Emergency Fund, Kits and Other Things

Being confined in the hospital gave me a lot of time to think about some things. Most them emergency related actually.

1. Emergency Fund
It’s an easily accessible fund allotted for emergency purposes such as loss of job, hospitalization and other unforeseen circumstances. This is worth 3 to 6 months of an individual’s or the family’s income or 3 to 6 months of operational expenses. One can read more about emergency fund here: How to Build An Emergency Fund And Why It is Important.

Hubby and I have such a fund. It’s not 3 to 6 months worth but it was enough for the emergencies that have come our way. We first dipped into it when our previous vehicle was fully submerged in the great Ondoy flood. We used some of the fund to rehabilitate the car to a good marketable condition. Then with the recent medical and health related expenses, we dipped in the fund again.

We haven’t replenished it ever since. I don’t actually have an idea yet how we’ll do it soonest in our current financial condition. If another emergency comes up, I’m not confident if we can still manage financially. I pray we wouldn’t be caught in another unpleasant surprise before we’ve put this fund to a healthier state.

2. Health Insurance
I have an octogenarian Lola (grandma). Since her “coming of age,” Lola had been going through routine maintenance check-ups to different medical specialists for her heart, bones and vision. Her doctors’ consultation fees were 3K, 5K and 6K.  And they steadily increase periodically.  She visits her doctors twice a year with up to date medical tests every time. There’s also her maintenance meds. Everything adds to quite a sum. And it doesn’t include the cost for unforeseen medical concerns yet. In the past, this included her hospitalization due to enlarged heart and slipping on a cemented walkway. Continue reading