Looking back, we were really in a tough financial situation when hubby temporarily lost his job because of the recession. Even though the company gave them their retrenchment benefit, still it wasn't enough for our future expenses considering that I was pregnant at that time and almost due for delivery. We really need to prepare for the future expenses especially for the baby's needs. There's also the need for house improvement since we need to construct rooms for it. Good thing that hubby's life insurance has the benefit of personal loans which really helped us a lot to get through our financial woes.
Loans are not that bad at all, if availed for the right purpose. I'm really thankful for these financial institutions. Without them, we could have gone to money lenders which offer loans with very high interest rates. For now, we are still paying the loan at an affordable interest rate.
It really pays to save for the rainy days, especially in these trying times. It's better to have a little amount saved than none at all before financial problems strike. We are now contemplating on augmenting our income for our baby's future since relying on the salary alone is not enough because our baby's needs are increasing.