Saving and investing your money can help you reach your financial goals. It does not matter if it is too late or soon to invest. The important thing is you are ready, and you have realized its importance. This COVID-19 crisis and extended Enhanced Community Quarantine had brought so much learning.
What are some of the funds you should save up for? Momi Berlin helps you decide with the following list.
Traveling with family is often referred to as leisure more than a necessity. Leisure or otherwise, family vacations are a great way to expand a child’s understanding of the world around him. No matter what place or adventure, travels lead to discoveries and learning. Through journeys, families get to see a different world, which helps kids and parents alike gain a better understanding of different cultures and ways of life. And surely, everyone will come home recharged and all the more inspired to return to the daily grind.
Vacations also offer opportunities for families to spend time together. Parents learn more about their children while the latter discovers that their parents can be cool after all.
Though travel funds may be the least priority, it is ideal for saving for at least one grand family vacation each year.
We will all soon retire from our work. Though we may still be able, old age will dictate that we take a rest and enjoy the fruits of our labor. Thus it is crucial that while we are still able, we save for our retirement.
With improved medical assistance and healthcare, it is most likely that we live longer than the previous ones. This implies the need to save enough funds to sustain a longer life, healthcare needs, and daily expenses. In short, the retirement fund will cover our needs to make old age comfortable and enjoyable.
Getting a good education is often crucial to the success of an individual. We cannot dismiss the fact that several companies are looking at good school credentials before considering an applicant. Thus, the better education we can provide our children, the better off they will be.
Despite many pre-need and insurance companies closing shop, there are still parents who set up an education fund for their child early in life. Their main reason is to avoid playing catch-up later. Perhaps one good trick that they can sustain their payment is treating education fund with the same importance as other household expenses like mortgage, utility bills, and grocery.
Should you happen to lose your job or if something unexpected comes up, an emergency fund would cover for that. This money will allow you to live for a few months – ideally six months – giving you peace of mind despite the loss or tragedy.
Remember, having an emergency fund can make a big difference in your life. It may bring a complete disaster in your life if you are left with no emergency fund or may bring just a tiny bump in your financial life, having been able to save for it.
Family savings account
Getting a family savings account is not for the kids’ education or your retirement. It shouldn’t be for your emergency needs as well. The savings you will keep here are most likely for life-changing goals like marriage and financing that dream home. After all, this important life-changing and beautiful experiences are indeed worth saving for.
Funds you should save up for
One quality Filipinos are known for is they’re industrious. They work hard for their family. It is crucial then that as they work for their loved ones, they also need to save to be future-proof. After all, nothing beats the feeling of being secured and having a well-planned future.