My motivation for starting this blog was to inspire common people who work a 9-5 job like me to be financially conscious and to aim big for their dreams.
Before starting this blog, I have already saved a certain amount of money not that much but was enough for me when emergencies come my way. Every month for the past years, I kept a certain amount from my salary and deposited it in my bank account. It was very challenging at first, especially because I haven’t learned how to control myself from overspending yet. However, after 2 years, I discovered that I can actually do it. Hence, my savings fund was intact for years.
No doubt, having that fund gave me a peace of mind for my uncertain future. No matter what happens, I have some money ready to use. The first time indeed was when I was laid off from my work without proper notice. It was totally unexpected.
Luckily, my savings fund supported me financially during this time. I was not that worried much because I knew that I will be okay for a few months without work. My savings helped me pay my bills and it provided me my allowance for my everyday food and other needs.
Just recently, I haven’t anticipated that I will be using my savings fund again. Well, I guess that is why it’s also called “Emergency Fund“, something you don’t expect to happen. This time, it didn’t only take a portion of it but all of it. I would be lying if I say that I was worried for a little bit because it bothered me a lot. (sigh) Seeing my money I saved for years gone only in a day made me felt sad and conflicted. I had no choice, though. Family first!
On its positive side, I realized that I was lucky because I already had this money ready. I avoided asking money from other people or worse having debts that will take me months or years to pay. Instead of focusing on the financial aspect of death which is most likely to happen, we focused on how we can celebrate the life of our loved one.
Death of a family member is a big emotional turmoil that anyone could experience and if you add the financial trouble to it, I don’t know how a person can manage. So I say that it’s better to be ready rather than unprepared.
How to be ready for emergencies?
1. Save up a portion of your salary regularly and deposit it into your bank account.
2. Preferably, choose a bank account that only provides a passbook without an ATM. (ATM will only make it easy you to withdraw your money.)
3. Stay focused and remind yourself why you’re saving.
4. Treat yourself after hitting a target. Say, you reached your first 10,000. Treat yourself a nice dinner or a beautiful dress. Do the same after hitting 50,000 or 100,000.
5. Enroll yourself in life insurance or death/life plans available in the market. ( It really sound weird suggesting it but after what happened to our family, I really advise you to do it.It will not only help you but your loved ones as well.)
With my savings fund drained last month, it’s my goal again to fill it up and recover financially for the coming months. This means that I will be focusing on putting more than what I usually put into my savings account which also means that I will be giving up few things that I had planned to do using that money. It will be tough. I will have to do few sacrifices but I know once I have it build up once again, I will feel more secure and confident with each passing day.
With that said, I don’t wanna sound that everything is all about money. Losing my Kuya also taught me to live life because YOLO (You Only Live Once). While saving up, I will find things that I enjoy doing although simple and cheap. My dream is to travel and I will still do that for the coming months but will try it to be as inexpensive as I can.
Live your life and be prepared! =)
Do you have a Savings Fund? Have you used it for emergencies yet?