As the new school year begins, many Filipino households face the challenge of stretching a single income to cover school-related expenses alongside everyday household needs. From weekly allowances and transportation costs to unexpected school projects, careful budgeting becomes essential for families balancing limited resources.
To help parents manage these expenses, UnionDigital Bank (UD) shared practical money-saving strategies from members of its Ka-UD community, highlighting how traditional budgeting methods can work alongside digital banking tools.
Modernize the envelope budgeting system
Many Filipino families continue to use the traditional envelope budgeting method by dividing money into categories such as groceries, bills, and school allowances.
CJ Ramos, a TNVS driver and content creator, said separating funds at the beginning of each month helps prevent overspending. While the system remains effective, UnionDigital Bank notes that storing cash at home comes with risks such as theft, loss, or the temptation to use money intended for other expenses.
Instead, families can apply the same budgeting principle through digital savings accounts, allowing funds for specific purposes to remain separate while earning interest.
Prioritize school essentials before shopping
Preparing for the school year does not always mean buying everything new. Parents can reduce expenses by checking which school items remain usable before heading to stores.
Arlene Rebudilla, a sari-sari store owner, recommends reusing items such as backpacks, tumblers, uniforms, and unused school supplies whenever possible.
Families can also save more by purchasing frequently used supplies, including notebooks, paper, and pencils, during promotions or through bulk purchases with other parents.
Avoid paying unnecessary transfer fees
Digital payments have become more common when purchasing school supplies or sending allowances, but transaction fees can quietly increase monthly expenses.
UnionDigital Bank recommends using payment services that offer free bank transfers and QR payments. Eliminating transfer fees allows families to allocate more of their budget toward essential school expenses instead of banking charges.
Build a dedicated emergency fund for school expenses
Unexpected costs such as field trips, classroom contributions, or project materials can quickly disrupt a family’s monthly budget.
Both Ramos and Rebudilla said they maintain separate emergency funds specifically for school-related expenses to avoid financial stress when surprise costs arise.
Setting aside a small amount every week in a dedicated savings account can help families prepare for these situations while allowing the funds to remain secure and earn interest until needed.
Combining traditional budgeting with digital tools
While the financial pressures of the school season remain challenging, disciplined budgeting combined with digital financial tools can help single-income households manage expenses more effectively.
By separating funds, prioritizing essential purchases, minimizing transaction fees, and preparing for unexpected costs, families can build a more sustainable financial plan throughout the school year while making better use of digital banking services.
