Think about your family’s future. What do you see?
Perhaps it’s your child graduating with flying colors from a top university, your dream business finally opening its doors, or the love of your life walking down the aisle. Whatever your dreams or aspirations are, it is essential to work on your family’s future with a sound financial plan, starting with a family emergency fund.
There is nothing like peace of mind knowing your loved ones are financially protected from the impact of emergencies or sickness. This protection gives your family a solid foundation to confidently take the next step.
Additionally, it’s vital to combine savings with life insurance in your financial plan to protect your loved ones from financial strain during unforeseen events, ensuring they rely less on the emergency fund.
With BDO, you can get an added layer of protection for your savings. By opening a BDO Smart Checking, ATM Savings, Passbook Savings, or Peso Checking account, you unlock the benefits of a savings account that comes with free life insurance coverage of P3 million. Simply maintain the required minimum initial deposit in your account for up to six months. Signing up is fast and easy with no medical exams required.
Apart from choosing the right bank, here are other things to consider when building a family emergency fund:
· Size matters. The larger the family, the larger the emergency fund. The recommended amount for an emergency fund is three to six months’ worth of living expenses. For larger families, you may want to increase that amount to 12 months.
· Early planning. The sooner you start, the better. Consider planning your emergency fund with your partner even before starting a family.
· Family fund. Establish a separate emergency fund for your family. Although you may have a personal emergency fund, building one for your family helps manage household expenses and handle bigger financial needs.
· Accessible and secure. You should be able to tap into your family emergency fund quickly without the lengthy process of liquidating assets. A top and trusted bank such as BDO protects your money against possible financial collapses.
When embarking on your financial journey, remember that each family’s needs and circumstances are unique. One crucial step is to select a bank that exemplifies a strong commitment to care.
By choosing BDO, you can confidently take the first step towards securing your family’s future. Don’t miss out on this limited offer until May 15, 2025. Visit your nearest BDO branch today or head on to www.bdo.com.ph.
