Top 5 Money Priorities Parents Must Have Today

Living the single life means using your financial freedom to plan experiences or buy things that you want (apart from taking part of responsibilities at home, of course). But now that you‘re married, have your own kids, and are living in a house or apartment you pay for yourself, your priorities—especially when it comes to money—have changed.

Family life isn’t always blissful; at times, you may encounter some bad luck when it comes to finances. But as the old Filipino saying goes, “Kapag may isinuksok, may madudukot”. Plan and save, so that you have a cushion against the possible effects of such instances.

Here are some of the things you need to prioritize with your savings and earnings now that you have a family to support. You may already have considered some of these even before you had kids, but it’s now time to shift your priorities from yourself to others completely.


1. Meet basic needs (food, shelter, bills, etc.)

Shelter and food are the top two priorities every parent should be able to provide because these are the most basic of necessities. Put these first, then worry about other bills (phone, water, or electricity) and debt afterward.

Everyday food for consumption doesn’t have to be costly, but there’s nothing wrong with splurging now and then especially when there’s windfall. The budget for your home (mortgage or rental), meanwhile, should always be put aside so that you wouldn’t feel tempted to spend it on something else.

2. Child’s education

With tuition seeing an increase every year and the introduction of K–12 that adds two more years of schooling, the budget for education is only getting higher. Financial experts say that school takes up a large percentage of a Filipino family’s budget, at about 30%.

Aside from saving up for your kids’ schooling, starting an educational fund while they are young can also help fund your school expenses. That way, you’re assured that you can keep up with the always-rising payments. Prioritize your kids’ future today so you can prepare them for years to come.

3. A sufficient emergency fund

Aside from the present and possible expenses, you should also set aside some money for the rainy days and other unexpected incidents like medical emergencies, home repairs, or job loss. Keeping an emergency fund is part of being a responsible parent, as it will let your family have something to fall back on when life takes an unexpected turn or when something goes wrong.

4. Insurance

As parents, you and your spouse serve as the breadwinner of the family or the one who funds the household expenses. You both work hard to provide, but you’re not immune to accidents or illnesses.

You need to look after yourself, so you can continue supporting your loved ones, and perhaps make your money work in the future or in case of an unfortunate circumstance. Protect your family’s resources by safeguarding yourself through health, disability, or life insurance.

5. Retirement

As mentioned, there’s no way that you can work forever to finance your own and your family’s needs. Much like an educational fund, a retirement fund is prepared preferably early on so your savings can grow for quite some time. Truth be told, not a lot of people think of retirement, perhaps due to more important financial responsibilities. But this will be your primary source of income someday, so you must save up for it now.

Filipinos often prefer providing for the elderly members of the family, and while such an act is admirable, it doesn’t change the fact that the young ones have plans of their own much like their parents or grandparents did when they were younger.

Avoid becoming too dependent on your children when you retire. Let them enjoy the same financial freedom you reveled in when you were single.

6. Family First

The Filipino culture is focused around families—parents are willing to sacrifice many things just to give the perfect life to their kids, while children study hard to be able to give back to their moms and dads when they grow up.  Don’t forget to take time and assess the family spending so that you can allocate the budget properly and prioritize the essentials.


The good news is that in times of emergencies, there are institutions that offer loan cash in minutes in the Philippines for every Filipino who needs it. Apply for a loan with Cashalo today and get cash in less than 24 hours. Parents can rely on Cashalo when they need extra money in trying times.

About Cashalo

Cashalo is a fintech platform that delivers digital credit to Filipinos – helping them elevate their financial well-being. All loans under the Cashalo Platform are financed by Paloo Financing Inc., with SEC Registration No. CSC201800209 and Certificate of Authority No. 1162

Want to help accelerate financial inclusion in the Philippines? We’re hiring –

Address: 16F World Plaza, BGC, Taguig City, Philippines 1634