Building an emergency fund for the family

tightened.

Building-up the appropriate level of emergency funds remained both a challenge and a target, especially when our incomes and expenses were almost at the same level. It was not easy and our agreement right before marriage helped a lot: we already talked how we would handle our on details and she has a knack for budgeting and bargaining. We thus agreed that she would be handling our family’s money while I handled the

- our desired level of emergency fund. But because the amount was quite substantial, placing all of it in just a savings account bearing 1.0 percent interest would be such a waste. We thus spread our emergency funds into a passbook savings account, a time deposit and a money market fund. earnings potential of our idle funds as the returns of the last two were almost double that of an ordinary savings account.

Insurance coverage: check. Emergency fund: check. The bedrock of our finances has been established and as such, we are able to plan for other goals in life: saving up for her clinic, building up and allocating for a land purchase, and saving up for our children’s education.

The list is just the start of a very extensive one. But whatever the goals or circumstances in life, having been entrusted with a little angel and my responsible for now and the long years to come.