What is emergency fund? It is important to know by heart what this thing is all about otherwise we won't be staunch to effectively save up for this purpose. The amount of cash set aside for any unexpected costs like illness, something wears out that needs immediate repair and all other financial surprises that comes into our way is referred to as emergency fund.
Whether we like it or not, emergency can come into our way anytime of the day and without sufficient fund reserved for times like this, is absolutely stressful. So, here comes the crucial QUESTIONS - 'Are you prepared to handle that stress?' or 'Are you financially prepared to cover emergency expenses?'

When to start saving for emergency fund?

The earlier we start building an emergency fund, the more prepare and capable we would be to absorb the financial shocks 24/7. It's always best to have sufficient emergency fund set aside to cover unexpected expenses of three to six months. The earlier you start, the better.

Is emergency fund necessary?

If heavy rain or typhoon visits your neighborhood, the thing that you should worry about is where to get money to cover the costs for repairs of damaged properties. With your emergency fund on stand by, you don't have to scramble to get the money you need because you already have the fund waiting to be called for use. Additionally, with emergency fund on hand, you can focus your mind on handling other tasks and let the emergency fund handle the rest.

How to start building emergency fund?

Now that we identified the points as to when to start saving for emergency fund and its importance of having one, now let's talk on how to start building emergency fund.
1. Small Cuts Adds Up
Start building emergency fund by cutting off small amount from your income. Doing this on a regular basis every time your receive your paycheck, eventually boosts your emergency fund significantly.
2. Look for Money Leaks
Are you into the habit of visiting Starbucks 7 times a week for your favorite espresso or cappuccino? How about reducing it to four times a week? I am a big Starbuck fan but I don't consider going there everyday a need but simply because I just want to indulge my cappuccino cravings. Don't leave lights on when not using, use SMS instead of calling significantly reduced your monthly expenses, thus, you will be able to add more saving to your emergency fund.
3. Automatic Fund Transfer
Have a separate bank account for emergency fund. From your savings account where you receive your monthly salary, schedule automatic fund transfer every month to that account allotted for your emergency fund.
4. Make Cash From Trash
Look around your house. Did you see those piles of empty tin cans and bottles? Those dusty plastic toys? Don't keep them unless you have plans of converting your house into a warehouse. Sell all these stuff.

Having an emergency fund can mean achieving financial gain in the long term if remained unused and at the same time protects you from unexpected financial set backs when the time of need arises. So,start building your emergency fund now.

If you want to start a business, it must be something you are familiar with. It's really not a good idea to come up with a business you totally don't know or have very little knowledge on how to actually start and successfully run it.
On one episode of 'On the Money', a money-related TV program that airs in ABS-CBN News Channel, I learned some basic start up tips essential for starting entrepreneurs. The tips are very interesting and I find it totally essential especially in starting a business. Once you go through with these tips, you will be on the right track. So if you are still at the early stage in planning a business, I am asking you to read this post before pouring your hard earned money into whatever business you are about to set up.

Start Up Tips Before Starting A Business

There must be an idea and it must be identified as a unique idea with emphasis on innovation all the time. The context of the idea is that it has been tried and the you should take away personal biases. Like for example, don't say that your business is already doing good even you have just started. You should observe how it is tried in the market. That idea is not just what it is but it is also like how the market perceive it and whether it has something that the market values.

Create Business Plan
Some people don't have the formal way of doing this but somehow in their head they have this business plan. In creating the business plan, consider these three questions for the business:
1. Can you make this sustainable in the market place?
2. Do you have a passion for this? Of course the passion should be there already so that means you will sustain in the business. If you don't, you will have to find other people who has passion for it.
3. If there are market then how big is that market?
4. How will you do it and how will you deliver the product?

Whether you will gather the resources from your own pocket or from other people so be it but try to see how will you gather it. If in case you need to borrow money from your personal account to use for the business, you have to treat it as a loan. Whether or not the loan will have interest, it's up to you. If you won't do this, your business will be dependent on your lifestyle.

Start It Out
When you start it out, you are the owner, you are your own driver, you are your everything. So when you start, you will fill every place of what is needed before getting somebody else and you will have to figure out because that is what how you are going to be forming out the organization.

Expand to Building Professional Services Organization
This is the time where you start putting professional people into place. When you started the business you already have a part time bookkeeper but by this time you'll need to have an accountant, a supervisor, you will also need to have the time clock system. So, at this stage all the organization should be in place.

Networking business is hot and trending. Just say the word and everyone know exactly how it works. There are people who want to try and there are also those who simply want to get rid of it. Success testimonials from individuals who created a name in networking business are very enticing and attractive in a way that even makes you want to sign up right away without questions.
Have you been invited by a friend, family or colleagues to attend one of the networking company's powwows? Were those individuals who made millions from networking showing their brand new BMW, mansions, high end gadgets got you? So enticing isn't it?
Believe it or not, all these are true and they really are successful. All those video and live testimonies are of course enticing and proven to be very effective tool in convincing many hopefuls to join and venture into the networking business. But before joining into this business which is also known as MLM or multi level marketing, ask or assess yourselves first if you really can do it and is really into it. Successful networkers doesn't work part time, they actually work full time. Can you do that? Are you willing to resign from your job? Or you just want to earn part-time income instead? Think about it.
OK, let's say you have assessed yourself and you are convinced that you were born to be a 'networker' and strongly believed that you are next in line to share your own success story in front of hundreds of hopefuls, let me share to you the disadvantage and advantage you'll get from networking.

Disadvantage of Networking

You managed to build your own network down to several hopeful-to-become-rich downlines. And from these downlines you earned direct referrals, sales commissions, pairing bonus and etc. Then, here comes the moment, the moment when those under your network lost interest and becoming less and less active then eventually stopped. So what happens next is that the network you built isn't giving you any income at all.

Advantage of Networking

One thing beneficial in networking is it can be a training platform to be successful in business and not the income we get from downlines and whatsoever. It's the less obvious though, but the skills we learned from selling to managing time is a glaring tool we can use on whatever kind of business (other than MLM) we would venture in.

How to Apply For SSS Salary Loan

SSS Salary Loan Application Know-Hows

The need for extra cash can happen anytime and in most cases at times when we least expect it. Finding that cash can be an ordeal but this may not be the case to members of the Philippine Social Security System or SSS SSS, a state-run pension fund for employees of the private sector.

One of the benefits the SSS extends to its members is the availment of Salary Loan, a financial assistance program that aims to meet its members' short-term financial needs. If you are an active SSS member and is in need of extra cash to settle some bills, pay for school tuition, to cover your medical expenses, as additional fund to start a small business or for home improvement or to have some extra cash for holiday, check if you are eligible to avail SSS Salary Loan.

Who Are Eligible To Avail SSS Salary Loan

SSS Salary Loan is available to all SSS members under 65 years of age either SSS voluntary member, employed and self-employed. Additionally, the member must have updated payment contributions, in any case have not committed any fraud against the SSS and has not been granted final SSS benefits like retirement and total disability.

SSS Salary Loan Available To Eligible Members

One- Month Loan
This salary loan is for members who has posted 36 monthly contributions where 6 of these contributions should be within the last twelve months prior to filing.

Two-Month Loan
This salary loan is for members who has posted 72 monthly contributions where 6 of these contributions should be within the last twelve months prior to filing.

How To Apply For SSS Salary Loan


A. If filed by Member-borrower
  1. Member Loan Application Form
  2. SSS digitized ID or E-6 (acknowledgement stub) with any two valid IDs, one of which with recent photo.
    • Unexpired Driver's License
    • Professional Regulation Commission (PRC) ID card
    • Passport
    • Postal ID
    • School or Company ID
    • Tax Identification Number (TIN) card
    • Seaman's Book
    • Membership card issued by private companies
    • Overseas Worker Welfare Administration card
    • Senior Citizens card
    • Voter's Identification card/Affidavit/Certificate of Registration
    • ATM card
      with cardholder's name; or
      with certification from bank, if without name
    • Credit card
    • Fisherman's card issued by BFAR
    • GSIS card/Member's Record/Certificate of Membership
    • Health or Medical card
    • ID card issued by LGUs (e.g. Barangay/Municipal/City)
    • ID card issued by professional association recognized by PRC
    • Birth Certificate
    • Baptismal Certificate
    • Marriage Contract
    • NBI Clearance
    • Pag-IBIG Member's Data Form
    • Permit to carry firearms issued by the Firearms and Explosive Unit of PNP
    • PHIC Member's Data Record
    • Police Clearance
    • Seafarer's Registration Certificate issued by POEA
    • Temporary Driver's License issued by LTO
    • Transcript of Records
    • Alien Certificate of Registration
    • Bank Account Passbook
    • Certificate from:
      Office of Southern/Northern Cultural Communities; or
      Office of Muslim Affairs
      Certificate of Licensure/Qualification Documents/Seafarer's ID and Record Book from Maritime Industry
      Certificate of Naturalization from the Bureau of Immigration
      Life Insurance Policy
      Birth/Baptismal certificate of child/ren

B. If filed by Member-borrower's Authorized Representative
  1. Member-borrower's duly accomplished Member Loan Application
  2. Authorized Representative's SS card or any two valid IDs both with signature and at least one with photo
  3. Letter of Authority (LOA) signed by both the member-borrower and member-borrower's authorized representative
  4. Member-borrower's SS card or any two valid IDs both with signature and at least one with photo.

C. If filed by Employer/Company's Authorized Representative

  1. Member-borrower's duly accomplished Member Loan Application
  2. Authorized Company Representative (ACR) card issued by SSS
  3. Letter of Authority (LOA) from employer and any two (2) valid IDs both with signature and at least one with photo
  4. Member-borrower's SS card or in its absence, Application for SS card (SS Form E-6) acknowledgment stub and any two valid Ids both with signature and at least one with photo.

Original or certified true copies of the supporting documents should be presented during the filing of the claim.

Procedure in Filing
A borrower may file the salary loan application at the branch nearest the place of residence or business. A member who is registered at My.SSS can submit the salary loan application online. The salary loan submitted online by an employed member will be directed to the employer's My.SSS account for certification, hence, the employer should also have an SSS Web account.

OFW members may also file their salary loan application at the SSS Foreign Representative Offices in selected countries. In case there is no SSS office in a particular country they may send their application and supporting documents to their relatives here in the Philippines and authorize them to file at the SSS branch. Documents issued in other country should be duly authenticated or certified by the Philippine Consulate Embassy.

Note: The employer shall submit an updated Specimen Signature Card (SS Form L-501) to be updated annually to avoid delay in the processing of salary loan applications.

Provided that all information and necessary requirements are complete, processing of SSS Salary Loan can take around two to three weeks.

Reference: www.sss.gov.ph
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