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How prepared are we in life events?

Are you generating income?
Do you consider yourself as the breadwinner or providing for your family?
Are you planning to start a family?
Do you have a child or children?
If none, do you have someone dependent on you? It can be your family, relatives or pets.
Do you have a goal yet to be fulfilled?

If you answered yes to any of these, it requires us to have financial planning for us to achieve financial freedom. In this ever-changing economic landscape in the Philippines, possessing financial literacy - having discipline on money management and practicing frugal habits has become more crucial than ever before.

If you have children or are planning to have one, it’s expected that they'll go to College or University. If you have no child or children yet, maybe you plan to support your parents or any young sibling if you have or shoulder a relative’s education after you graduate and land a job. In a family oriented country, it's a common scenario but it will be your decision on how you will use your money.

While we’re earning from being employed or running a business, we should ask ourselves how are we prepared for unexpected life events? For example, if the income provider (you) in the family gets sick, the money stops coming in unless another member of the family can cover for uncertain number of months. Worse case scenario, who will take care of your dependents, if you leave this world a little early? (knocks on wood)

My family’s Financial Advisor suggested that we save up three to six months worth of expenses as an emergency fund if we’re determined to lessen the burden to our family. Once it's secured, we can get a life insurance plan while we are young and healthy because it becomes more difficult to get the plan when you’re older and have signs of health problems.

A valuable tip from our FA in her life experience, start when you’re young or if you are building your own family, get that mutual fund within six months after the woman gives birth. When that mutual fund is ready for harvest, you can get enough funds for a house for your growing family. Start another mutual fund and time deposit for the harvest is for their child or children’s College. There was excess whenever she claimed her funds that gave her the freedom to choose where she will spend it: a start-up gift for her children, travel with the family or retirement fund.

All thanks to her having a goal, her disciplined saving, applying what she’d learned in a life insurance company, she gets clarity, navigates her life and yes, sufficient funds. We hope to be like her no matter what life stages we are on. If you don't know where to start, you can visit Sun Life website here:
There's free calculator and quizzes for you to explore and have an outlook to your journey to financial freedom.