^Hi. Right now, we have emergency fund (nasa savings lang). It's a growing fund galing siya sa sobra from our home amortization. For example P8,999 yung monthly amortization namen, we put in P10,000 sa bank para merong sobra every month. Pag naipon na and more than the required emergency fund, we use it pay for yearly lumpsums sa house - realty tax, fire insurance, MRI, etc.
Me and hubby both have life insurance. Hindi naman OA sa laki, just enough just in case something happens. Ok yung plan na nakuha namen, you just pay 50k yearly for 5years tapos insured na for 1M. Tapos when we reach retirement age, we can opt to withdraw the money (more or less nasa 1M din). So if walang mangyari sa amin and we don't need insurance anymore, we can use the money as retirement fund
For investments, puro mutual funds and UITFs. We don't do stock trading kase hindi kaya ng oras. We get from different MFs/UITFs (Philequity, BDO, BPI, Sec Bank). Different companies have different strategies kase, so yearly iba iba din performance nila. Pero si Philequity consistently top MF yan
We just put small amounts monthly (ngayon lang kame nag lulump-sum kase PSEI is lower than market value).
Hindi naman kailangan malaki agad ang start (for insurance or investment). You can start small, then build it up. The important thing is you START.
Also, hindi ako mahilig sa lumpsums (even my insurance, I pay monthly). Ayaw ko kase yung feeling na deprived ka, na parang lahat ng kita mo mapupunta sa amortization, insurance or savings. A P1k monthly savings will go a long way, tapos saka ka na lang dagdag if may additional source of income na. Minsan, gaganahan ka na din mag dagdag kase nakikita mo naggro-grow yung money.
Sorry, haba na ng post. Hope this helps
