Step 3 of 3
For parents
Kids change everything, including your budget. A few early moves make the years ahead much lighter.
- Protect first. Make sure your life and health coverage would take care of your child if something happened to you. Name a guardian in your will.
- Plan for education early. College costs rise every year. If a year of college costs ₱100,000 today and costs rise 5% a year, it would cost about ₱208,000 in 15 years.
- Use time on your side. For goals 10 or more years away, a regular monthly investment usually beats saving in a bank account. Be wary of plans that promise a fixed tuition amount; read the terms and check the provider's license.
- Don't pause your own retirement. Your kids can borrow for school; you can't borrow for retirement. Protecting your future is a gift to them too.
- Teach money early. Give a small allowance, use three jars (spend, save, share), and let them make small mistakes while the stakes are low.