July 5, 2018

Give Your Children A Good Financial Future With A Family Budget

A government economist caused a stir recently when he announced that a family of five only needs P10,000 to survive and quickly corrected it to more than four times that amount. If you’re not sure of how much you should be spending either, perhaps it’s time to look at preparing a household budget, the needs of a family are constantly changing but there are ways to adapt without having to spend lots of money. Whatever your income, whether you’re trying to tighten your belts or just want to feel more in control of your spending, drawing up a budget for the whole family works best if everyone is involved.

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Start With A Clean Slate

Obviously, your children don’t have to know everything about the family finances, just that you would like them to feel more included in the day to day planning of your family life. Household debt is still on the rise in the Philippines so before you think about how to allocate your money in a budget so that you don’t overspend in the future, you need to face up to any problems with debts or outstanding bills. Then you can start thinking about saving for times when you need a little extra money.

Help Your Children to Spend Wisely

If your children are aware of areas you want to cut back on or that you are saving for a special occasion, they will be more inclined to agree when you have to say to no to a new toy or an extra treat. Last year’s “New Generations Philippines 2017” report showed that 83% of Filipino parents were worried about their kids being able to save money in the future. Giving your children an allowance when you feel they are ready, is a great way to help them understand the value of money and learn how to make their own good decisions about how it is spent.

Go Shopping With Your Children

While many bills are fixed, the amount a household spends on food shopping can almost always be reduced. Filipinos already tend to choose retailers that offer good prices and promotions so if you take your children shopping with you, you can choose food together, encourage them to look for offers and bargains and help them to learn how to spend sensibly when they are older.

Don’t put off drawing up a family budget, it doesn’t have to be scary  You’ll feel better facing up to any financial problems that you have and can then look forward to teaching your children about family finances without worrying about money.
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