ECONOMY | UnionDigital shares budgeting tips for single-income families
UnionBank highlighted common financial challenges faced by families relying on a single paycheck, including school allowances, transportation, groceries, utility bills, and unexpected school-related expenses.
As Filipino families prepare for the new school year, digital bank UnionDigital Bank has released practical budgeting strategies aimed at helping single-income households manage education and daily living expenses.
The bank highlighted common financial challenges faced by families relying on a single paycheck, including school allowances, transportation, groceries, utility bills, and unexpected school-related expenses.
Drawing from members of its Ka-UD community, UnionDigital recommended adapting the traditional “envelope system” by using digital savings accounts to separate funds for school expenses, groceries, and household bills. According to TNVS driver and content creator CJ Ramos, dividing the family’s budget at the start of each month helps prevent overspending.
“Sa budget, ang diskarte namin ay ‘envelope system.’ Hiwalay agad ang baon ng mga bata, pambayad ng bills, at groceries sa simula pa lang ng buwan para hindi magalaw,” Ramos said.
The bank also encouraged parents to prioritize essential purchases by checking which school items can still be reused. Sari-sari store owner Arlene Rebudilla said her family saves money by reusing bags, tumblers, and school supplies that remain in good condition.
“Nirereuse ang mga gamit na maayos pa tulad ng bag, tumbler, at school supplies. Ang pinakamabisang diskarte ay ang maagang pagpaplano at matalinong paggastos,” Rebudilla said.
UnionDigital also advised families to reduce banking costs by using digital payment services that do not charge transfer fees, saying small transaction charges can accumulate over time and affect household budgets.
The bank further recommended building a dedicated emergency fund for unexpected school expenses, such as projects, field trips, and other contributions.
“Nalalampasan namin ito sa pamamagitan ng pagkakaroon ng maliit na emergency fund para sa school expenses para hindi kami mabigla,” Ramos said.
Rebudilla shared a similar approach.
“Nagtatabi kami ng kaunting emergency fund para sa biglaang school expenses,” she said. “Sinisigurado naming may nakalaang budget kada linggo para hindi maubos agad ang pera.”
UnionDigital said families may also consider keeping emergency savings in interest-bearing digital savings accounts instead of holding cash at home, allowing funds to remain accessible while earning interest.
The bank said combining disciplined budgeting with digital financial tools can help households better manage school-related expenses throughout the academic year.
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