Author Topic: EMERGENCY FUND  (Read 1677 times)

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IntraLover

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EMERGENCY FUND
« on: August 06, 2012, 03:37:14 PM »
I just curious to know... how much do you save or allot for Emergency Fund (EF)? WHere do you place your EF?

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EMERGENCY FUND
« on: August 06, 2012, 03:37:14 PM »

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Ken312

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Re: EMERGENCY FUND
« Reply #1 on: August 06, 2012, 03:43:51 PM »
I've been reading about financial management and one of the most basic advise is to have an emergency fund worth (at least) 6 months of your income.

Since I am paranoid, I doubled that amount and now I have my emergency fund literally snoring in a savings account. Is there a much better place to put it?

Please remember that this is an emergency fund so I can't take risks with it. It's just that I am wondering if I could get more from it.

NeoGemini

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Re: EMERGENCY FUND
« Reply #2 on: August 06, 2012, 03:58:45 PM »
dapat po ba talagang 6 months ang EF? Di po ba pwede mas less like siguro mga 3 months lang? Tsaka bakit dependent sa income? Pag ganun kasi baka matagalan din ako makaipon nun.  How about worth of expenses? baka naman pwede na kahit worth of expenses for the next 3 months yun ang gawing emergency fund?

Your thoughts?

befinanciallyfree

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Re: EMERGENCY FUND
« Reply #3 on: October 23, 2012, 02:48:17 PM »
Ideally, 3 months worth of your income will do. if you are able to save at least 6 months worth,good for you, better to put the 3 extra months worth to a good investment like mutual funds and insurance.
The initial 3 months worth of your monthly income can serve as a buffer should anything happens to your career so you can carry on for at least 3 months. It should be kept in an accessible financial vehicle like banks or whatsoever. Your choice. The idea here is that this fund is for emergency therefore you should not put this in an investment that will involve any kind of risks. The latter 3 months worth can be invested on any form of financial vehicle you think would be best for it to grow. For most starters, putting it in a VUL (Variable Universal Life) is the best choice since it offers both protection and growth of your money meaning walang talo, if you end up dead (worst case), it will benefit your family. If not it will benefit you because your money is growing and you have access to use it anyway you want. 

If you need assistance and education regarding this stuff don't hesitate to pm me or email me at markjeromesaytono@gmail.com

Ken312

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Re: EMERGENCY FUND
« Reply #4 on: October 23, 2012, 05:03:30 PM »
@befinanciallyfree, can you expound a little bit on VUL? Insurance din ba eto?

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Re: EMERGENCY FUND
« Reply #4 on: October 23, 2012, 05:03:30 PM »

 

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