If you are a stay-at-home Filipino mom and your husband is the employed parent, you may be left to feel quite anxious regarding the management of household finances. After showing up to a tedious 9-5 full-time job, he usually gives you an amount for the household expenses and lets you budget for the expenditures. There maybe times that you’ll encounter family financial related problems no matter how tight you stick to your budget.
However, as a responsible parent, try to keep an open mind about your family’s financial situation. Since the goal is to maintain happy lives, the best way to handle family financial related problems is to have open discussions with your spouse regularly. Be frank on whether the amount he gives you is sufficient or not. Do not keep thoughts and resentments bottled up. And, instead of creating opportunities for all sorts of family feuds about money to come in, learn to collaborate as a couple for your children.
Here are some Stay-at-home Mom Financial Tips:
Create a Budget
On paper, jot down all expenses; tally how much you need for groceries, transportation, food, and other utilities on a monthly basis. Do you need money for personal activities? Do your children needs an extra allowance? Do you need to pay household helpers? Include every item that you spend money on. Then, show it to your spouse so he could come up a sufficient amount.
Figure Out Ways to Reduce Overall Expenses
As a stay-at-home mom, why not practice a frugal lifestyle? It will surely help you get rid of unnecessary expenses. Teach your children to consume resources properly and not let the items go to waste. Other than that, encourage them to always be practical. According to the NSO, as of 2014, while there are families that live comfortably, there are a few employees who bring in just an average of P6,000 monthly to their families and end up always in debt. That said, it is wise to always be mindful of your spending habits as a family. Do your part, and, regardless of the exact income that your husband makes, you can help him by ensuring that you do not spend more money than he earns.
Manage an Emergency Fund
For instance, if your husband gives you P3,000 monthly to set aside in case of emergencies, make sure you keep it. Avoid the temptation of “borrowing” from that amount for unnecessary purchases, even if it feels that you will not need it anytime soon. It is better to save it in a bank and allow it to accumulate over time. That way, when unexpected circumstances (e.g. vehicular accidents, natural calamities, hospitalization, and family affairs) arise, you are prepared.
Consider Making an Investment
Because you are mostly at home, try finding time to arrange an investment that all of you can benefit in the future. Talk to your husband about it. You can invest in stock exchange, mutual funds or in a business. A simple example of is a store. If you like the idea of selling foods to different locations, why not start a food truck business?
In case, you need extra funds for capital or you’ll be needing an auto for your business, then you may approach a financial institution that offers a car loan in the Philippines. eCompareMo provide a complete online comparison portal for Filipinos looking for quick, secure, and complete banking and insurance information in the Philippines. They help Filipinos to be informed when it comes to choosing the best credit card, loans, health insurance and more. This online comparison portal is free!
As a result, you will find yourself more comfortable in managing your family finances.