Sean: Is it important to save for an emergency fund within your monthly budget?

Sean: Short answer to that is yes, and the explanation is when tough times come so that you'll not be taking a loan and be indebted with the interest, you should have an emergency fund.

Sean: For sure, and you know, a lot of people who have emergency funds, if you're single, it's usually because of when you lose your job in the rare case, in the rare event that you lose your job and you didn't plan it, you know you got fired, you got laid off, you have X number of months for you decided to apply to numerous other places, and you can choose.

Sean: Unlike when you lose it suddenly, and it's not your choice and you were shocked. Now you're going to have to bite the next hook, you know, and sometimes that next hook is not the best hook. It sucks. It's not a job that you want to be in. So that's actually a very good reason to keep an emergency fund. But with what Karlo said, there are different strokes for different folks. It's different 'whys' for each person, could be your family, could be a career, could be anything.

Karlo: That's right Sean, it is very important, and especially nowadays, there's a lot of uncertainties.

Sean: Yeah, I heard that the emergency fund that is advisable turned from three months into one year's worth, because of the pandemic.

Karlo: A good story could be the ants, you know. Like the ants they are saving during the sunny days, saving their food and resources so that when rainy days come by, they are prepared, they can still eat their food and survive. So it's the same thing with us. We need to save during the sunny days or during the good times.

Sean: Yeah, for sure, 100 percent. All right, Karlo, what really is it?

Karlo: When it comes to personal emergency funds, we need to know our big "why". Why are we doing it? As Simon Sinek mentioned in his book. We need to start with the 'why' also, in saving money and building our emergency funds. If you're a family man like me, of course, you need to prioritize your family in case of uncertainties. Just like what's happened to this pandemic, a lot of people lose their jobs and some had a salary cut. And so when you have savings or personal emergency funds, you will always go back to your 'why'. Is it your family? Is your organization where you are part of? Or maybe you are helping with some volunteer activities as well?

Karlo: So once your 'why' is clear, you will be motivated despite the challenges because challenges will really be there. There will be uncalculated scenarios, no matter how much we plan, there are just some things that cannot be calculated. But if we are prepared, somehow we can utilize our resources. Just like what Sean mentioned, we are after stewardship. We are entrusted with the resources that we have right now, and so we can use those resources to bless our family, our community, and whatever your motivation is, which is your big 'why'. So I believe that will be our motivation, which we should keep in our mind.

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