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Q: You and others have suggested that I should have an Emergency Fund. Do you have some tips on how much and how I can start one?

A: Since I was a kid, my parents always told me to “Save for a rainy day”. The object of this is to put money away when times are good so that you will have money to spare when times are bad.

It does not make sense to put money away when times are bad since this is the time you will need to touch your emergency fund.

There are still plenty of us who do not have one despite what happened during the economic downturn. People all of a sudden did not have any funds to go through with their lives. We have to learn a lesson at some time.

A good emergency fund is one of the concepts in having healthy financial security. Most financial experts recommend three to six months supply of money but I think one year should be the threshold.

It will take some time for people to get accustomed to job loss or underemployment. Most will continue their spending habits until they realize that there is no money coming in. Be realistic.

Accept that it will take time before things go back to normal as it will also take time to find another job or for the economy to rebound.

Answer these questions so you find the necessity of starting an emergency fund.

Why do I need an emergency fund? No matter how well you plan everything in life, bad things will happen from time to time. And during these times everything will cost money.

How much should I have in my emergency fund? I always recommend at least six months of the total monthly expenses. But the more you have, the safer you are.

Can I depend on credit cards for your emergency fund? Absolutely not! This will create a bigger problem. As I always say that using credit cards as a source of paying your bills when you are unemployed, only deepens the problem.

What kind of account should I keep the emergency fund in? Do not keep this money in your checking account for this will get used up. Keep it away from yourself in a savings account where money automatically goes in every month.

How should I change my spending habits? You should change it by a lot. Immediately find ways to cut spending.

If you have credit card bills and you have the money, pay them off. You have no idea how long this crisis will last so try to keep as little debt at all times, if possible.

How does a yard sale help? If you have a lot of unnecessary items at home that you need to get rid off, have a yard sale to get cash out of it. Now that you some time to dedicate into clearing some unwanted items, turn them into cash to go to the emergency fund.

There is not one way to create an emergency fund for you and your family.

As long as you feel that you are safe, that feeling of security gives you a sound mind.
If you have severe credit card bills which prevents you from creating an emergency fund, give us a call so we can find ways to get rid of them sooner than later. We can settle them for much less than you owe.

Ating lesson, Magipon ng pang emergency dahil di masabi ang panahon.
If you need help in getting out of debt, call Debt Aid Consulting International. We do not use call centers which keeps your information safe.

We have a new program that reconstruct debts for half of what you would pay our competitors. We also provide legal assistance that keeps collectors away.

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Ben Lou at your service! I have over 35 years of financial experience. If you would like sound financial advice, call us at Debt Aid Consulting International. We do not use call centers. No one has the right to put your information at risk.

Debt Aid Consulting is the first and only Filipino debt mediation company incorporated in the US and Canada, Caribbean Islands, Singapore, Australia, New Zealand and the Philippines!

Your Global Debt Solutions Company!
Tawag na po sa 1-888-341-5234 at tutulungan po namin kayo.
Itama po natin ang mali!
Ben Lou at your service! I have 30 years of real financial experience. If you would like sound financial advice, call us at Debt Aid Consulting. Say No to Call Centers! Say no to LLC corporations in Canada! Debt Aid Consulting is the only Filipino debt solutions company incorporated in the US and Canada.
Tawag na po sa 1-888-341-5234 at tutulungan po namin kayo.
Itama po natin ang mali!