With today’s global economic recession, it becomes more important for us to find wiser ways to save and spend money. And because overseas Pinoys like you are usually the major source of income for the family, you have to be involved in the budgeting and financial planning of your loved ones back home. Here are some ideas on how your family can survive the financial crisis:

1. Teach your children about the value of money. It’s never too early for them to learn how to save. Ask them to put away at least 10 – 15% of their allowance in their alkansya or in their savings account. Remind everyone to list down their daily expenses for them to keep track of their spending.
2. Help your family guardian (whoever is left to care for your family back home) in budgeting for the week / month. Discuss your priorities, such as food, your family’s daily allowance, healthcare, home maintenance, emergency fund, etc. and how much money should be allotted for each.
3. Having another source of income can help tide your family over the lean times. Explore ways on how to grow your money, be it a loading station, a small sari-sari store back home, or even a jeepney. The possibilities are endless—but always study your options carefully.
4. Postpone big plans, such as renovating the house or buying a family car. You might want to have the extra cash ready for any emergency. Also, you might stumble upon more worthy investments that will yield greater results later so it’s better to have money on hand.
5. Encourage creativity. Instead of an out-of-the-country family vacation, how about staying at a local resort? Instead of going out to the cinemas, why not have DVD-nights at home? Consider carpooling, homemade meals and baon, “sidelines”, and other sources of savings and income. Have your family reduce, reuse and recycle.

The times may seem extra difficult, and everyone is feeling the pinch. But with your family working together, surviving the recession should be easy.