Emergency Fund

[mameejhy]

^ We both have separate current accounts aka payroll accounts. Dun namin kinukuha ang pang gastos sa araw araw. Yun clothes naman parang you don't need to save up for that kasi example sa H&M you could buy a suit (blazer & pants na ha?) for around 250-300QRiyals eh kung 8000Qriyals naman ang sahod bakit ka pa magsave for that hehe Hubby and I have 3 ongoing projects in the Philippines right now so dun napupunta yun income namin then eto na rin newly opened na bank account hehe kaya wala na kaming "budget" for clothes, shoes, etc. Good thing kasi may office uniform ako and hubby don't have an "office attire" (minsan naka cargo shorts lang except if he has meetings) so solved na yun clothing budget Ang pinaka luxury na namin is yun SUV namin, roadtrips saka eating out pag weekend... saka pala annual airfares ng parents ko pag dumadalaw dito But, I don't count that as expense - family time

Yup, lahat ng companies dito ay may paid annual leave + paid airfare + gratuity pay sa employees + medical insurance + life insurance + free accomodation or allowance + free transportation or allowance... lalo na sa government kasi may furniture allowance + education allowance for kids hehe

Kaya yun iba lalo na government employees, 20+ years na dito... dito na rin nag college ang mga anak... Nandito na rin kasi US and UK universities eh.

[leelou]

sarap naman 8000Qriyals each kayo ni hubby mo? marami ba bakante jan? dito lang me saudi eh and yes almost same perks kayo jan at dito pero mostly, sa private companies naman maraming ganyan benefit. sa government kasi nag-start na ng nuon pa ng Saudization. they priotize na hiring Saudi nationals over expats.

and like you, sa pinas din ako nag-iipon ng emergency fund. kasi dito pag di na-renew contract mo, uwi ng pinas ang resulta hehe. minsan swerte if you will be able to find a job again at transfer lang ng sponsorship so di mo na need umuwi.

buti jan sa Qatar may mga offer na savings account with high interest ang mga banks. here kasi parang wala.

[mameejhy]

^sis baka makidnap ako pero hubby earns more than 8000riyals He works at a private company; he was actually accepted in a government company but his current employer did not let him go... sayang nga ang education benefits for kids May Qatarization na rin dito pero sa super konti ng locals eh hindi sila enough to fulfill the manpower needs. Dito nga sa company ko 1 lang ang Qatari eh - yun mandoob (yun taga ayos ng papers sa immigration)

Sis, yun bank accounts namin sa Pinas super konti lang ang money -less than 25kPhp. Instead kasi na mag ipon ng cash eh gusto ni hubby (dati) i-invest yun money kasi wala naman daw kami dun saka may work naman kami dito. Napag isip isip ko nga parang baligtad kami kasi instead unahin yun emergency fund kesa investment eh nauna na ang pagbili ng properties kesa emergency fund. Anyway, Ilan years ang contract nyo dyan? Dito kasi hindi kami naka contract... basta  minimum of 2yrs employment then after 2yrs nasa both parties (company&employee) kung gusto magresign o terminate. Saka sis bakit diretso sa Pinas? Hindi ba kayo pwede maghanap ng iba company after finish contract? Dito may 1 month period pa para maghanap ng ibang company eh sa dami naman ng new companies dito laging may opening hehe

Sis, try mo maghanap hanap dyan baka may ganun rin bank.

Ano pala industry nyo mag asawa? Baka in demand dito.

[leelou]

^ thanks sis but ok na rin me dito. my parents and siblings are here din eh yearly contract namin dito. pwede naman maghanap ng work minsan pwede direct transfer minsan, uuwi ka muna ng pinas.

in our case, sabay namin build emergency fund, investment and tapos kakakuha lang din namin ng life insurance sa pinas. and paying debts as well! hehe actually me na lang may personal loan which in 5 months tapos na. kakatapos lang ng auto loan namin and we have incurred pa expenses for some renovations/improvements sa house. so hopefully this year maka-arangkada na emergency fund namin btw, we keep our emergency fund at BPI Direct Save-up account. automatic savings sya every month although minimal lang interest of 1% per annum, may free BPI-Philam Life insurance naman sya

[mameejhy]

^ Sis, gusto ko rin yan BPI Save Up. Sa BPI Direct ba yan? Akala ko sa BPI Family... May isa pa sila na ok - yun BPI Maxi Saver... Yun sana i-open ko pero sabi ni mister unahin etong sa local bank kasi 4% interest + 300kQrs life insurance hehe

Goodluck sa pag iipon natin.

[leelou]

^ yup BPI Direct at meron din BPI Family. I chose Direct kasi online lang me nag-apply then pinadala na lang nila yun info card by post mail. hassle free

[mameejhy]

Share ko lang re Emergency Fund

http://learnfinancialeducation.com/how-to-start-an-emergency-fund/

In a nutshell ---

1. Make saving a priority

2. Open an automatic savings account

3. Avoid debt

4. Reduce spending

5. Make more money

[twelvth_goddess]

Hubby and I decided to pull out our joint account from BDO and move it to BPI para makapag-build din kame ng good standing with BPI. My own account and my daughter's savings are still with BDO though.

Our strategy lang talaga with saving money is we set aside a certain portion every payday regardless of what we need to pay or to spend for that cut off. Non-negotiable samin ang iatatabi for our joint account and daughter's account. Others kase will save kung ano lang yung matira after their expenses, minsan wala pa. Every payday, we list down our expenses and set aside money for expenses and payments and savings. This way, we never had to resort to borrowing money from other people. Hinde din kame yung maya't maya kumukuha ng pera sa savings if we wanna buy something or travel ganyan. We save separately for those things. Magastos kame talaga, we love to eat out and shop pero we don't go beyond our means.

[hyder0926]

lapit ko na namin ma-achieve yun 6mos na Emergency Fund requirement.. sabi ng asawa ko parang sobra naman daw masyado yun 6mos na sweldo as emergency fund. but i think hinde nga siya enough. am thinking of investing money on MF at un proceeds nun eh para naman sa future ng anak ko. un saving na bago eh para sa house & car namin.

[freelancer_babe]

^ Yes, sobra talaga kung sweldo ang batayan mo.

It should be monthly expenses, not monthly income.

So six months worth of expenses in your case.

[hyder0926]

so mali pala ako.. monthly income kasi ng asawa ko yun Emergency Fund na build ko dahil he earns more than me.. the thing is I dont know our monthly expense talaga kasi we live with my inlaws.. yun expense lang for my child ang alam ko..

[freelancer_babe]

the thing is I dont know our monthly expense talaga kasi we live with my inlaws.. yun expense lang for my child ang alam ko..

Kailangan alam mo yan. Di ka ba gumagawa ng budget? It's time to make one. There's no excuse not to make one, kasi yan ang pinaka-effective means to save. Being poor in numbers isn't an acceptable excuse too.

Since you're living with your inlaws, then you're giving your share to them (and it's just right that you give your share because you are using their furniture and appliances, at pinapaalaga ninyo na rin ang kids ninyo, and they also have to spend for wear and tear of the house)? Kasama yan sa expenses.

Bills, rent, food, transportation, loan dues, insurance premiums, recreational expenses, tuition fees, baon ng kid sa school.. lahat ng monthly, quarterly at yearly na binabayaran should be included. You can make an estimate always tapos may konting buffer pa.

The only thing that isn't included in your expenses are those you budget for savings and investments.

[hyder0926]

Kailangan alam mo yan. Di ka ba gumagawa ng budget? It's time to make one. There's no excuse not to make one, kasi yan ang pinaka-effective means to save. Being poor in numbers isn't an acceptable excuse too.

Since you're living with your inlaws, then you're giving your share to them (and it's just right that you give your share because you are using their furniture and appliances, at pinapaalaga ninyo na rin ang kids ninyo, and they also have to spend for wear and tear of the house)? Kasama yan sa expenses.

Bills, rent, food, transportation, loan dues, insurance premiums, recreational expenses, tuition fees, baon ng kid sa school.. lahat ng monthly, quarterly at yearly na binabayaran should be included. You can make an estimate always tapos may konting buffer pa.

The only thing that isn't included in your expenses are those you budget for savings and investments.

just got married recently, hinde naman kami pinag-shashare sa bahay ng inlaws ko. but we give money for electricity & food.. i will revisit my computation at home for my emergency fund. Thanks for the info!

[mameejhy]

Mga sis,

Sensible ba na meron BPI MaxiSaver, BPI Save Up + BPI ATM all at the same time? Isn't it redundant? Emergency fund lahat...

[sachism]

If you would like to have higher interest, go for maxisaver. If you would like to have addl insurance ( read the fine print) go for save up

[freelancer_babe]

Mga sis,

Sensible ba na meron BPI MaxiSaver, BPI Save Up + BPI ATM all at the same time? Isn't it redundant? Emergency fund lahat...

Seems to be redundant, but I really could not tell kasi hindi ko nakikita ang buong financial picture mo.

Kung ako mismo ang tatanungin mo, sa BPI pa lang I have 2 savings accounts and one checking account. It's labelled for different purposes: yung isang savings account is for emergency, the other savings is for sinking fund, and the checking account is for income and expenses.

I have 3 more bank accounts at other banks. Hindi maiwasan eh. One is used for getting PAGIBIG loan proceeds, another is for Paypal and the last is for gifts and donations.

Not all of my emergency fund would go doon sa savings account na yun. Half of that will be kept in higher yielding safe investments (time deposit, SDA, money market or even a bond/fixed UITF/mutual fund). Gusto ng ganun so that I would not have a big emergency fund na sobrang accessible agad sa akin, as well as earn a bit higher interest than the savings account.

That save up account that you have can double up as an insurance na rin. I think it's a decent alternative to those VULs.

You may have to rethink and organize yung mga purposes ng bawat accounts mo. If you really like to split your emergency fund in two bank accounts, then it's just fine.

[singidsnoel]

I'd would highly disagree with Save-Up replacing VULs. This is because as you withdraw from the account, the insurance shrinks proportionately and this defeats the insurance feature. For the purpose of emergency funds, put all bank deposited component in the MaxiSaver, then, have a separate insurance policy.

IMHO, Save-Up is for short to medium term objective oriented saving. One example is saving up for a housing loan equity.

Save-Up can still temporarily take the emergency fund role habang di pa enough ang funds mo and/or wala ka pa insurance policy. In this case, ang short term objective mo is to have enough funds for the MaxiSaver and Insurance policy combination.

[sachism]

sa akin din sis, same tayo, i have different accounts with different purpose each (reasons) kasi hindi sa akin effective na combined sila. mas lalo akong magkakatendency na mapaghalohalo ang funds. kaya ganyand din ako.

i also divided my Safety Fund between SDA and Maxisaver. Then for Opex, I have the checking and an ATM (for EPS, ATM transactions, etc) ayoko kasi magwithdraw sa checking account kasi maapaghalo ko din yung mga pondo na para sa cheke. then another account for "parking" if im saving up for something else. and all excess from the other accounts.

Business, etc are with other banks.

All other long term savings go to MFs and UITF. Different accounts din with different purpose.
For example, yung isa pangdagdag retirement fund. Yung isa, dream vacation, Yung isa, dream invesment. Yung iba educ fund, Etc. But these are all long term goals, 5 years and beyond kaya nakalagay sa ibang invesment vehicles.

This may sound magulo sa iba who wants to simplify, pero sa akin, ito ang nagwowork kasi mahina pa disiplina. ito ang "mas simple" sa akin.

[mameejhy]

^&^^ Gusto ko yun maxisaver for the higher interest rate; gusto ko yun save up for the insurance Let's say, tig 100k sila (maxi, save up & ATM) na steady Lang nandun... Actually meron rin ako BDO savings account nagka BPI Lang kasi required sa Ayala nun bumili kami sa Nuvali.

[marssie]

^ Hospital bills - pareho kaming may medical insurance ni hubby
job loss - babalik kami ng Pinas lol!

Sa ngayon meron kaming 3 investments na binabayaran kaya parang wala ng pera para sa emergency fund... Pero, sige try ko na talaga this year, mag open ng BPI mAxi Saver - may form na ako hindi ko pa lang na ideposit ang pera hehe

Sis san ka kmuha ng form? talaga pwedeng mag open ng maxi savers dito? kala ko regular savings lang ang pwede.