Working Mommy Blogger from the Philippines
Having a life insurance especially if you have dependents is important. It will help your loved ones financially when you die with the help of the money from the insurance. The money can be used to pay for their mortgage, children’s education, household bills, and other expenses.
We were an OFW family before, my father was a seafarer, a Chief Engineer. Most of the people who asked my Papa’s work in the ship would often say… Wow, eh di malaki na sweldo nya? or Kaya pala kahit di na magtrabaho si Mama mo e. But the truth is, we also struggle with money, especially when Papa’s contract ends and is still waiting for the next assignment/destination. I’m sure most seafarer families can relate to this. If he’s lucky, it will only take a month, but sometimes it takes 3 or more months which eventually depletes their savings or emergency fund. So eto na nga, wala na ngang savings, marami pang requirements like medical exam bago maka-akyat ulit sa barko, tapos enrollment pa namin.
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I got an insurance in my early 20s, about 2 or 3 years in my first job. Swerte lang kasi may mga nag-ooffer sa office ng mga insurance and if you attend their presentation, you’ll get free lunch. Sayang ang lunch so my officemates and I attended hahaha… but we did get insurance plans after that. And since I started early, I’m already finished paying for it and just waiting for it to mature. While waiting, I also study some of the available insurance plans from other companies. As they say, do not put all your eggs in one basket. This is true not only in stocks but also in saving your money in banks and in insurance companies.
I’m curious, how young are you when you started saving for your future? Did you start early even if you’re still single or you start after you had your family? In my case, I started early because I wanted to get the benefits of my policy early on. If I can already get cash bonuses in the 15th year, I can use that for my dream vacation while I’m still young and able to travel. Ayoko naman mag-save ng mag-save and I won’t enjoy the benefits of my hard-earned money. That was my way of thinking when I was single, but now that I have my family, I also think about their future when I die. Yup, death is inevitable that’s why you need to be prepared for your family’s future. Will your child/children finish their education? Can they pay for the house amortization or monthly rent without you? Is your spouse financially secure?
I think it’s about time to think about your financial security and safeguard your family’s future with Cocolife Future Savings Platinum.
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Sometimes in life, there are things that catch you by surprise. It might be a sudden illness, a section in your house that needs to be remodeled, or a car that needs to be replaced. It seems that even if you are very meticulous in planning your budget, there are unavoidable circumstances that would cost you money.
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Contrary to what people believe, you do not need to have a lot of money to start investing. In fact, you can have as little as Php 5,000 in your account and you can already dabble with a type of investment called mutual funds.
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Everyone’s dream is to have financial freedom. That one day when you don’t have to worry about money and you just do what you want to do and go where you want to go. Just like what I’ve read from Rich Dad, Poor Dad, you let the money work for you and not the other way around.
When I was still single, I’m glad that I already got a life insurance with investment. I also opened a savings account that early and diligently saved part of my salary.
Related: Parent workshops at KidZania Manila
But you know, life happened. I got married and started a family. Before, I was only making financial decisions for myself that’s why it’s easy to keep track of my finances. Now, I can’t keep track of everybody’s expenses and before I know it, there’s nothing left for our savings. Ooooops, I know, I know, it should be Income minus Savings, then make do on what’s left. But it’s soooo hard.
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