Why Every Filipino Needs an Emergency Fund 73796 1 - Why Every Filipino Needs an Emergency Fund
July 7, 2022

The Philippines has become more and more prone to natural disasters. The Philippines is no stranger to these calamities, from typhoons to earthquakes to volcanic eruptions. It is highly vulnerable to natural disasters due to its geography.

 

Even if you live in an area that’s not prone to these types of disasters, Filipinos still need to have an emergency fund, so they’re ready for any financial difficulty life throws their way.

Prone to calamities

The Philippines is becoming more and more prone to calamities. The country is one of the most disaster-prone places in the world. The COVID-19 pandemic wasn’t the only disaster to hit the country; the country experienced a volcanic eruption, a series of major earthquakes, and successive typhoons that inundated more than 60 towns and cities.

 

Due to the country’s location, it has been prone to typhoons and earthquakes. According to Asian Disaster Reduction Center, about 20 typhoons pass through the Philippines annually, and some are destructive.

You never know when an emergency will occur.

Be prepared for the unexpected. You never know when an emergency will occur—and it’s better to be safe than sorry. The Philippine economy is known for its high job turnover and unemployment rate. In addition, we have great weather almost all year round, and people tend to spend more time outside than at home. So there’s always a chance that something may go wrong: you could lose your job due to downsizing or restructuring, or an accident could happen.

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Not only are emergencies costly, but they can also cause extreme stress and anxiety that may interfere with your daily life. If you are out of funds, there are a lot of loans you can apply for. Fundline offers different types of loans you need, whether loan for emergency purposes and more.

A small emergency can become a huge problem.

Even a small emergency can become a huge problem without a proper financial cushion. For example, if your business is seasonal, you don’t get paid on time, or if there’s an unexpected expense related to car repairs or home maintenance, having enough savings to cover six months of expenses will help protect you from financial catastrophe.

 

You never know when financial emergencies will happen, so it’s important to be prepared. But unfortunately, emergencies can occur anytime, even when you are financially stable. When a financial emergency occurs, and you’re not prepared with savings, it becomes much harder to bounce back after the crisis.

Medical emergencies can happen at any time.

Unfortunately, medical emergencies can happen at any time. Medical emergencies are the most likely type of emergency in your life. You may get sick or injured and need immediate medical treatment.

 

Even if you have never suffered from serious illness or injury, you must have enough savings aside for unexpected health expenses.

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Conclusion

In conclusion, it’s critical that Filipinos have emergency funds in place. Even if you’re a millionaire, life can throw you some curveballs. And if you don’t have money to deal with these unexpected expenses, your finances will suffer for years to come.

 

Author’s Bio:

Frank is an energetic salesman. On his free days, he spends his time writing and reading about environment-friendly and safe cleaning materials to help households and pet owners learn about them to protect their health and maintain clean surroundings.

 

 

 

 

 

 

 

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