Tuesday, September 30, 2014

Everything's on the Up and Up!

Our emergency funds are still nowhere near our target, I stopped contributing to my FAMI-SALEF account early this year and I haven't made extra payments towards our mortgage because debt repayment is foremost on my list. Yet despite being cash poor, I can't seem to shake off my good mood.


I'm reminded of when we first got married and were ridiculously broke, I was always worrying and fretting about money back then. This time around, although our savings are back to near zero levels I don't find myself worrying as much, because I know that all this low balance shtick is merely temporary. This too shall pass and soon enough, I'll be back to my desired financial ninja status.


This post by Mr. Money Moustache also resonated so well with me and it made me rethink my usual "CALAMITY! TRAGEDY!" reaction to almost everything. Seriously, everyday I am reminded of how blessed I am. I have a car that saves me from running after buses just to get to work. And on the days that I can't use my car, our house is walking distance from the main road where I can easily catch a ride and be dropped off two blocks away from my office.


Although I now find my work repetitive, I know that it impacts people's lives and so I am thankful to be given the opportunity to make a difference every single day. When I get home, a baby squeals in happiness when he sees me, making me feel like I'm Angelina Jolie and Julia Roberts rolled in one. Really, life is good, so why bother dwelling on the negative?


I crunched the numbers for my third quarter net worth check and I was pleasantly surprised to see that my net worth increased despite the decimation of our savings. Granted that the increase was just a blip, still, an increase is something to rejoice over. I'll write a more detailed post on this soon.


I've also been helping my parents with their health coverage and it's been quite a challenge to find a reputable firm that provides health insurance for senior citizens. So far the only company I've found that offers health insurance for seniors is Blue Cross which has a maximum coverage of Php750,000 per illness. I haven't researched BC's policy on pre-existing illnesses though and the little feedback I've read on BC has been negative, which honestly makes me hesitant to try them out.


The good news though is that Philhealth now has the Z package which covers some dreaded diseases, and the payout is pretty darn impressive. However I don't think that Php550,000 will be enough for a major heart operation so I advised my mom to park Php200,000 to Php300,000 of my dad's retirement money in mutual funds to act as a buffer, in case he needs another major operation and Philhealth coverage will not suffice.


And while the mutual fund investment will technically exist to supplement their Philhealth coverage, it will also keep the money safe and away from my dad's spendy hands. If I had my "poor student" phase when I started working which accounted for my spendy ways, my dad is currently getting his "poor government employee" angst out of his system by blowing through his retirement money with breakneck speed. As in really.


That's why my mom immediately lent out a huge chunk of his retirement money to their kids and her sisters, because at least if the dough runs out, they can rely on the monthly payments for their day to day expenses until his pension kicks in 4 years from now. I swear, behavioral psychologists ain't got nothing on my mother.


Thus ends another long and chatty post. Off to lunch now!

6 comments:

  1. Hi mam jill, almost all the mother I've known says the same thing about the happiness they feel with their babies.Lagi pa silang nagmamadali umuwi, nakakawala daw ng pagod pag-uwi kapag baby ang sasalubong sa yo.
    Thanks for the info about Philhealth Z Package atleast I got additional on health packages.

    ReplyDelete
  2. Yup, pangpa walang pagod talaga ang mga babies. My son makes all the sacrifice and peso pinching worth it :)

    ReplyDelete
  3. Jill what's a good mutual fund? This is Roselle, by the way.

    ReplyDelete
  4. Hi Selly!!

    There is no "best" mutual fund out there because it really depends on what your objective is and which one will best fit your investment style and risk appetite.

    I suggest that you determine first why you want to invest (i.e. educational fund, retirement, travel) because investing merely for the sake of investing makes you prone to making rash decisions or will leave you wishy-washy. It's best if you have a goal in mind to guide your investment strategy. Hit me up at jillsabs@gmail.com and I'll help you decide.

    Hugs to Yani!

    ReplyDelete
  5. Will email, Jill. Discuss lang kami ni hubby so we can agree on our financial goals. Do you also do financial planning for retirees?

    ReplyDelete
  6. Haven't had experience with financial planning for retirees yet, so I suggest going for the more popular financial planners like Jesi Bondoc, Alvin Tabanag, Efren Cruz, Randell Tiongson etc.

    Right now, I'm more comfortable with helping people build up their wealth, but I'm working my way towards helping retirees too.

    ReplyDelete