Visit our Canada siteOne of the biggest features of ExpoMom 2020 was its ability to bring experts to speak on various aspects of parenthood, community, and the environment we are currently facing, especially in light of the COVID-19 pandemic. Among the talks was a Money Matters Talk co-presented by SunLife Philippines, where guest speaker Tinka Herrera-Dan discussed how to stay smart and secure with finances during trying times.
Tinka is a financial planner and SEC certified investments professional that specialises in strategic planning. She started her talk by asking the question: How can we overcome our fears of not being able to provide for our family? Three simple steps were shared to answer the question.
Step One.
Have an emergency fund of three to six months of salary in cash. (In a pandemic, try to increase this to twelve months).
This should be a bank account or bank deposit that you don’t touch, but from which you can easily withdraw this amount if and when it is needed. Should a family member lose their job or have an emergency, then this account can be drawn from as the family addresses the situation.
Step Two.
Get total health coverage for every family member.
The average recommended health insurance coverage for a single person should be around Php2 million to Php 4 million. If your company’s HMO already covers a certain amount, get another health insurance plan to secure the deficit so that you are assured that you and your family are safe.
Step Three.
Protect the breadwinner.
Getting life insurance for family breadwinners (both mothers and fathers) is necessary to secure the financial future of the family. At a minimum, life insurance should equal to at least five years of your annual income. Studies have shown that when a breadwinner passes, it usually takes around five years for the family to get things back together or get back on their feet. Having money for this five-year recovery period is important for families to stay safe and secure.
For more tips on financial planning, visit SunLife Philippines today, and get started on a brighter and more financially secure future for you and your family!
ExpoMom 2020, Mommy Mundo’s annual conference was held on August 29-30, 2020 as an online event on Facebook Live. It was the first time that the event was held online, and it garnered an international audience, composed of parents and speakers from Manila, the United States, France, and Canada, just to name a few. Apart from the expert talks, great shopping deals, and the fun games and surprises that Mommy Mundo events have always had were done virtually. For more event highlights, visit the Mommy Mundo Blog.
Leave a Reply