Salary Loan Table - RNG Coastal Bank RNG Bank offers salary loan for permanent DepEd teaching and non-teaching staff thru Automatic Payroll Deduction System (APDS). Features: 📍LOW INTEREST RATE 📍LOAN AMOUNT UP TO 500,000 📍5 YEARS MAXIMUM LOAN TERM 📍NO HIDDEN CHARGES 📍NO NEED TO GO TO THE OFFICE A Bank that is built with trust and integrity and committed to provide quality and safe banking services to its existing and future clients, RNG Coastal Bank, Inc . is a banking institution established in the year 1974. The Bank has 15 operating branches in the Visayas, 11 in Cebu and 4 in Bohol. Providing various financial products and services to its clients for almost 50 years, RNG Coastal Bank remains strong and continuously grows its number of branches to reach more Filipinos. Here are the branches of RNG Coastal Bank: RNG Coastal Bank Head Office Cor. Cabancalan Road, Talamban, Cebu City 6000 Labangon Branch Punta Princesa, (Labangon) Cebu City Asturias Branch Poblacion, Asturias, Ce...
The Importance of Family Budgeting
Family budgeting is an important task usually delegated to the father or mother. However, all family members should have some knowledge of family budgeting so that the prepared plan for spending income will be more realistic. Through family budgeting, the members will learn to spend wisely, save regularly, and participate in family matters more actively. Resources such as time, energy, and abilities can be used to the maximum as well.
When budgeting for the family, one must consider the size of the family, income, the kind of work each family member does, the talents and abilities of every individual, and the locality where the family lives. Only after these factors have been considered can one have an operational budget.
An operational budget is a plan of spending the family's income that can be carried out without incurring any debts or deficit. To make a budget work, the income should be enough to meet all expenses that have been prioritized.
The Filipino family has fixed and flexible expenses. Among the fixed expenses that a family gives priority to are food, shelter, education, household operations, insurances, and installment payments (if there are any). Included in the flexible expenses are clothing, home furnishings and decor, household equipment, recreation and entertainment, contributions, medical and dental care, and emergencies.
Food - Is there a baby in the family? Is any member suffering from a heart condition, high blood pressure, urinary tract infection, or other diseases where a special diet is necessary? These are just some of the factors to consider in planning the amount to be allotted for food.
Shelter - Does the family own the house or does it rent an apartment? Under this factor, expenses for simple home repairs should also be included as well as payment for real estate taxes in case of homeowners.
Clothing - What are the basic clothing needs of the different members of the family? What activities do the members of the family engage in? The kind of job they hold, the family's position in society, and their status in life must be considered in planning their clothing needs.
Education - This component includes the tuition fee and school needs of children such as books and other supplies. Allowances and other miscellaneous fees should also be considered as part of educational expenses.
Household operations - Are there provisions for the payment of helpers at home? In case an extra helper is needed in the absence of a working mother or whoever manages the household tasks, can the family still afford it? The aforementioned considerations are necessary so that the family will not have problems budgeting extra expenses incurred for entrusting household activities to helpers.
Utilities - This includes the amount for payment of water and electric bills. It should also include cash which should be readily available to replace or repair broken household equipment in case they run out of order. Money allotted for the maintenance and repair of utilities in the home ensures the smooth operation of household activities and increase efficiency in home management.
Medical and dental care - Are some members of the family sickly? Do you incur frequent hospital or medical bills for them? Does the family have medicines available at home in case of minor accidents and injuries? These factors should be considered in planning the budget for medicine.
Rest and recreation - A portion of the family's income should be allotted for fun and entertainment which will provide a respite from the monotony of household tasks and other everyday activities.
Savings - The family should keep a portion of the income for savings so that long-term goals such as buying a car or going on a long vacation may be fulfilled in the future. Savings are also useful in case of unexpected situations and emergencies.
Knowledge of what comprises a family budget is not enough to develop one's skill in budgeting. Certain principles need to be applied effectively in order to make family budgeting a successful and fulfilling task. The principle being referred to are the same principle used in preparing a personal budget.
The following is a summary of these principles:
1. Know your income.
2. List your expenses. Know which components are fixed and which are flexible.
3. Set priorities.
4. Keep records of expenditures.
5. Make provisions for savings.
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