Remote work presents the regular Filipino with a lot of options. With it, you can earn a decent income while having more time for your family or passion projects.
That’s why some parents opt to work from home to earn a living while taking care of their children.
However, there is one common concern: saving for your child’s future.
With the unstable nature of freelancing, how can you steadily accumulate money for their future?
Fortunately, a lot of parents have done it through remote work. Here’s how:
Choose a Budgeting Method that Works for You
Unpredictable earnings can make budgeting a real challenge.
So the first step is to set a target amount and then to choose a budgeting method that works for you. For instance, you can check the 6 jars method.
This budgeting method allocates your income into different money jars based on a percentage.
Here’s a sample distribution:
- 55% Necessities (food, rent, utilities, insurance, debt repayments, etc.)
- 10% Financial Freedom Account (money for investments that you grow and don’t touch)
- 10% Long-term savings for spending (savings for big-ticket items like a car, a trip abroad, or your child’s future fund)
- 10% Education (seminars, online classes, etc.)
- 10% Play (budget for leisure or anything you want to spend on)
- 5% Give (charity, gifts to friends, donations, etc.)
So whether you get PHP 20,000 or PHP 50,000 each month, you can budget accordingly.
Take note that you can customize your own percentages, depending on your goals.
Open a Dedicated Savings Account
Next is to open a dedicated savings account that’s separate from your existing finances. This is solely for your child’s financial future.
You can even try opening one in digital banks for more interest income.
Cut Down On Unnecessary Expenses
Do you have any unused memberships or app subscriptions? Or maybe you can look for other cheaper alternatives?
Trim your unnecessary expenses so that you can reach your savings goals faster.
Build an Emergency Fund
Some people are just one emergency away from wiping out their savings — including the money for their children’s future.
We don’t know when an emergency will happen. Hence the emergency fund.
If, God forbid, something happens, you can use your emergency funds without compromising your child’s future.
Check out these tips to build your emergency fund.
Get Life and Health Insurance
Some accidents can cost more than what your emergency fund can handle. That’s where your insurance comes in.
Life and health insurance prevent you from dipping into your savings in case an emergency happens.
Get a Stable Remote Working Job
Is there such a thing? Absolutely! Yet one way to safeguard your future is to get multiple clients so that you’re not reliant on one income stream.
Aside from getting multiple clients, you can sign up with reputable agencies like Remote Staff for stable remote working opportunities.
Remote Staff offers long-term contracts in different fields.
Just in case your client suddenly terminates your contract, Remote Staff will find another client who needs your expertise – and make sure you always get paid for the work you’ve rendered.
So sign up with Remote Staff today!
