Family Life: Getting By On A Low Income
For a parent, our first instinct is to protect and take care of our families. In the Philippines, over 26 million Filipino families remain poor with over half of those living below the poverty line, based on official government statistics. Life as a low-income family can be difficult and often feel like a balancing act, trying to make the most of your paycheck. Coupled with rising costs of living (Filipinos saw an onslaught of rising prices and inflation at the beginning of 2018), the amount needed to comfortably support your family continues to fall short. If this sounds a bit like your family and you find yourself living on a reduced income either due to you paying off past debt or a low household income, here are few tips that can help.
Explore the resources available
Families belonging to the lower 30 percent income bracket tend to be unaware of aid available to them. Social assistance programs such as the supplementary feeding program, social pension, and rice subsidy programs are widely available in the country. Head to your nearest barangay office today and find out the application process. In addition to help with food bills, there are also several educational grant programs all aiming to raise the number of educated individuals among the lower income bracket in the country.
In populated cities such as Manila, cost of accommodation can easily surpass Php 28,143 each month. By utilizing the available social assistance programs, you can supplement your income and cut your bills. Another option is to use the saved money towards another goal such as home renovations or savings. Senior homeowners and families looking to plan for later life also have other options such as borrowing against home equity to supplement retirement. Keep in mind that this loan is eventually due upon the passing away of the homeowner, which in most instances means the home is sold after. However, you can also repay the loan anytime should your financial situations change.
Get creative
From your children’s lunches to your family’s entertainment, the costs of these things can add up pretty quickly. For food, meal planning and embracing homemade are great ways to save money and still feed your family a healthy and nutritious meal. It also applies to your children’s school lunches. As a bonus point, you minimize waste by using proper planning to use up all leftovers.
The country is also known for its beautiful scenery and sites to see. A trip to the beach is a great (and cheap) alternative entertainment for the entire family on the weekends. Eco/nature parks and other attractions such as the SM Seaside City Playground are great cheap (or sometimes free) kid-approved attractions.
Make a plan – and stick to it
Regardless of the country or city you and your family live in, making a plan can help your family keep track of expenses and more importantly, cut out unnecessary costs. Start by looking at your regular expenses each month and drawing up a budget. It can be a simple chart and you can even get your children involved. Living on a budget also requires some planning to be successful and applies to all aspects of your family live, from meal planning to keep grocery costs under control to saving up for large purchases to avoid high-cost debt.
Many families are living on a low or single parent income. However, with a little planning and the help of these tips you and your family can still enjoy a happy and varied life. So get to researching and budgeting and watch your money go further!
