BUDGETING STRATEGIES AMONG EXTENDED FAMILIES TO MINIMIZE FINANCIAL CONCERNS IN BARANGAY 179

Abstract

Extended families, which consist of multiple generations living together or nearby, encounter unique challenges and opportunities in managing their finances. This study aims to explore effective budgeting strategies for extended families to address financial concerns. As more households include multiple generations, it is essential to understand and implement solid financial plans to enhance the overall well-being of the family. TTo address the issue of financial management in extended families, this study recommends effective budgeting strategies that can help these households manage their finances more effectively. With the increasing prevalence of extended families, the research investigates budgeting techniques that specifically tackle the financial concerns present within these structures. Understanding the significance of financial stability for overall family well-being, the study aims to provide insights into developing and implementing comprehensive financial plans tailored to the unique dynamics of extended families. 

By exploring various budgeting approaches and their relevance to extended family households, this research seeks to offer practical recommendations that promote financial resilience and harmony across generations. The study utilizes a survey questionnaire to investigate the budgeting strategies of extended families in Barangay 179 who are facing financial challenges. The lack of structured budgeting makes it more difficult to manage expenses, particularly in households led by females aged 26 to 33. Research indicates that the 50/30/20 budgeting rule is widely adopted, illustrating its effectiveness in addressing financial issues. In the context of extended families in Barangay 179, this study proposes customized budgeting recommendations to enhance financial management within these households. 

The findings emphasize the essential need for structured budgeting practices, especially in areas like Barangay 179, where such households are common. The prevalence of the 50/30/20 budgeting rule demonstrates its ability to effectively address the financial challenges faced by these families. Moving forward, implementing tailored budgeting strategies can empower extended families to better navigate their financial challenges, ultimately promoting family well-being and financial resilience. The researchers have developed the concept of a motivational podcast in collaboration with Mr. Chinkee Tan, a well-known motivational speaker. He addresses various topics, including money management, mindset, and achieving success. Mr. Tan's expertise and communication skills will offer practical advice and valuable insights. Listeners will be encouraged to implement the strategies discussed and share the podcast with others. His guidance will empower families to effectively manage their finances and work towards achieving their goals.