Help It’s Raining Expenses

Help, It’s Raining Expenses!

A Practical Guide to Saving Up for Emergency House Repairs

October 1, 2024 | by HC Mutual

Living in the Philippines, we all know the drill: when the rainy season rolls around, so do the typhoons. With each storm, there’s always the possibility of damage to our homes, from leaky roofs to broken windows. To protect our families and our investments, it’s crucial to prepare for these emergencies—starting with saving up for repairs.

The good news is we all know what’s coming; the question is how to properly prepare for it. Here’s how you can set aside money specifically for those unexpected expenses to ensure that your home remains a safe haven even during stormy weather.

Know the risks

First, it’s important to recognize what kinds of damage typhoons can inflict on your home. Heavy rains can lead to leaks, flooding, and even structural damage, while strong winds can uproot trees and break windows.

Assess your home for possible risk points. You may need to consider consulting with a contractor for a more accurate assessment of your home’s vulnerabilities, especially if it’s not a brand new house. By understanding the potential risks, you can better estimate the amount you may need for repairs. And if you determine that there are certain parts of your home that you can reinforce or fix now while it’s not yet heavily damaged, it will be worth addressing them in order to minimize bigger expenses in the future.

Allot funds for emergency repairs

Setting up a dedicated emergency repair fund is your best bet against the financial strain that comes with unexpected home repairs. Start by determining a realistic savings goal based on the potential repairs your home might need. A good start could be anywhere from PHP 10,000 to PHP 50,000, depending on the size and condition of your home.

Budget Wisely

Next, incorporate savings into your monthly budget. Take a close look at your expenses and identify areas where you can cut back. It might be as simple as dining out less or skipping that coffee run. Commit a portion of your salary each month to your repair fund. Even saving PHP 1,000 a month can accumulate to PHP 12,000 in a year—enough to cover minor repairs.

Explore additional savings options

If budgeting alone doesn’t feel sufficient, consider additional savings strategies. Look into high-interest savings accounts or government savings programs, like the Pag-IBIG Fund, which offers benefits for housing improvements and repairs. These options can help your money grow, providing a more robust safety net.

DIY where you can

In the spirit of bayanihan, why not gather your friends and family for a weekend of home maintenance? Learning basic repair skills can save you money and boost your confidence. Plus, it could be a very fun bonding activity, too!

Simple tasks, such as patching leaks, repainting, or securing loose roof shingles can significantly reduce repair costs. There are countless online tutorials and workshops available, many specifically geared toward common household repairs.

Connect with your community

Don’t underestimate the power of community support. Neighbors often come together during emergencies, and forming a local support network can be invaluable. Whether it’s sharing tools or information, pooling resources for repairs, or providing labor, your community can help lighten the financial burden. Consider organizing community workshops to discuss your community action plan in case of emergencies, and share knowledge about disaster preparation and home maintenance and repairs.

Stay Informed

Lastly, stay updated on weather forecasts, especially during the typhoon season. The Philippine Atmospheric, Geophysical, and Astronomical Services Administration (PAGASA) offers timely alerts that can help you prepare in advance and schedule any home improvement work you need done, especially if it will take days to finish or cure. Being proactive means you can make necessary repairs or reinforcements before the storm hits, potentially saving you time, money, and effort later.

Where you can start

HC Mutual is here to help you achieve your goals every step of the way. Our offerings are designed to empower families to secure their homes, be prepared for financial emergencies, and save in more efficient ways.

Start your journey to financial stability and a fruitful family life with our savings plans, which come with loan benefits to support your financial goals.

Save for what matters.

Start saving for as low as PHP 101 per payday.

Flexible savings plan of 3, 5, or 7 years.

3% earnings from your savings per annum.

Earn more from your savings to reach your goals faster.

Start saving for as low as PHP 1,212, PHP 2,424, or PHP 3,636 per payday.

Fixed 5-year savings plan.

5% per annum after 5 years upon completion of the plan.

Be prepared for financial emergencies.

Loan release within 24 hours of approval

Interest rate as low as 0.99%*

Flexible payment terms of 12, 18, or 24 months

While typhoons are a part of life, being financially prepared for emergency house repairs doesn’t have to be overwhelming. By understanding the risks, budgeting wisely, and leveraging community support, you can build a safety net that keeps your home and family secure during stormy times. Remember, a little planning today can lead to peace of mind tomorrow.