Mej Loza

Building an Emergency Fund

I’ve been working for 10 years now and one thing I’ve tried and failed to create is an emergency fund. I have created a small business, earned a good amount, travelled several countries sometimes several times, bought my own (2nd hand, 3-year old) car (at 23) that depleted my savings then, rented my own bachelorette pad for a year and 6 months when I was still single shortly before I got married (which again, eventually, depleted most of my savings), got married (which again depleted most of my savings), acquired household appliances and furniture, and a lot of makeup along the way, but alas, building an emergency fund was neglected. I don’t want to regret being able to do (and maybe somehow, achieve) all those things, but having little savings is one sad and scary thought especially now that I’m married and starting a family.

Although I do have a small sum where R and I could probably survive at most is 5 months. Honestly, it’s not something I’m happy about. I know that for some, that is already a good amount. But it scares me because I don’t earn on a monthly basis, unlike most people. If I don’t work, I don’t earn. And even sometimes I work so hard, and yet I don’t earn which is why I cannot not have some form of security blanket – or else I will have to sell all my belongings (scary!). If not for the other expenses such as monthly rent, car payments, and the insurance (and investments) that we are currently paying, we could probably survive for a year with that amount of money. Sadly, that’s our current reality because those are part of our responsibilities.

So with the latter part of the year, creating an emergency fund is now on top of my to-do list. Saving is hard, same as with everyone else, but especially hard because I don’t have a monthly income. I earn in increments from business and that doesn’t always happen. We rarely eat out nowadays (the ones I post online are either family celebrations or treats to us) and our used to oft-looked-forward-to-spa visits have been rare. But hopefully in the future, I will be able to create an emergency fund that will manage to fend for us for 2 years – yes, that’s my goal. Although looking at it now, it seems unreachable given all the bills and obligations we have to pay.

And that, my friends, is the reason why I love reading financial blogs. Because if they can do it, I sure do hope that one day, I could too. I just have to have faith.

About Mej

Hi! I'm Mej and that little guy is my dog, Mico. I used to write post mostly about beauty and a long time ago, just fashion, but that's going to change. So I could post more often, I've finally decided to post anything that catches my fancy - be it beauty, fashion, interior and facade design, married life and life in general, career, and even finance. It felt limiting to write just up to three topics - beauty, travel, and health, especially now that I don't feel as passionate writing just about those three things. But that's all in the past now. Anyway, that's it for now. See you in my posts!

6 thoughts on “Building an Emergency Fund

  1. Sobrang nakakarelate ako dito. Our emergency fund was significantly reduced because of the fit out na naiisip ko we could’ve postponed.

    Balik na naman ulit. This time dapat pang 1 year yung mabuo ko.

    1. Oo nga eh. Ang hirap gumawa ng energency fund. I’m glad I’m not alone na for (a) year/s ang gusto na fund. Shempre the more, the better and safer.

  2. Kaya mo yan! The first step is to just do it. Isa sa naging motivation ko nung nagsisimula ako mag-ipon ay fear, takot akong mawalan ng pera tapos wala ako malalapitan, paano na? Ako rin kasi ang breadwinner ng family namin before. Sabi ko, paghahandaan ko talaga, dapat may emergency fund ako at pag okay na yun, retirement fund naman. 🙂

    1. Hay sana nga sis. Sakto lang ang kita ngayon sa expenses, paunti-unti lang talaga natatabi, pero hopefully in God’s time talaga makapagipon ulit kami ng emergency fund. Thanks for dropping by ah 😀

  3. There are times our emergency fund is all used up and sometimes it’s completely empty. Having kids, mortgage, car payments and other unexpected expenses can drain it anytime, but keep your focus and find ways how to reduce expenses and find extra income.

    1. Thanks Gladys! We evaluated our expenses but the only way to reduce it is to scrimp on food, and cheap food here is junk food. So the only other way is to find extra income which we’re also trying out. 🙂

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