Opinion piece by:
Bangko Pangasinan – A Rural Bank, Inc.
One of the most beautiful traits of Filipinos is their love for their family. Plans? Dreams? Name it. Filipinos include their family in all of those. More than paying bills and wanting to provide for them, it is indeed their love that drives them. It may be the reason why most Filipinos are resilient and kindhearted because family is their fuel to move forward.
As good as it sounds is how great the pressures and responsibilities lie on the shoulders of every breadwinner. Well, no struggle has no solution. Here are simple tips on how to budget as a breadwinner could help.
- Track your expenses
The important thing is you must know where you stand financially. Create a breakdown list to track where all your finances go. It is a dangerous thing to not know where it all goes. Some expenses look okay but consume a lot. Be mindful of that. Track your expenses including your bills, transportation, meals, something to reward yourself, and your savings.
- Live within your means
As Millennial and Generation Z breadwinners, we have that “reward yourself” system. And yes, you deserve that. However, we must discipline ourselves with that. It is good to reward yourself for something that you worked hard for. Hence, you still must set boundaries, or else you will lose track of your finances. Live within your means.
Working hard is good but working smart is better. It is nice to work for now. It is okay to earn something for now out of your salary. It is hard for now to invest that is where saving comes in. Save not just to earn but to invest as well.
- Avoid debts
Financial struggles could drive you to want to loan or borrow money. That is why sometimes, savings has been neglected. Because instead of setting aside to earn, you need to pay debts. As much as possible, avoid having debts. You do not want to pay forever.
- Save a portion of your income
Pandemic, typhoons, famine, etc. comes unexpectedly. Because of that, you will be needing money at unexpected times. As one of the famous lines says, “If you fail to plan, you plan to fail.” If you are going to ask me when is the best time to save? The answer is now. Do it now. Tomorrow might be too late.