Emergency Fund

[mademoiselle08]

^ ok lang yan sis, you spent it for your mom naman e.. it's not wasted. ipon ka na lang ulit. that's life

[Shery]

nkaka inspired talaga ang thread na to.. 4k na lang kumpleto na ang EF ko. yehey!

[Bel_84]

Para dun sa gustong sa atm lang ilagay, you can try opening sa unionbank. Their eoncard has no maintaining balance kasi:)

[pinkberries]

makikisali din ako. 

I read it from somewhere that cash reserve should be 6x equivalent to your monthly salary and emergency fund is 1 month equivalent to your monthly expenses.  as of now, malayo pa ako sa cash reserve and EF goal.  I opted to invest first on short-term investments.  That will serve as EF for the medicines/hospital bill of my dad when the time comes.     

Ideally, inuuna ang EF but since I have my health insurance/life insurance, hindi ko iniintindi na masyado ang EF.  Investments na lang.  Kaya kung may hihiling yong iba kasi emergency case nila, madalas sinasabi ko wala ako money kasi naka invest lahat. 

[freelancer_babe]

@Shery
Buti ka pa. Congrats! I have a long way to go pa.

@Bel_84
Yun nga lang may P350 na annual fee, so nababawasan ng P350 each year. Maliit pa namang magpa-interest ang Unionbank - unless kaya ng interest bayaran ang P350 due? Better go for their savings nalang (pero malaki ang maintaining - mga P10k).

Also, Unionbank charges P100 kung over-the-counter ang withdrawal.

I have an account with Unionbank, EON rin, pero I just have it simply to collect regular withdrawals from Paypal at no charge.

Part of my EF is established in BPI Direct (not BPI Family or BPI regular). ATM card rin at P500 ang maintaining balance. Malaki rin ang daily withdrawal limit which is P50k instead of the usual P20k, so it's pretty good for emergency funds. Kung bukas rin ang branch and you need more than P50k, then pwede kang mag-over the counter free. And I hope you already know BPI is a "bank anywhere" bank...

@pinkberries

yun nga lang sis, di lahat ng hospital expenses kasama sa health insurance kaya tama lang na may EF ka pa rin.

Just have something sa EF. Pag hindi covered ng health card you'd spent significant amount pa rin.

Pareho tayo sis, sinasabi ko rin na wala akong pera kahit may nangangailangan for emergency kuno. I rarely let a friend borrow money. Mas mahirap maningil.

[Bel_84]

^thanks for the input sis freelancer_babe.. I applied for eoncard for a paypal transaction sana (as payment sa agoda.com, pero hindi ko na naituloy, so ginamit ko na lang for EF) .. na overlook ko nga yun 350 annual fee. Good thing you mentioned that:) Might check BPI direct one of these days pag ok sked ko sa office..

[freelancer_babe]

@bel_84

You actually don't need to go to any BPI branch yet. Just go apply an account online first www.bpidirect.com.

AT most likely nandoon rin ang sagot sa magiging questions mo - sa FAQ or About page nila.

[Bel_84]

silly me, inaantok pa yata  checking na...

[marssie]

I'll open an EF din para sa parents ko, meron naman na kasi kami ni hubbyng tinatabi for our own, me kaya din naman kasi side niya at ang side ko lang medyo nakadepende sa akin..

Start na ako next month since next month tapos ko ng bayaran ang credit card ko, yippee!! CC free na ako

[swit_squiggle]

i had my eon card with union bank.confirmed na meron ngang 350 annual fee.  and 500 pesos monthly charge below the maintaining balance. yayks! hindi ko ito nalaman before. hehe

[freelancer_babe]

@swit_squiggle,

nope sis. walang maintaining balance ang EON - only P350 annual fee. yung P500 monthly applicable lang yun sa Unionbank savings nila (yung naka e-Wallet).

[zazytka]

two months worth pa lang ipon ko. nilagay ko muna sa time deposit 35days para sobrang iwas sa w/draw at mej mas mataas ang interest. konting tyaga lang to build EF

[yaskulet]

Ako naubos na din ang pera ko kasi nag papagawa ako house and wedding. Start anew na ako ng January excited na ako!

Gusto ko na din mag build ulit ng EF etc.

[mheliza_09]

Hi mga sis! Pajoin..

Ngayon lang kasi ako natauhan to manage my finances.. kaya ayun nalurkey ako nung malaman ko na super laki na pala ng credit card debt ko. Pero gusto ko na kasing "magbagong buhay" hehe. Ano mas dapat kong iprioritized: build my safety fund while paying for high interest consumer debts or eliminate ko muna cc debts ko? Ang laki kasi ng finance charge e. Thanks for your feedback.

[freelancer_babe]

@mheliza_09

hi sis!

pinaka-priority ang high interest debt - yung credit card isang halimbawa na yan. basta lahat ng utang na malaki ang interest.

bakit? - kasi lugi ka sa utang. maliit ang kita sa savings compared sa interest sa utang. doon mo na lang ipambayad sa utang yun sanang iipunin mong safety fund.

kung ang natirang utang ay mga low-interest na lang (tulad ng housing na 20 or 30 years pang babayaran, o kaya yung salary loan ng SSS) ay doon pwede ka nang magbuild ng safety fund mo.

ideally, mas maganda kung lahat ng utang bayad na.

[blooming]

Hi mga sis! Pajoin..

Ngayon lang kasi ako natauhan to manage my finances.. kaya ayun nalurkey ako nung malaman ko na super laki na pala ng credit card debt ko. Pero gusto ko na kasing "magbagong buhay" hehe. Ano mas dapat kong iprioritized: build my safety fund while paying for high interest consumer debts or eliminate ko muna cc debts ko? Ang laki kasi ng finance charge e. Thanks for your feedback.

if I were you, I will prioritize cc debts.  for the meantime, so long as may day to day expenses ka naman, at hindi ka na muna magcharge sa cc mo. tapos kung sakaling magka emergency, dapat may ready list ka rin ng uutangan (not cc)l, just in case lang.

[mheliza_09]

^thanks mga sis!

sige unahin ko muna yung cc ko para may maumpisahan lang. Grabe nastress ako kakaisip kung kelan ko matatapos ang utang ko. 

Sana in the near future maumpisahan ko na din yung safety fund ko..

[blooming]

^ try mo negotiate with the banks. meron ata na ibang banks pumapayag sa lower interest or something. have a plan and stick to it. may mga alam ako, nagplan sila ng monthly payment sa bank for 1.5-2years. parang ang tagal tagal, pero before you know it, tapos na! tapos after nun, they learned their lesson na hwag na nga magkautang sa cc.

[mheliza_09]

^yes sis. Maraming salamat! Big help talaga pagtambay ko dito. 

[geekchiq]

my hubby and i have emergency fund din which we save in Bpi maxi-saver. we saved an equivalent of our month and a half salary. okay na rin yung maxi-saver kasi at least when we don't have to use it, it gains interest higher than the usual atm. and when the time comes we need it, it's very easy to access.

but for our savings, we have separate accounts for different purposes. we have our individual savings account na hindi naman ganon kalakihan, sometimes just the minimum. hehe. it's like our spending money na rin. we also have our time deposit. recently,we just invested in a mutual fund na hindi rin ganon kalaki, but planning to use it as retirement fund.

right now, hindi lang ako makatulong sa savings naming mag-asawa because am on maternity leave na. so my hubby is the one saving for our baby's delivery and my needs as well. but i promise na makakabawi ako sa kanya once am back sa work in 6 months pa. am more into budgeting lang ngayon of our funds...