A breadwinner? Here's how to budget your money so you can take care of yourself and your family

Being your family’s breadwinner is no easy feat. More often than not, you put your family first as your top priority, which sometimes leads to neglecting your own well-being.

To avoid this toxic pattern and create a healthier habit, financial expert Guen Salmorin shared a budgeting method on Tuesday’s episode of “Unang Hirit.”

Salmorin suggests the “55, 5, 10, 10, 10, 10” budget rule is a tactic that will allow you to take care of yourself while still being able to provide for your family.

The numbers correspond to the percentage of money that you need to allocate for different uses.

The biggest chunk — 55% — is for your expenses. This includes food, transportation, and utility bills. Include in the 55% the allocation for insurance (5%) and some 10% - 20% for your family.

The next one is 5%, which is for gifting other people or for donation drives close to your heart.

The next four 10s are for different types of funds for yourself: 10% for an emergency fund, which should be three to six months’ worth of your income; 10% for a financial freedom fund; 10% for an educational fund, which could be for yourself or your siblings and relatives; and 10% for play fund, which you can spend on shopping or eating out.

According to Salmorin, balancing between themselves and their family is the biggest challenge for any breadwinner.

“Ang nangyayari kasi do’n is nabubuo yung ‘Superhero Mentality’ ng mga breadwinners [na dapat unahin yung iba bago ang sarili], but you guys also have your own dreams, your own goals,” she added.

[What happens is that breadwinners develop the 'Superhero Mentality,' where they put the needs of others first before themselves. But you guys also have your own dreams, your own goals.]

He adds the importance of putting a stop to passing on the challenges of being a breadwinner to the next generation.

“That is the purpose of your financial freedom fund,” she added.

Aside from this budgeting method, Salmorin also suggests increasing your income through side hustles.

“Find your skill, your talent, and use it for the extra time you have after work or weekends, talagang hustle, but it’s really possible,” she said. 

Resolved to get over your debts this year? Check out these two methods.

— Hermes Joy Tunac/LA, GMA Integrated News