Dealing with Unexpected Events
`Unexpected Events: Dealing with Life’s Uncertainties with the help of An Emergency Fund, as well as Insurance’
Chapter Objectives
To identify key risks and uncertainties faced by the overseas Filipino worker that affect their financial status
To briefly explain how to use tools such as insurance and setting aside an emergency fund by the end of the session
Detailed Outline (sentences/paragraphs represent sections that will be expounded upon)
Introduction
1. Begin with an anecdote of a HK Filipino domestic worker being hit by a compound ‘unexpected event’ (termination, illness in family, natural disaster). In the anecdote, the helper recounts how they she as well as what the impact has been to her financial and overall health.
Input
2. Provide inputs on savings killers, including three specific types of savings killers that can affect us significantly.
Savings Killers
There are many risks (‘patibong’) or uncertainties (‘eksenang di inaasahan’) to our pursuit of our financial goals. These include things such as what you mentioned earlier:
Illness and accidents
Death in the family
Termination / contract ending prematurely
Disasters, especially those affecting our livelihood
Increases in the prices of goods
Changes in exchange rate
As these things can get in the way of our efforts to save up for our future, we can even call them ‘savings killers’!
Inflation
Begin with a short anecdote about a FDH experiencing inflation.
Inflation refers to the general rise in the level of prices over time. For example, economists have measured the Philippines’ inflation rate over the past several years and have determined that the general level of prices in the country – on average – rose according the percentages per year in the table below:
If the prices of a particular item, say a piece of small pandesal or a kilo of rice, rose at the exact pace of the inflation rate, their price in pesos would grow from year to year as depicted in
Chapter Objectives
To identify key risks and uncertainties faced by the overseas Filipino worker that affect their financial status
To briefly explain how to use tools such as insurance and setting aside an emergency fund by the end of the session
Detailed Outline (sentences/paragraphs represent sections that will be expounded upon)
Introduction
1. Begin with an anecdote of a HK Filipino domestic worker being hit by a compound ‘unexpected event’ (termination, illness in family, natural disaster). In the anecdote, the helper recounts how they she as well as what the impact has been to her financial and overall health.
Input
2. Provide inputs on savings killers, including three specific types of savings killers that can affect us significantly.
Savings Killers
There are many risks (‘patibong’) or uncertainties (‘eksenang di inaasahan’) to our pursuit of our financial goals. These include things such as what you mentioned earlier:
Illness and accidents
Death in the family
Termination / contract ending prematurely
Disasters, especially those affecting our livelihood
Increases in the prices of goods
Changes in exchange rate
As these things can get in the way of our efforts to save up for our future, we can even call them ‘savings killers’!
Inflation
Begin with a short anecdote about a FDH experiencing inflation.
Inflation refers to the general rise in the level of prices over time. For example, economists have measured the Philippines’ inflation rate over the past several years and have determined that the general level of prices in the country – on average – rose according the percentages per year in the table below:
If the prices of a particular item, say a piece of small pandesal or a kilo of rice, rose at the exact pace of the inflation rate, their price in pesos would grow from year to year as depicted in