Emergency Fund

[ikaela]

As j.adore said, rule of thumb is emergency fund = 3-6 months of your expenses.

Adjust accordingly within these parameters:

(1) What amount of money gives you a feeling of safety, but does not make you think na nasasayang ang pera kasi natutulog lang sa savings account.

(2) What kind of life you live. If you are a salaried employee with a desk job and with good benefits, your emergency fund can be minimal. If you are a business person who is always on the road and whose income depends on how good business is doing, your emergency fund should be bigger. Also think about if you are single vs. married, childless vs. many kids, breadwinner of the family vs. bunso, and etc.

(3) If you have other sources of income, insurance, and etc. where you can draw money from BEFORE touching your emergency fund. The more sources you have, the smaller your EF can be.

[shenggai]

Thank you! I learned a lot! I'll be 30 next year. But it's never too late to start. Salamat sa inyo

[ycel0612]

Share ko lang.

Laking tulong talaga na may EF ka. Kasi ako this year, i needed to resign talaga from my work for personal reason l. Sakto nagka roon ng opening dun sa Company na gusto ko. So I was able to grab that opportunity without worrying about my bills. Imagine, two months worth of my expenses din kailangan ko during my transition stage. Kung wala ako EF, pwedeng di ko na grab yun or magkaka utang na naman ako sa bank or worse mag past due cards ko. Yun lang, I need to build my funds again. Pero di bale na, basta tahimik ang buhay ko.

[layladesilva]

equivalent to one month salary pa lang yung emergency fund namin. pero we have insurance and stock investments. because of enrollment (april) and childbirth (august), by the end of 2017, baka 2-3mos equivalent lang maipon namin.

i've always had money in the bank when i was single. pero being married to a spender, tapos may anak pa na ang hirap hindian, very challenging mag-ipon. last month though, we finally got pregnant (our 2nd child), kaya sabi ko sa sarili ko, things have to change. kaya eto balik sa pagtitipid. i always have to remind hubby and daughter na kailangan magtipid kasi malapit na enrollment tapos manganganak pa ako.

importante talaga may savings. na-sidetrack lang kami last year, ang dami namin pasyal tsaka di kami masyado nagbu-budget. parang naging yolo yung lifestyle namin. pero this year balik sa saving and preparing for the future lalo na madadagdagan na kami.

[Annie M.]

^good luck! kaya mo yan!

suggestion ko lang, if you have investments sa stock market and you can pull it out, i would suggest na ilagay mo muna sa emergency fund until you can reach 6 months worth of expenses at least.

if your emergency fund is not padded, nakaka-stress to see yung baba-taas ng stocks or mutual funds. based on my personal experience ito ha. dati nung maliit pa yung emergency fund ko, emotional ako sa investments.  now hindi na because i know that i can really leave my stocks and mutual funds for the long term dahil may emergecy fund ako in case may mangyari. it makes me a much better investor. just a suggestion, sis. 

[tischarmedlife]

^ Super agree!

We have stopped adding funds to our COL account na muna kase yung EF namin halos 1 month of expenses pa lang ang amount! Plan namin ni husband na i-build na muna ang EF at the same time, i-settle na ang outstanding SSS loan. This year puro work lang muna, walang masyadong gastos or gala (hopefully).

[Tumblrista]

Starting to build my EF and I'm happy with the amount I've already placed there. Konting kayod pa, maaabot ko na rin 'yung target figure ko. 

[freelancer_babe]

Dahil sa nawalan ako ng tatay recently nang wala man lang estate planning - need ko ngayon mag estate planning. Kasama ko pa naman ang nanay ko.

At dahil dyan lalakihan ko na ang emergency fund ko to cover that. Hindi na rin kasi insurable ang nanay ko sa ganito. At saka dahil sa mga problema sa ibang assets kailangan pa rin muna na nakapangalan sa nanay ko ang mga ito.

[Pinklet]

wala din kaming emergency fund ng asawa ko.. and meron na kami isang anak..
so far ang nagagawa pa lang namin, 2 VUL na insurance, 1 land property at stocks na bagsak ngaun. 

balak ko din magstart ng emergency fund this year.. sana makapagipon din ako.. so far kakastart lang namin magopen ng bagong joint account, para dun sana ako makapaglagay ng emergency fund na hindi nagagalaw... kase pag nakikita mo talaga yung pera, ang tendency, pag may nangailangan, magagalaw talaga sya..

[lovemeagain30]

Filipinos are not taught by most of their parents/elders regarding saving up for EF. tayo nalang yata sa generation natin ang nagsimula gumawa nito. culture natin we are so used to 'utang muna' pag nagigipit.  andiyan pa yung magsi save nga pero kapag nangailangan, kahit hindi naman emergency, nauubos ang naiipon. i must admit guilty ako dito. kaya naisip ko dati, hala saan na napunta ang mga pinagtrabahuan ko nuon all these years? parang balon lang na mapupuno tapos mawawalan ulit. eto pa hilig natin mag isip ay pera lang yan kikitain mo rin!  kaya pag may totoong emergency natataranta na sobra at di na alam kung saan kukuhain ang pera.

hopefully this year ma achieve na namin mag asawa ang target EF namin.

[shinies]

Meron ba sa inyong may Emergency Cash sa bahay, opisina, o kung san man? Magkano ba dapat?

Nabasa ko lang ito pag yung hindi ka maka-withdraw o kung walang bangko (extreme cases).

[tischarmedlife]

^ Ako sis meron pero 5k lang. Nakalagay lang sa cabinet 

[yannuh]

wala pa kami EF pero goal ko na nga to this year. hmm

[fionaapple]

Meron ba sa inyong may Emergency Cash sa bahay, opisina, o kung san man? Magkano ba dapat?

Nabasa ko lang ito pag yung hindi ka maka-withdraw o kung walang bangko (extreme cases).

hindi bababa sa 5k.

[ficklemind]

ilang beses na kami nakaipon ng EF but ewan ba laging nagagastos, nagagalaw, minsan for emergency naman talaga like pinantulong sa family for hospitalization. For now meron pa rin naman but hinde na good for 6 months, yun target this year. But with a baby on the way, clueless pa kami how much our expenses will be like, lalo na hubby ko hinde mapakali kakaisip, baka daw kulangin na kami once may baby na.

emergency cash sa bahay? naku wala kami niyan unless counted ang alkansya! haha, hinde kami macash magasawa, every 2 days nagwwdraw ako sa atm sa baba ng office ng pang gastos ayoko madami cash sa wallet,  pag weekend nga tapos wala naman gala, walang laman wallet ko.
mahirap din yung ganon kasi one time naubusan kami ng esso, as in wala kami 600 pesos na pambili, wala malapit na atm sa bahay, buti my MIL lives a few houses away, nakautang! kaya tama dapat meron emergency cash sa bahay kahit 5k.

[lovemeagain30]

^^ sis if you live within your means (basta honest lang kayo sa sarili niyo) even there is  a baby on the way, kakayanin niyo yan. 

This is OT now but it's a normal worry for first time parents (I've been there as well) na natatakot on what will be the impact on finances with additional family member coming in. lifestyle will definitely change! yun ang karamihan takot ang bitawan ang nakagawian. the more you need an EF. separate it immediately as soon as the salary comes in. the rest of the money can be adjusted to your different needs.

[simang]

^that's kind of true sis no. Before we had a kid we both were working, and sa totoo lang wala kaming naiipon. When i got pregnant I decided to resign and just come back to work pagkapanganak. Ending 8 months na baby ko and I'm still not working. Surprisingly though, mas maayos ang finances namin ngayon considering na si husband lang ang may income. And I don't even think our lifestyle has changed drastically ah. I think talagang nagiging wiser ka lang sa money when you're already a parent.

Yung EF namin is only 1/3 pa lang ng target amount namin. Gusto ko sana at least a year worth of living expenses (and a little more). Goal na namin yun nung 2016 kaso di namin nagawa. Kaya hopefully by this year kayanin na.

[izabelle]

When you have a baby kasi or may parating na baby, mas gusto mo na maging secured in terms of finances. Mahirap walang EF lalo na kapag may anak na kasi mas maraming possibleng "emergency" na pwede mangyari.

Nung wala pa kami anak, wala kami pakielam sa investments and insurance. As in keber kami. Kami din yung tipong YOLO ang peg sa buhay.

Pero nung napreggy ako, hindi na pwede laging YOLO haha! Hind din pwedeng walang EF or back up money. Matututo ka talagang baguhin lifestyle and pananaw mo sa buhay for the baby.

EF is so important kasi hindi mo masasabi pwede mangyari. The larger the amount the better.

[shinies]

Ahh ok. Kala ko mga 25k o 50k emergency cash. Pang extreme cases lang yata yun.

[ficklemind]

^ ok naman sis may emergency CASH talaga.
problem kasi yung safekeeping, wala kami vault sa bahay, pwede sa mga drawers. sa bahay ni MIL may vault naalala ko nakilagay kami non sa kanya then kinuha din namin at dineposit sa bank.

thanks sa mga input about re: baby expenses.

Hopefully marereach namin target amount ng EF namin this year, because of the baby na din, less gala kami this year  (madalas kasi naooverspend kami sa travel nagagalaw ang EF)  so mga bonuses namin this year,  diretso sa EF!