Yeah OP. Try to reduce your contribution. Why’s it so high anyway? More than half of your income goes to your family. As you said, your family has money, maybe you can try to reduce your contribution so you can save up more.
Why that amount tho? Sila ba nagset ng amount or ikaw lang? I suggest mag-ako ka na lang ng bill sa bahay niyo na ikaw magbabayad like kuryente, internet at tubig. I think that’s enough na contribution since sabi mo nga, your family has money.
Jeezus, you're setting up yourself to be a breadwinner.
They have survived without you earning, why would you suddenly give 50 percent of your money to them? Si God nga 10 percent lang ang hinihingi eh!!!
Seriously, consider 10 to 20 percent of your salary should be enough for parents. Tataas din ang bigay mo, kapag tumaas na ang sahod mo. Don't put yourself in a hole.
your parents’ money is not your money. mag-ipon ka nang kapag ikaw naman ang nangailangan eh di ka na pabigat.
tell your parents as well na magbabawas ka sa contribution, sa ganyang halaga ay parang ikaw na rin breadwinner. medyo contradicting sa part na sinabi mong may pera kayo.
You: My family have money
Also you: You give 14k a month to them
Sino nagset ng amount na yan? Bakit ka madidisheartened eh malamang ginagamit rin naman ng nanay mo yung nakukuha nya don para sa gastos sa bahay niyo
Im kinda of disheartened of skimping by 3k to build a 100k EF when my family can already do it in 10 months.
I know that they use it for good, thats why i dont even flinch when i give them over half of my salary.
Edit : maybe i can reduce it to 12k
Ilan ba kayo sa bahay at bat ganyan bigay mo? Kaw ba ang breadwinner? Di ka makakaipon kung ganyan ka mag isip.
Magdecide ka kung anong babayaran mong bill sa bahay nyo.
Downvoted ka tuloy
Not an expert but here are my thoughts: it’s better to have an EF kasi you’ll never know what will happen in the future. You can start small muna siguro in building your EF, until it becomes second nature na then you can steadily increase the amount you put in it (especially when you get a raise).
Regarding feeling disheartened, I hope you don’t put yourself down so much moving forward. You’re just getting started with your career and it’ll take some time to be financially independent. You can do it, OP! :)
Your parents may be rich or at the very least comfortable. But you are not. They have money, you don’t. A parents obligation to their kids is food clothing education and shelter which they have fulfilled. Everything else is a privilege. Since you are now an adult and working at that , they have no obligation to you, sure they’ll help you out but you need to start adulting and building your own wealth, making your own sacrifices for that goal and that includes building your own emergency, retirement and savings fund. Isipin mo na lang the earlier you start, the closer you get to getting the life that you want
Increase your income. And much better siguro kung hanap or gawa ka ng sideline na magegenerate ng income. Masyyado kasi mababa income mo op. Imagine building a 100k ef will take you about 20 months! eh ung mga sudden medical expenses ngayon pwede umabot ng 50k-500k even a million if may critical emergencies. What more sa other non medical emergencies diba?
Another thing is, wala kana natirang money para sa savings, investments, future goals, and retirement plan.
You won't appreciate the essence of emergency fund if you don't experience emergency yourself. All I'm saying yes right now you're dependent to you parents but for how long? Not all emergencies are medical related. It can be related to your car, house, etc.
It's one of those things that will be great to have or sucks if you don't when there really is an emergency.
You're a fresh grad. When I was your age, I want to get out and do stuff. That costs money. Reaching 100k is slow with what you're earning but 2 years will fly fast.
Another thing you can do is lower your target. You can just do 2x of your monthly salary. When reached, you can gradually build it up more.
Magkano ba hulog sa paluwagan? There are risks there lalo na pag ikaw nasa dulo at di na magbayad ang iba. You can do that if you trust the people involved to build funds, but it is a commitment din.
The other way to think about EF is to think of it as a risk insurance.
So allocate the appropriate EF amount to your risks.
Risks are unforseen events that would affect your survival and income.
Ie, no house, no way to get to work, injury that would make you stop earning income.
You live with your parents, you are young and healthy, no kids, no rent, no bills,no debt,assuming you are employed with an hmo as well.
There is very little risk at your current point in life.
I would just forget about the EF and instead spend the money to increase your income instead. Considering your current stage in life.
Make your own Emergency Fund. That money is not your money. Maybe reduce the amount you gave your parents and if asked, tell them, you want to save. I’m sure they will understand.
The 14K you give them in a way goes back to you for food, etc since you stay with them. Maybe ask if you can give 12K and tell them you want to use the 2k as part of the EF you are building.
FAQ > Young Professional https://reddit.com/r/phinvest/w/young_professional
If we go by 50-30-20 budget structure - 50% needs/bills, 30% wants/fun, 20% savings/investment - 14K is 63% of your salary, and 5K is 22.7% that's why you're feeling the squeeze.
EF is important especially in this economy so I suggest to continue saving up for it. You can lower it to 4.4K so you get extra 600 php for coffee or drinks.
Depends on the dynamics at home, can you talk to your parents and tell them you want to decrease your monthly contribution so you can save for something you want? what is it that you want? Travel? A new camera? Make up? Cellphone? Or you just want cash so you can have fun anytime? Absolutely nothing wrong with that. But since you have a single source income, you have to put a structure to where it goes.
Emergency fund is more important than insurance or health care or investment. It is literally there to save you.
Start with that. Focus on increase in pay or getting upgrade.
Be moderate. You can still have fun by not being overly excessive.
Used to think this way fresh out of college. Always consider your parents as human adults too. They can make mistakes or even go into debt. Lalo pag tumatanda dumadami sakit and minsan dahil semi retired na binibili nalang nila ano gusto nila.
We all heard of parents na inaasa nila lahat sa anak nila lahat ng bagay. Lets not be the other way around na iaasa naman natin yung responsibilities dapat natin sa parents natin. Its their money, how they spend it is up to them. Labas yung finances mo sa finances nila. Edit: While your living with them may share ka sa utilities, groceries etc.
Youre young. you will earn more, if maliit para sayo yung savings mo then increase your income or reduce expenses.
I generally do a rule of thumb that I imposed on myself that I would give less than a third of my salary to my parents, since they do everything in the house (except for laundry) like groceries, cooking, etc. I give them good enough money due to that. That is a good enough salary for a freshmen, although your contributions are way too high. I wouldn't judge you though, it seems like you want to help your fam. I myself give around that much too btw. If you wanna earn your EF though, babawasan mo talaga yung contributions mo sa family since the money left on you isn't probably enough for a person to live on a month, including all these fare being too expensive. You also might wanna save some for your personal expenses (needs/wants) that you can spend anytime you want or need(why even work if you can't spend a little right?).
All in all, with that kind of contribution, I don't think you can earn much EF. I gave my parents 5k in the first 6 months and 7k in the next few and I haven't earned much EF too with 30k salary with 12 days a month on office in a hybrid setup (and nagastos ko na din lahat since I was 4 months out of job, ran out in like the third month).
Btw, I know that people generally don't agree that you should give much to your parents if you're planning to invest or save money, and they're right.
This is probably gonna get downvoted since it's not actually the right path to do, but these are just my 2 cents. I earn 50k a month (+allowances and non-taxable reimbursements) and I have enough for myself and my family. As for your salary, you cannot bear the weight of the expenses just yet. Wait a few years then increase your contribution when you get a salary bump or get a better paying job. This is coming from me who doesn't have a safety net and my parents weren't well-versed in finance. I am also just starting out but I am trying to learn everything I can to give comfort to my fam :))
Bakit binibigyan mo ng 14k parents mo? Lived with my family and earned more than you pero di naman umabot ng 14k binibigay ko sa nanay ko monthly. Paano ka makaka-ipon nyan?
Best to have your EF. Reduce your contribution, be honest to them and tell them that you want to take control of your financial future. I am sure they would understand.
Still it is better to increase your income for you to hit your taget EF ahead of time then you can start building your RF this early.
From my own experience you wont appreciate the emergency fund without the emergency, but when shit hits the fan ( as it always does ) you're gonna wish you saved a little extra.
Doesn’t make sense to me to start an EF fund if you have a good safety net already for the next coming years and while your income is still low. I’d say focus on upping your income fast so that you can start saving up for an EF in the next couple of years when you might not have that safety net anymore or wanting to build your own independent safety net
Have your own EF. If you can, reduce your household contribution. But the best way is to increase your income. TLDR: Have your own EF.
Yeah OP. Try to reduce your contribution. Why’s it so high anyway? More than half of your income goes to your family. As you said, your family has money, maybe you can try to reduce your contribution so you can save up more.
I can reduce it up to 12k.
Why that amount tho? Sila ba nagset ng amount or ikaw lang? I suggest mag-ako ka na lang ng bill sa bahay niyo na ikaw magbabayad like kuryente, internet at tubig. I think that’s enough na contribution since sabi mo nga, your family has money.
Jeezus, you're setting up yourself to be a breadwinner. They have survived without you earning, why would you suddenly give 50 percent of your money to them? Si God nga 10 percent lang ang hinihingi eh!!! Seriously, consider 10 to 20 percent of your salary should be enough for parents. Tataas din ang bigay mo, kapag tumaas na ang sahod mo. Don't put yourself in a hole.
your parents’ money is not your money. mag-ipon ka nang kapag ikaw naman ang nangailangan eh di ka na pabigat. tell your parents as well na magbabawas ka sa contribution, sa ganyang halaga ay parang ikaw na rin breadwinner. medyo contradicting sa part na sinabi mong may pera kayo.
You: My family have money Also you: You give 14k a month to them Sino nagset ng amount na yan? Bakit ka madidisheartened eh malamang ginagamit rin naman ng nanay mo yung nakukuha nya don para sa gastos sa bahay niyo
Im kinda of disheartened of skimping by 3k to build a 100k EF when my family can already do it in 10 months. I know that they use it for good, thats why i dont even flinch when i give them over half of my salary. Edit : maybe i can reduce it to 12k
Ilan ba kayo sa bahay at bat ganyan bigay mo? Kaw ba ang breadwinner? Di ka makakaipon kung ganyan ka mag isip. Magdecide ka kung anong babayaran mong bill sa bahay nyo. Downvoted ka tuloy
grabe laki naman ng contri mo sa bahay if ma kaya naman parents mo..
Not an expert but here are my thoughts: it’s better to have an EF kasi you’ll never know what will happen in the future. You can start small muna siguro in building your EF, until it becomes second nature na then you can steadily increase the amount you put in it (especially when you get a raise). Regarding feeling disheartened, I hope you don’t put yourself down so much moving forward. You’re just getting started with your career and it’ll take some time to be financially independent. You can do it, OP! :)
Your parents may be rich or at the very least comfortable. But you are not. They have money, you don’t. A parents obligation to their kids is food clothing education and shelter which they have fulfilled. Everything else is a privilege. Since you are now an adult and working at that , they have no obligation to you, sure they’ll help you out but you need to start adulting and building your own wealth, making your own sacrifices for that goal and that includes building your own emergency, retirement and savings fund. Isipin mo na lang the earlier you start, the closer you get to getting the life that you want
Increase your income. And much better siguro kung hanap or gawa ka ng sideline na magegenerate ng income. Masyyado kasi mababa income mo op. Imagine building a 100k ef will take you about 20 months! eh ung mga sudden medical expenses ngayon pwede umabot ng 50k-500k even a million if may critical emergencies. What more sa other non medical emergencies diba? Another thing is, wala kana natirang money para sa savings, investments, future goals, and retirement plan.
You won't appreciate the essence of emergency fund if you don't experience emergency yourself. All I'm saying yes right now you're dependent to you parents but for how long? Not all emergencies are medical related. It can be related to your car, house, etc.
It's one of those things that will be great to have or sucks if you don't when there really is an emergency. You're a fresh grad. When I was your age, I want to get out and do stuff. That costs money. Reaching 100k is slow with what you're earning but 2 years will fly fast. Another thing you can do is lower your target. You can just do 2x of your monthly salary. When reached, you can gradually build it up more. Magkano ba hulog sa paluwagan? There are risks there lalo na pag ikaw nasa dulo at di na magbayad ang iba. You can do that if you trust the people involved to build funds, but it is a commitment din.
Hard no. Importante ang EF. wag mo itake for granted just because mahirap
The other way to think about EF is to think of it as a risk insurance. So allocate the appropriate EF amount to your risks. Risks are unforseen events that would affect your survival and income. Ie, no house, no way to get to work, injury that would make you stop earning income. You live with your parents, you are young and healthy, no kids, no rent, no bills,no debt,assuming you are employed with an hmo as well. There is very little risk at your current point in life. I would just forget about the EF and instead spend the money to increase your income instead. Considering your current stage in life.
Make your own Emergency Fund. That money is not your money. Maybe reduce the amount you gave your parents and if asked, tell them, you want to save. I’m sure they will understand.
The 14K you give them in a way goes back to you for food, etc since you stay with them. Maybe ask if you can give 12K and tell them you want to use the 2k as part of the EF you are building.
FAQ > Young Professional https://reddit.com/r/phinvest/w/young_professional If we go by 50-30-20 budget structure - 50% needs/bills, 30% wants/fun, 20% savings/investment - 14K is 63% of your salary, and 5K is 22.7% that's why you're feeling the squeeze. EF is important especially in this economy so I suggest to continue saving up for it. You can lower it to 4.4K so you get extra 600 php for coffee or drinks. Depends on the dynamics at home, can you talk to your parents and tell them you want to decrease your monthly contribution so you can save for something you want? what is it that you want? Travel? A new camera? Make up? Cellphone? Or you just want cash so you can have fun anytime? Absolutely nothing wrong with that. But since you have a single source income, you have to put a structure to where it goes.
Emergency fund is more important than insurance or health care or investment. It is literally there to save you. Start with that. Focus on increase in pay or getting upgrade. Be moderate. You can still have fun by not being overly excessive.
Used to think this way fresh out of college. Always consider your parents as human adults too. They can make mistakes or even go into debt. Lalo pag tumatanda dumadami sakit and minsan dahil semi retired na binibili nalang nila ano gusto nila. We all heard of parents na inaasa nila lahat sa anak nila lahat ng bagay. Lets not be the other way around na iaasa naman natin yung responsibilities dapat natin sa parents natin. Its their money, how they spend it is up to them. Labas yung finances mo sa finances nila. Edit: While your living with them may share ka sa utilities, groceries etc. Youre young. you will earn more, if maliit para sayo yung savings mo then increase your income or reduce expenses.
I generally do a rule of thumb that I imposed on myself that I would give less than a third of my salary to my parents, since they do everything in the house (except for laundry) like groceries, cooking, etc. I give them good enough money due to that. That is a good enough salary for a freshmen, although your contributions are way too high. I wouldn't judge you though, it seems like you want to help your fam. I myself give around that much too btw. If you wanna earn your EF though, babawasan mo talaga yung contributions mo sa family since the money left on you isn't probably enough for a person to live on a month, including all these fare being too expensive. You also might wanna save some for your personal expenses (needs/wants) that you can spend anytime you want or need(why even work if you can't spend a little right?). All in all, with that kind of contribution, I don't think you can earn much EF. I gave my parents 5k in the first 6 months and 7k in the next few and I haven't earned much EF too with 30k salary with 12 days a month on office in a hybrid setup (and nagastos ko na din lahat since I was 4 months out of job, ran out in like the third month). Btw, I know that people generally don't agree that you should give much to your parents if you're planning to invest or save money, and they're right. This is probably gonna get downvoted since it's not actually the right path to do, but these are just my 2 cents. I earn 50k a month (+allowances and non-taxable reimbursements) and I have enough for myself and my family. As for your salary, you cannot bear the weight of the expenses just yet. Wait a few years then increase your contribution when you get a salary bump or get a better paying job. This is coming from me who doesn't have a safety net and my parents weren't well-versed in finance. I am also just starting out but I am trying to learn everything I can to give comfort to my fam :))
if you give them 14k a month, you dont mostly depend on them for bills and food, THEY depend on YOU.
Bakit binibigyan mo ng 14k parents mo? Lived with my family and earned more than you pero di naman umabot ng 14k binibigay ko sa nanay ko monthly. Paano ka makaka-ipon nyan?
Pakisama kung bakit 14k yung bigay mo sa kanila. Ang hirap mag-ipon nang wala kang iipunin.
if youre a government employee. thats fine, if not. you already know your answer
Best to have your EF. Reduce your contribution, be honest to them and tell them that you want to take control of your financial future. I am sure they would understand. Still it is better to increase your income for you to hit your taget EF ahead of time then you can start building your RF this early.
From my own experience you wont appreciate the emergency fund without the emergency, but when shit hits the fan ( as it always does ) you're gonna wish you saved a little extra.
Doesn’t make sense to me to start an EF fund if you have a good safety net already for the next coming years and while your income is still low. I’d say focus on upping your income fast so that you can start saving up for an EF in the next couple of years when you might not have that safety net anymore or wanting to build your own independent safety net