Simply Finance’s Rainy Day Essentials

Here in Simply Finance, we take the phrase “Save it for a rainy day” very seriously! When it rains, it pours and when it comes to a financial rainy day you’re going to need a safety net rather than an umbrella. It won’t always be sunshine and daisies so it’s best to be prepared.  Here’s a list of Rainy Day Essentials that are guaranteed to make the rain, rain, go away!

Having an emergency fund as a safety net in unprecedented times will give you enough leeway to get you back on your feet. For an emergency fund, we usually recommend that you save at least three to six months worth of your monthly expenses. Although due to the pandemic, experts have been suggesting to save up one year’s worth of your monthly expenses for better financial security. It’s also important that you keep your emergency fund in a bank account that is easily accessible so that when you get in a pinch you won’t have trouble getting the money you need. 

When unexpected illness occurs, your health insurance will not only fund your recovery but it will also keep your finances secure. There are three types of medical insurance you can avail of—PhilHealth, HMO, and Critical Illness Insurance. Check out our blog post Real Talk! It’s About Time You Get Health Insurance if you want to learn more about the different kinds of health insurance you can avail! 

A financial plan provides an assessment of your current financial disposition, an overview of your personal financial goals, and outlines actionable steps or strategies that you can employ to achieve your goals. A financial plan is more than a safety net, it’s a roadmap to your financial independence. Check out our blog post The 411 on Financial Planning if you want to learn more about what makes a financial plan, how it can protect you in difficult times, and how it can influence your financial freedom.

Rain or shine, Simply Finance can help you build your Emergency Fund and help you choose the Health Insurance that best suits you through Financial Planning. It’s our specialty after all!