An Activity of ILO- ASEAN TRIANGLE PROJECT MODULE 3 MANAGING YOUR FAMILY INCOME An Activity of ILO- ASEAN TRIANGLE PROJECT ATIKHA www.atikha.org

OBJECTIVES Create proper budgets for yourselves and your families; Understand the proper way of of keeping track of your money; Understand the shared responsibility between migrants and families, between women and men in managing money; and Understand the need to remit money through formal channels

ENERGIZER Like to eat ice cream Love to watch TV Miss your family INSTRUCTION: TRUE- stand up FALSE- sit down Like to eat ice cream Love to watch TV Miss your family

ENERGIZER I have saved money now I have saved money in the past I wish I had money saved I know how much money I have in my wallet I like to go shopping Women migrants are not consulted on how their remittance is spent

ENERGIZER I plan my expenses for the month I wish I had more money Men migrants are not consulted on how their remittance is spent I respond to all requests of my family back home I like to go shopping I set aside money for insurance

ENERGIZER I know the amount of money I need to save each month to reach my goal Men usually take decision on money in the family Women usually do the budgeting in the family

KEEPING TRACK OF YOUR MONEY www.atikha.org

INCOME Month: ______ Year:_____ Date Income Source Amount

EXPENSES Month: _________ Year: _____ Date Expenses Amount Necessary (Y/N)

LET’S TALK ABOUT BUDGETING www.atikha.org

Budgeting is the process of creating a plan to spend money WHAT IS A BUDGET? Budgeting is the process of creating a plan to spend money It will determine in advance if you have enough money to buy the things you need or like

How do you usually budget your money?

WAYS OF THINKING ABOUT BUDGETING USUAL WAY OF THINKING HOW WE SHOULD DO IT SALARY - EXPENSES Food Housing Transportation Clothing Education Health Leisure = SAVINGS SALARY - SAVINGS = EXPENSES Food Housing Transportation Clothing Education Health Leisure www.atikha.org

Is it the men or women in the family? Why? Who is usually in charge of budgeting in your family? Is it the men or women in the family? Why? Budgeting should not be solely the responsibility of either women or men, but should be a SHARED RESPOSIBILITY of all members in the family

WHERE DOES YOUR SALARY GO? www.atikha.org

The “Money Trees” ASSETS EXPENSES Life Health Education Insurance Housing Retirement Social Security Fund Investment Save Cash (20%) Income EXPENSES Clothing Spend Food Shelter Transportation Leisure www.atikha.org

Financial Planner Page 12 WORKSHOP: BUDGETING Financial Planner Page 12 www.atikha.org

ASSIGNMENT Budget of family, combined budget and revised budget Discuss with an OFW family member: Budget of family, combined budget and revised budget www.atikha.org

Goals of Budget by chinkee tan Boundaries B Unwanted stress and pressures U Debt-free D Generate more and give G Eradicate impulsive buying E Trust T www.atikha.org

REMITTING YOUR MONEY www.atikha.org

positive and negative experiences in sending money? What are your positive and negative experiences in sending money? www.atikha.org

WORKSHOP: REMITTING MONEY www.atikha.org

formal and informal channels What are the advantages of remitting through formal channels like banks, microfinance, and money transfer companies? What are the disadvantages of remitting through formal It is safer. No worries about losing your money. It’s faster. Average time is 20 minutes for your family to receive the money. It is easier to track money. You will have bank statements (receipts) for all your transactions. Your money can grow. You can send money directly to your family through your bank and it will earn interest. _______________________

formal and informal channels What are the advantages of remitting through an informal channels What are the disadvantages of remitting through an formal channels? _______________________

Reminders Sending money home is very important for your family. You work hard for your money, so send it wisely. Avoid sending through informal channels such as through relatives and friends and unregistered money transfer agencies.

Budgeting, keeping track of money, investing, borrowing, and paying off debt should not be the sole responsibility of the migrants. This should be a shared responsibility of the whole family, including the children and other family members who are dependent on the income of the migrants, to ensure that everybody is aware of their tasks in minimizing expenses and contributing to savings of the family. Many migrants end up sacrificing their own well-being to send much needed remittance to their families. The sharing of financial responsibility among every member of the family will ease the burden often placed on migrants in sufficiently providing for their families left behind at countries of origin.

THANK YOU www.atikha.org atikha@atikha.org (+6345) 562-3156 WEBSITE: www.atikha.org EMAIL: atikha@atikha.org TELEFAX NO.: (+6345) 562-3156 MOBILE NO.: (+63917) 569-1031 ATIKHA ATIKHA OVERSEAS WORKERS AND COMMUNITIES INITIATIVE, INC. www.atikha.org