Financial Tips for the Pinay Breadwinner

11:17:00 AM Rhea Mocorro 0 Comments

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In terms of gender equality, Pinays have it better than American women. In fact, the Philippines is in the top 10 in the world in the list of the most gender-equal countries in the world according to the World Economic Forum. The U.S. only made it to the 20th spot on the list.

If you come to think of it, we’ve had two women presidents while the U.S. has never had a woman president at the helm. There are several women in the Philippine Senate too including Miriam Santiago and Grace Poe so finding women in positions of power is not such a rare sight here in the Philippines.

It’s also not rare to find women occupy management positions here in the Philippines. With women enjoying greater equality here in the Philippines, we see more women becoming the breadwinners for their families.

Being a breadwinner has its challenges whether you’re a man or a woman. But there are challenges that are specific to women. Here are some tips for Pinay breadwinners who may be facing these special challenges.

Be More Financially Savvy

The Philippines ranks 8th out of 16 other countries in the Asia-Pacific countries when it comes to financial literacy according to the 2013 MasterCard Index of Financial Literacy. That’s not bad, but there’s still work that needs to be done. Filipinos scored highest in terms of financial planning (74 index points) but just 58 index points for investing.

Learning how to budget is one of the most important ways for you to take control of your finances. When budgeting, don’t forget to allocate a portion of your income for your savings whether it’s for education, retirement, or an emergency fund.

See If You Can Avail of Tax Exemptions

Taxes can take a huge chunk out of your income. Take some time to study your taxes and see whether you’re eligible for a lower tax rate. Taxes can be complicated so don’t hesitate to ask a tax expert or your company’s HR about any tax exemption you may qualify and that you may be missing out on.

Insurance is Essential

It can be a disaster for your family if (God forbid) you got into an accident and perished in the process. Life insurance can be a life saver when it comes to these situations. Coverage can help ensure that your dependents get funds the worst-case scenario happen.

If you drive a car, you can also save a lot of money in the long run if you have car insurance coverage. It gives you peace of mind knowing that in case you get involved in a road accident, it won’t make a huge dent on your finances. Coverage doesn’t have to be too costly. Compare car insurance quotes to get the best coverage for comprehensive car insurance at a reasonable price.

Learn When to Say “No”

It’s OK to say “No.” When kids say they want a new tablet but it’s not a request you can accommodate at the moment, then you’re not being a bad mother by saying no. Part of being financially savvy is being firm about needs and wants. There will be a lot of times when you have to say “no” to the people who depend on you every time they ask for something they want rather than need.

Talk With Your Partner

Now not every breadwinner is a single mom or a single woman supporting siblings and aging parents. Some are married and just earn more than their husbands. Most men I know are genuinely happy that their wives are earning more than them, but your partner may not feel the same. If he is not 100% comfortable with you earning more than him then it’s time to talk about it and to work with him about his feelings about the situation.

AUTHOR BIO:

Kyle Kam is an online marketing specialist for Moneymax, the Philippines’ leading financial comparison website. Whenever he’s not working, he’s busy at home watching MMA videos the whole day. You may follow him on Twitter @undisputedkyle



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