Let’s face it, saving money is pretty hard. This is especially true for parents who are trying to make ends meet in order to provide for their family.
That’s why we here at TheAsianParent Philippines want to help out the hardworking moms and dads out there by giving you an idea of what to best spend your money on!
1. Anything that would help your kids learn more about the world
It’s important to let your kids learn about things beyond the four walls of the classroom. That’s why going to museums, art galleries, sports clinics, or going on an educational outing is money well spent.
You should let your children learn as much as they can outside of school, since it helps build their awareness about what’s really going on in the world, and it makes them cultured, well-rounded, and it also lets them appreciate the value of knowledge.
Kids should be taught to love learning, and fostering a love of learning will motivate your child to do better in school.
2. Investments
Investments could be anything from buying stocks, or setting aside your money for a business. Anything that will help you generate more wealth for your family is a worthy investment that you won’t have any regrets spending money on.
However, it’s important to understand that there is a certain amount of risk when it comes to investments of any kind, so you need to do your research first before deciding to invest. If you’re not sure of an investment, trust your gut and just set your money aside.
3. Once in a lifetime opportunities
The birth of your child, your child’s first birthday, your daughter’s 18th birthday, and finally owning a house you can call your own; all of these are once in a lifetime opportunities that you shouldn’t miss out on.
That’s why you shouldn’t regret spending money when it comes to these once in a lifetime occasions, since it helps enrich your experience, and the amazing memories you have are going to last forever.
Still, it’s important to work within your budget, as Filipinos have a tendency to splurge on celebrations. It’s good to celebrate, but it’s not healthy if you wind up with no savings afterwards.
4. Your family’s health
Of course, your family’s health should always be at the top of things that you spend your money on. It’s never a good idea to skip medicine or not go to the doctor just because you’re trying to save money.
Money won’t really amount to much if you’re not in good health. So make sure to keep you and your family healthy, so that you can enjoy the fruits of your hard work!
5. Paying off debt
In general, having debt isn’t such a good idea. However, when it comes to things like buying your own home, or a car, it’s hard to come up with the money to pay for it instantly.
That’s why it’s a good idea to pay off your debt as soon as possible, since you don’t want to bury yourself under a ton of payments that you’re always struggling to get by.
Additionally, when it comes to purchases such as a car, or a house, it’s important to do the math first and figure out how you can budget your money so that you can live comfortably, and still do your monthly payments. Always live within your means, and you’ll be better off in the future.
Source: news.abs-cbn.com, telegraph.co.uk
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