Putting A Price Tag On Peace Of Mind: The Real Cost Of Safety And Security

2 min. read By eCompareMo on

In these trying times, even Buddha himself would agree that meditation wouldn’t secure your path to “inner peace.” Daily life is rife with everything from unfavorable mishaps to life-threatening situations, such as theft, road accidents, sudden job loss due to recession…the list goes on. The worst part is, these incidents often catch you off guard–which adds to the steaming pile of stress.

With harmful external forces everywhere, it’s better to be safe than sorry. But people are wired differently on matters of what we value the most, and would therefore define security in their own terms.

Want to know how much your peace of mind is worth? Here’s a breakdown of the figures.

Home and personal essentials to safeguard Losses without security Cost of prevention
Home security
  • Thousands to millions worth of appliances, furniture gadgets, jewelry, cash, and others
  • Digital door lock system, P15,000
  • CCTV camera, P2,000 to P4,500
Road accident/damaged vehicle
  • Repaint: Minimum P2,000 to P8,000 depending on damage
  • Mechanical repair – P3,500 and up
  • Loss of life
Treatment of serious health condition
  • Checkup: P500
  • Prescribed medicines: P1,000 and up
  • Medical treatment (i.e. dialysis, chemotherapy, organ transplant): Thousands to millions of pesos
  • Health insurance premium: P700 to P5,500 average monthly
  • Annual executive checkup: P16,500 to P30,000 average
Child’s education
  • Delayed education / low paying jobs / lack of financial stability in the
  • Educational plan: starts at P20,000 a year
  • Time deposit – as low as 0.5% interest rate
Cash backup/secured money-keeping
  • Running out of cash in cases of emergency expenditure
  • Stolen cash
Travel safety
  • Loss of baggage with thousand of pesos worth of items
  • Hefty medical assistance in cases of accidents on travel abroad
Dental health
  • Dentures: Around P38,000
  • Annual oral prophylaxis. P500 to P1,000

For some, peace of mind is covered by fulfilling Abraham Maslow’s Hierarchy of Needs. But smart and financially literate people can only sleep soundly knowing their future is secured.

Alongside holding onto faith and keeping a positive outlook on life, peace of mind can be tangibly attained through shedding some more cash, ironic as it may seem.

On a lighter note, it’s rewarding to be geared up if you sudden get laid off, or a family member falls ill. For instance, three months’ worth of salary stashed into an emergency fund can sustain you for a period, as you recover from an unprecedented financial crisis.

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eCompareMo

eCompareMo eCompareMo is the No. 1 financial e-commerce site in the Philippines. Follow us on Twitter and Instagram: @ecomparemo.