Stage 2: Moving Up


Are you in the “moving up” life stage?

Most individuals in this life stage prioritize everything for their families – be it saving for their children’s education, or buying a house, a car, or opening a business. That’s a good starting point because defining your dreams and life goals will give you a compelling reason to SAVE and INVEST rather than SPEND needlessly.


Read Previous Article: Stage 1: Getting Started


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So what do we need to do now to prepare for a brighter life tomorrow?
For you, these are the things that I recommend for us to do.


  1. Create a conscious spending plan.
  2. Build an emergency fund.
  3. Ensure Future Income
  4. Ensure income in case of Illness or Injury
  5. Build an Education Fund
  6. Save for life milestones or your dreams/life goals.

Note: If you’ve read the previous article “Stage 1: Getting Started”, you may skip reading steps 1 and 2, and go directly to step #3. Ensure Future Income

The secret to saving is really not on how much you earn but how much you save or set aside.

Screen Shot 2014-10-06 at 11.32.10 PMThe prescribed amount is 20% of your income monthly. Depending on your lifestyle, you may even increase it to 30-40%. Start with an amount that you’re comfortable with and work your way upwards.

The key is to treat your savings as a monthly expense and automate fund transfer or investment in a financial product so you won’t be tempted to spend it on short-term wants. Once you have committed to this habit, achieving your goal will become so much easier.


Do you have an emergency fund? Is it enough to tide you over in case of an emergency?

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The purpose of an emergency fund is to ensure that you have a liquid fund to draw from should an emergency arise.

An emergency is something like sudden job loss, hospitalization due to illness, rebuilding a house after a natural calamity, an emergency trip to the province, etc. The emergency fund must be replenished once it has been used and depleted.

Because of this purpose, your emergency fund must be placed in a savings or time deposit account to ensure that you can access it at any given time. By placing it in a liquid financial product, you won’t have to touch your savings or investments (by redeeming or pre-terminating and incurring penalties) that are intended for your mid-term or long- term goals. For your health-related concerns, you must also have health insurance such as an HMO or critical illness insurance or hospital income benefit plans to help with hospitalization expenses.

Ideally, the emergency fund should be equivalent to 3x-6x of your monthly expenses.

If you do not have an emergency fund yet, you can start to build it slowly by channeling a portion of your savings to it. This can be done simultaneously while you also save for your other life goals.

It’s Time to Get Insured! Ensure your future income to fund for your family’s future goals, dreams and expenses.

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We don’t know the uncertainties that life may bring. But there is one certain thing – our family depends on our income to support their financial needs and even achieve their dreams.

That’s why it is important that we ensure your future income to secure the financial well-being of your loved ones.

Health Expenses can be costly. Save your family from the financial drama. Learn more about health and critical illness insurance.

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A serious illness can drain us and can also take its toll physically, emotionally and financially on our loved ones. Spare your family the financial heartaches by preparing for it even before it strikes.

Let’s include in your financial plan a provision of ensuring income or preparing for the cost of a sudden illness or injury.

Learn how to keep up with the cost of rising education prices. Build a good education fund for your children.

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With the rising cost of education and other related expenses, we must start saving as early as we can and as much as we can if we want to send our children to the best schools.

Building an education fund is also an important component that we need to consider when we develop your financial plan.

Life is too short to be anything but happy. What are you passionate about? What makes you happy? Let your money create more money to fund for your future passion projects.

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Everyone has life milestones in mind, be it a car, a house or condo, a dream vacation or a business.

Unfortunately, not everyone achieves their life milestones.

The trick to saving for life milestones is to visualize your goal, pin your target amount, and set a deadline to achieving it. Most importantly, invest, so that your money will work hard for you by creating more money.


We can help you create, implement and review existing plans

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As your advisor, those are the bright choices that I can help you with. How? By assisting you in developing a FINANCIAL PLAN suited to your life goals and your unique circumstances. Creating a financial plan is a collaborative effort and together we will create, implement and review this road map to help you achieve the Brighter Life.

I can discuss with you the Bright Choices of Ensuring Future Income, Ensuring Income in case of illness or injury, Building an Education Fund and Saving for Life Milestones more extensively later on.

We can help you manage your finances on your “Moving Up” Stage

These are the steps that we will go through:


  • We will identify and prioritize your life goals
  • We will compute how much those will cost in the future and adjust based on your financial situation
  • We will develop a financial plan customized to your life goals


We will choose the appropriate product solutions for your life goals


We will track your progress in achieving your life goals

What do you want us to work on today?

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Let us talk about your dreams/goals/worries/concerns. What do you think are your life goals that we should be prioritizing now? We can help you create a financial plan and assist you all the way as you work your way up to your financial goals and dreams. Getting started isn’t easy, but with a proper plan, you can get there.

Money Monkeys can assist you:



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Hi there! Thanks for viewing my articles. It is my joy to share financial literacy articles to Filipinos worldwide. Little do most of you know, I have been victim to internet plagiarism and online bashing from some articles I’ve composed. I’ve had enough of crab mentality. Because of this, I have decided to make my financial blog a bit more exclusive so I can focus my valued time in building better relationship with my clients.

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