PERSONAL FINANCE FOR STARTING UP A FAMILY

Source: Philippine Statistics Authority, 2012 and 2015 Family Income and Expenditure Survey

2015 2012
Average family income 267,000 235,000
Average family expenditure 215,000 193,000
Average savings 52,000 42,000

Consumer spending on food and drinks for the household, 2012

How to make a financial plan for your family

1. Set financial goals

2. Track your spending
3. Create a family budget planner and stick to it
4. Create an emergency fund
5. Clear outstanding debt
6. Save or invest for the long term

Lessons for the fruitful life

1. The rich don’t work for money- Instead of spending their life working for money, the
rich work to understand how to make money work for them through financial
education.
2. Your house is not an asset- House takes money out of your pocket in the form of a
mortgage, utility payments, taxes, maintenance, and more. That is the simple definition
of a liability.
3. The 50-30-20 Rule- 50% of your income goes to things you must have/need to spend on,
30% goes to things you want to buy and 20% goes to savings