Everything You Need to Know About Emergency Funds: Building a Safety Net for Unexpected Expenses

Nagsurvey ako dati sa mga kakilala kong freelancers at sa members ng 5-Day Master Your Money Challenge 2023 Facebook group. Isa sa mga common challenges ay ang pag-iipon ng emergency fund.

Kung nahihirapan ka sa pagbuo ng EF mo, i-bookmark mo 'tong post na 'to at i-share mo sa pamilya at kaibigan mo para sabay kayong mag-ipon!

An emergency fund is a savings account set aside for unexpected expenses or financial emergencies, gaya ng:

❌ nagkasakit ang sinuman sa pamilya

❌ binagyo, binaha, o ano pang kalamidad

❌ nasira ang computer na ginagamit sa freelancing

❌ nadelay ang sweldo or nawalan ng trabaho

Ang emergency fund ang iyong safety net that can help you avoid going into debt when unexpected expenses arise. It's a way to protect yourself and your finances from the unexpected.

Ideally, dapat meron kang at least three to six months' worth of living expenses saved in your emergency fund.

If wala pa namang dependents, pwede na ang 3 months' worth ng expenses. Pero kung breadwinner ka, aim for at least 6 months.

Kung freelancer ka, bilang minsan unpredictable ang ating income, masmaganda if 1 year na expenses ang itabi, just in case may biglaang mawalan ng projects.

Ang EF ay dapat liquid asset. Ibig sabihin, dapat mabilis mo syang ma-access sa panahong kelangan mo na.

Personally, eto yung recommended ko kung saan ilagay ang EF

✔️ 50% traditional bank para easy access in case kelangan. Pumili ng bank na maraming ATM sa area ninyo. If merong checking account, much better just in case lang you'd need a bigger amount na lampas na sa withdrawal limit ng ATM

✔️ 45% sa digital bank, para kahit papano, malaki-laki din ang interest

✔️ 5% (or mga 2 weeks' worth ng expenses) in cash, as in nasa bahay. Just in case lang wala ring access to ATMs.

Eto na tayo sa exciting part! Paano nga ba mag-ipon para sa emegency fund?

Ang pinaka-important na step: 𝘚𝘦𝘵 𝘺𝘰𝘶𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘨𝘰𝘢𝘭.

It really does help kung clear yung goal natin. Instead of vaguely stating na goal mo macomplete ang emergency fund mo, make your goal SMART.

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Example: 𝘚𝘢𝘷𝘦 𝘢𝘯 𝘢𝘥𝘥𝘪𝘵𝘪𝘰𝘯𝘢𝘭 ₱20,000 𝘪𝘯 𝘢𝘯 𝘦𝘮𝘦𝘳𝘨𝘦𝘯𝘤𝘺 𝘧𝘶𝘯𝘥 𝘣𝘺 𝘋𝘦𝘤𝘦𝘮𝘣𝘦𝘳 2023.​

​Specific ang amount, measurable, mukhang doable naman, at may deadline. And because clear ang goal, you can identify how you can achieve this goal.

Meron pa tayong 8 months bago matapos ang taon. Ibig sabihin, if magset aside tayo ng monthly budget na ₱2,500 to go into your emergency fund, achieved na ang goal by yearend. I-continue mo na lang hanggang mabuo ang EF. ;)

Now, what's the best way fo you to complete the ₱2,500 per month savings?

CLICK HERE.