The Philippines is almost on a 1-month Enhanced Community Quarantine. The people are not required to go outside to prevent the spread of the virus COVID-19. There is no work so it means no pay. A month of no work and salary is really hard especially if you are the breadwinner of the family. There are bills to pay, food to buy, and a lot of necessities that we need to think of.
If we had save for our emergency fund, we might feel a bit worry-less, we can just stay home and we will not rely from the government's help as a lot of poor people are in need of food.
Ideally, you need to save at least 3 months worth of your salary for your emergency fund. An emergency fund is used in times like this. Here are some tips that I can give you which also works for me on how you can easily save up for your emergency fund.
Open an atm
An emergency fund should be easily accessible. Don' t use any piggy banks or alkansya. because you'll have the urge to open and spend it. I opened a BDO account with an atm only and registered it online to easily access it anywhere.
Automate it
In this way, you' ll never forget it, ever. Make it on every cutoff of your salary.
Pay yourself first
No, it's not for milk tea or eat-outs. Because you are working hard so it's just right to pay for yourself first. It should be like this:
Salary - Pay Yourself = Bills & All Expenses
Start slowly
It doesn't matter if you have a minimum wage as long as you start saving now. If you can start with a small amount first then increase gradually.
Don' t spend your bonus
This is an extra pay so might as well treat it like you didn't receive it. Put it straight to your fund.
Delayed Gratification
You want to buy something? Buy it after a month and see if you still need it. Promise, this works for me every single time.
Stick to your goal
The hardest part of saving for your emergency fund is sticking to it. Don't give up on this goal. If in any case,you need to use your fund, make sure to double it up on the next cutoff.
Above all, make it a habit to save. You might be surprised on how much you can actually save. Let's choose to be practical in our spending habits. We can always do better. I hope when we wake up tomorrow, everything will be okay. Stay safe and stay home!
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