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

2. 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

3. 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

4. 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

5. 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

6. 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

7. KEEPING TRACK OF
YOUR MONEY

8. INCOME
Month: ______ Year:_____
Date
Income Source
Amount

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

10. LET’S TALK ABOUT
BUDGETING

11. 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

12. How do you usually
budget your money?

13. 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

14. 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

15. WHERE DOES YOUR SALARY GO?

16. 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

17. Financial Planner Page 12
WORKSHOP:
BUDGETING
Financial Planner Page 12

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

19. 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

20. REMITTING
YOUR MONEY

21. positive and negative experiences in sending money?
What are your
positive and negative experiences in sending money?

22. WORKSHOP:
REMITTING MONEY

23. 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.
_______________________

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

25. 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.

26. 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.

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