The importance of emergency fund

When I was younger this is not in my mindset, during that time my goal is to have a house & lot under my name and to enjoy life by means of travelling. That's why in year 2013 I got the courage to apply for a housing loan, which is pre selling that time where I have to pay first the equity ( after paying the equity thats the time that I will pay for the monthly amortization since it was a in house loan even though I will not transfer there yet). Despite of having responsibility for my housing loan I still used to manage to travel every summer since this is my way to treat myself . Where I lately realized that I already running out of fund especially when the time that I tranferred to other company with a lesser salary and I was not able to get my extra funds that I lend to others. Year 2019 where I decided to let go of the property that I loaned and planned to look for someone who will continue it and pay me all the my spent money on the equity and amortization (sinced I already find it difficult for me to continue it and I am planning to look for another job that time) plus the fact that I am single that time and I am not sure if I will have a family of my own. But I found it difficult since there are lot of documents that I needed to accomplished and it is really complicated since it was an existing loan. When my brother knew that I am planning to let go of my unit he told me he will continue it, and I say yes and just pay me when he has extra money in a installment basis.

By midyear of 2019 I got the new job, I started to saved, by 1st quarter of 2020 the pandemic started and all of us does not have job, and my savings was compromise and lend it to my sister since they need it and I am usually the one who pay for the water bill. When the pandemic subside and I already returned in my work I decided to invest/ save some portion of salary that will be automatic deducted on my salary and also that year me and my boyfriend decided to get married. By end quarter of the that year our province (where my parents live) was hit by a super typhoon that cause the mild stroke of my mother and needed financial assistance, me and my older brother sustained their needs since among of our sibling we are the one who are capable to help. It almost dried up my savings, that time since we are only newly married I did not bother to ask for my husband's salary as long as he is the one who will pay for our motorcycle loan and utility bills, coz I have my own money. But by January 2021 I was hit by corona virus although it just a mild I need some medicine and vitamins, and need to eat healthy foods for me to recover, this is the time that our savings really dried up.

After I recovered from it, thats the time that me and my husband decided to have our emergency fund aside from our investment in my company since we are already planning to have a baby. Since my work that time is not continuous due to pandemic, it's hard for us to saved our desired amount for our emergency fund and we have bills to pay and we also decided to invest for a townhouse and made a reservation since it will take 3 years before we will pay for its amortization and no need to pay equity unlike the first unit that I got.

Last quarter of 2021 when I got pregnant, I thought I will be be able to hide it in our company until the end of the year ( pregnant employees are forced to leave due to pandemic) so I will still be able to save once I announced my pregnancy. But it did not go according to my plan since I always have morning sickness, so I already informed our HR regarding my pregnancy and I dont want to take the risk . By November I was already on forced leave and by December my husband was in waiting status for the renewal of his licence that he need in his work. Both of us does not have work until January, when his licence was released there another challege came, he was positive in antigen test where he was required to take rest again and I was also hit by flu like symptoms, since I am pregnant I need to visit a doctor to be able to drink what medicine will suit to my situation. This is the time that I asked my husband if we will just withdraw our investment in my company although it is not a big amount atleast it can sustains our needs for the meantime. By the way that investment is earning 3 to 7 pesos (depending on the value of the stocks) in every 100 of our total contribution which released twice a year, and my actual plan is to withdraw it once I resigned from my job to use it as capital of a small business. And we decided not to withdraw it since we still can manage and it will be regretful if we will do it coz it offers lots of benefits in the future.

After all the struggles that we encountered it made me realized the importance of a emergency fund aside from your savings. Coz before I used to save so I can have money to expend in travel. It is important to have an emergency fund in times of trouble so that you will have a peace of mind and you do not have to bother other people when you are in need. It make me also realize that only lend money that you are willing to let go coz you can never say if the one who borrowed it will be able to returned it. And 1 thing that I also realized that it is better to save first if you want something and buy it tru cash rather than buy it tru loan coz there are times that you will be messed up. As what we already read or seen set aside our needs and wants, but do not deny ourselves a treat for our hardword. And always live within your means.