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Simple Tips to Build an Emergency Fund

Emergencies are always unexpected. Aside from injuries and possible property damages, you would have to deal with the emotional stress of handling whatever comes your way. Your best option would be preparation: assembling first-aid kits, insuring your properties, memorizing emergency hotline numbers, among others. Yes, while your full proof plan may be solid enough to surpass any form of calamity or sudden occurrences, it is important to note that money may play an important role during and after your preparation, which is why it would also be wise to set aside an emergency fund. With that in mind, here are a couple of tips to build your own emergency fund:

The question shouldn’t be “how much you have left?”, but rather “what can you set aside as early as now?” 

Every pay day, put aside a certain amount towards your emergency savings before tending to other expenses. Once this money is safely in your savings account, you won’t be tempted to spend it. Yes, we all have bills to pay, but much bigger will the expenses be if we fail to set aside for future use. Make most of your monthly pay and prepare an account that would be beneficial to your emergency fund.

The more you do it, the more natural it becomes.

As with human nature, habit is a contributing factor to our routines. Doing something over and over again makes it second nature to us, which is why you should consider setting up your habit first. When you put aside money for one pay day, keep on doing it for the upcoming amounts, you would be surprised at how much your emergency fund had ballooned over a few months of your saving.

Consider cutting your expenses.

Not everything that we usually pay for lands on the “need” list. Your needs should outweigh your wants. An emergency fund is definitely a major need and you wouldn’t want to reach the point where you are almost penniless during emergencies just because you failed to save. Know where your priority lies and always be prepared.

When it comes to emergencies, you can never be too sure, so you must always be prepared. Property damage is a heavy burden to carry, but much heavier is it to carry injuries and its related expenses. As an employee, you would also be absent from work due to the injuries, hence your need to recover while missing many paid days of work. Worry no more, as here in Cebuana Lhuillier, we offer the EmployeeCARE, a Group Personal Accident Insurance specially designed for employees. It covers Accidental Death, Disablement & Dismemberment (ADD&D), Accidental Medical Cash Aid, Burial Benefit (Accident/Sickness), Unprovoked Murder & Assault (UMA), Motorcycling and Personal Liability. So what are you waiting for? Visit your nearest Cebuana Lhuillier branch now – we assure a fast, easy and secure transaction.

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