As I was browsing on our family's financial, I would like to congratulate us for finally completing our Emergency Fund. According to the book I've read last December (which triggered me to do it), every family has to save up for Emergency Fund (entirely apart from the regular savings) because in life, you should expect the unexpected.
Family emergencies can come in the form of significant med expenses, job loss, auto or home repairs and other unforseen events. A family should be setting around 3 to 6 months worth of living expenses as their Emergency Fund.
When we got married, the hubby delegated financial management to me but we jointly plan for our financial goals. And every year we make it a point to try different strategies to reach our goals. As a young couple, we encountered several bumps during our journey, being agressive and impatient, always trying to short-cut our ways to financial freedom, but everybody makes mistakes, right? And I think, for as long as you know how to bounce back and learn from your mistakes, its okay.
Last year, we managed to put up a Trust Fund for the little girl, and started recovering sort of interest premiums from our RetirementFund which was forcely established way back 2008. The next on our list is the Housing Fund, which most people would be targetting first, we pushed it at the end of our list because we - shall we say is the "caretaker" of a newly-built 4-bedroom house of my SIL and we can live there for as long as we want since they're only here for about a month or so each year. So there's no hurry to own a house.
Hermione's Trust Fund was our first priority since life is very unsure, and we don't want to leave our little princess pennyless, although, our parents and siblings will surely provide for her but we don't want to take chances or put the burden on them, its like James and Lily Potter putting up gazillion gold coins at the Gringotts Wizarding Bank for Harry.
Saving is not easy specially if you want to live a life, I mean shopping and vacations should not be crossed out from your calendar just because you're in the saving mode. I suggest rewarding yourself with something nice-to-have everytime you've accomplished a goal is the best way to keep motivated. Remember, all work and no play, is a simply a no-no in my world.
Name: JV Home: Manila, Philippines About Me: 30-something. A wife to a wonderful husband. A mother to my little chinita. Career Woman by Choice. A Coffee Drinker.Shopaholic.Book Lover.Blogger.Movie Addict. Know me more
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