nakuhang kalahati ng 13month pay ng hubby ko, tinabi ko agad para pang EF! Hindi pa sya katumbas ng 6months pero gagapangin talaga namin.

So far ang naging emergency namin eh nasira ng bigla rice cooker namin, so naka bili naman kami agad buti na lang 

[freelancer_babe]

I'm building one emergency fund - yung emergency fund ko pang emergency talaga like, gagamitin para sa hospital bills, loss of income or job, house repairs.. anything that is really critical and needs immediate attention.

I also have another fund, which I call non-emergency. Ito ang mga pwedeng pag-ipunan at pwedeng gawin at a later time. Yun naman ang gagamitin ko for expenses na biglaan pero di naman masyadong critical, such as car repairs and registration, replacement of appliances, house improvements..

Some people dip into emergency funds, kahit di talaga emergency in nature. There's a clear difference between the two!

[betty]

siguro it depends on their situation on how they view an emergency.

[blooming]

Oh well, emergency fund per se kasi ideally 6 months of basic salary kailangan esave sa bank. enough for whatever emergency na mangyari.

sis, hindi ba 6 months worth ng expenses?  was thinking kasi if your salary is not enough for your monthly expenses, there is no point in saving for EF?  Pano ba yun?

So far ang naging emergency namin eh nasira ng bigla rice cooker namin, so naka bili naman kami agad buti na lang 

sabi nga ni sis freelancer_babe and sis betty, depende how you look at emergency.  I would still treat buying a rice cooker as a normal expense and should not be charged sa EF. Kasi puede naman magsaing without a rice cooker? that is assuming, marunong magsaing without a rice cooker (pero mas mahirap nga lang).

[betty]

sis kung mas malake ang expenses mo kesa salary, deficit ka na nun.. how do you live with that situation kung kulang pa para sa expenses ang kinikita mo?

[health.gal]

sis, hindi ba 6 months worth ng expenses?  was thinking kasi if your salary is not enough for your monthly expenses, there is no point in saving for EF?  Pano ba yun? ...

IMO lang ha, if your salary is not enough for your monthly expenses, DO NOT SAVE first for an emergency fund. why? because the FIRST step is to learn to LIVE WITHIN YOUR MEANS. pag na-master mo na ito, then saka ka mo na pag-aralan mag-save 

[mademoiselle08]

^ agree!

ako naman, super liit pa lang ng EF ko.. im struggling to reach a certain amount before the year ends, kaso mukhang malabo hehe.

[kaiz]

Naubos EF ko my mom kasi had a stroke and i was surprised na wala palang insurance mom ko. and her meds will cost  70% of my salary. Haaay..