Being a young parent, an OFW, or a family breadwinner is an act of love and sacrifice. You work hard—not just for yourself, but for the people who depend on you. However, even with good intentions, many fall into simple money mistakes that can put their family’s future at risk.
Let’s break down the most common ones—and how you can avoid them.
For Young Parents: “Basta May Makain at Mapag-aral”
1. Focusing Only on Today’s Needs
Diapers, milk, tuition, and daily expenses easily take priority. Many young parents postpone saving because “saka na pag mas malaki na sweldo.”
What to remember:
Your child’s future starts with the decisions you make today—especially savings, education funds, and protection.
Simple fix:
Start small. Even ₱1,000–₱2,000 a month builds the habit and discipline.
2. Not Protecting the Family Income
Many young parents assume they’re “too young” to need insurance. Unfortunately, life doesn’t wait for the perfect timing.
Reality:
If something happens to you, who will continue providing for your child?
Think of insurance as:
A safety net that ensures your child’s education and lifestyle continue—no matter what.
For OFWs: “Sulitin ang Kita Habang Nasa Abroad”
3. Spending More Because Income Is Higher
Higher salary often leads to bigger remittances, more padala, and lifestyle upgrades for the family back home—without long-term planning.
Common mistake:
Sending money without a clear purpose or budget.
Better approach:
Assign roles to your income:
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Daily family expenses
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Savings and investments
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Insurance and protection
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Long-term goals (business, retirement, home)
4. No Exit Plan From Working Abroad
Many OFWs work overseas longer than planned because there’s no clear financial end goal.
Ask yourself:
“If I stop working abroad tomorrow, will my family still be okay?”
Start building:
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Health and life insurance
For Breadwinners: “Ako Na Bahala sa Lahat”
5. Carrying Everyone’s Financial Burden Alone
Breadwinners often prioritize parents, siblings, and relatives—sometimes at the expense of their own future.
Hard truth:
You cannot help everyone if you’re financially exhausted.
Healthy boundary:
Support your family without sacrificing your own security.
6. No Emergency Fund = One Crisis Away From Debt
One hospitalization or job loss can push breadwinners into loans, credit cards, or utang.
Goal:
Save at least 3–6 months of expenses so emergencies don’t derail your family’s finances.
A Common Mistake Across All Three: Avoiding Money Conversations
7. Not Talking About Money With the Family
Many avoid money talks to keep peace—but silence often leads to misunderstandings, hidden debts, and unrealistic expectations.
Start the conversation:
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Share financial goals
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Set limits and priorities
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Align expectations early
Final Message: Financial Planning Is an Act of Love
Whether you’re a young parent, an OFW, or a breadwinner, financial planning isn’t about being rich—it’s about protecting the people who depend on you.
Avoiding these simple money mistakes can help you achieve:
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Less stress
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More control
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Greater peace of mind
Because at the end of the day, the best gift you can give your family is security—even when life is uncertain.
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About the author.
Emmanuel Asunto is a Financial Advisor with Save and Build Insurance Solutions under InLife, the first and largest Filipino life insurance company, and the only mutual life insurance company in the country.
“I help Filipino parents and breadwinners protect their family and build long-term financial security through simple, honest financial planning.” Email me for a free financial checkup at saveandbuild101@gmail.com
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