If you’re reading this, chances are that you want to learn how to budget your salary in the Philippines. Maybe you’ve tried using a budget tracker app or excel sheet but it doesn’t meet what you want. Or perhaps you just have no clue where to start. Don’t worry, you’re not alone. The good news is that it’s not as hard as you think. With a little bit of discipline and organization, you can budget your salary in the Philippines even if you suck at budgeting.

In this article, we’ll show you how to budget your 15k, 20k, or 30k salary in the Philippines. Moreover, we’ll give you the best tips on how to budget your money so that you can save more and reach your financial goals.

How to Budget Money in the Philippines

The effectiveness of any financial endeavor is believed to be significantly increased by having a budget. It’s an essential financial plan for a specific time period and it allows you to guarantee that both necessary and optional expenses will be met. But how should you budget your money that’s enough to cover your immediate expenses while leaving room for your “wants”? Here’s a basic budget planner made for you. By using the below template, you list down your income (may it be from your salary or side hustle) and all your expenses with dates and amounts in it.

How to Budget 15k, 20k, 30k Salary Philippines (even if you suck at budgeting)
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In addition to the above budget planner, these 2 simple ways can help you budget your money.

1. Find the right budgeting method for you.

Budgeting is a spending schedule that helps you decide how much to spend on a specific period. It lets you organize your money effectively and serves as your guide to record your cash flow transactions.

Some of the budgeting methods are:

  • 50/30/20 rule – the most basic budgeting method. The allocation is 50% for essential bills and expenses, 30% for flexible spending, and 20% for financial goals like savings or investments.
  • Cash Envelope Budgeting – distributing your income to different funds (emergency fund, give fund, etc.) base on the labels in each envelope.
  • Zero-Based Budget – a method where all your expenses are covered from your income and lets you account every peso.
  • The Half Payment Method – works out monthly bills where you can set aside half of the payment ahead so that it won’t be hard to pay the total amount.
  • The Goals-Driven Budget – budgeting for a specific goal that could be a travel, new home, or new car.

Read more about these budgeting methods here.

2. Keep a spending tracker or record.

Managing your budget is being cautious that every peso counts. One way of doing this is to keep a record of all your bills such as your rent, utilities, internet, insurance premiums, and all other monthly payables you need to pay. It’s advisable to track your spending to avoid unnecessary expenses like excessive dining out or too much leisure. Truthfully, the most common reason why you’re out of the budget is overspending on what you don’t really need. Indeed, overspending can mess out your budgeting. Therefore, avoid impulse purchases and resist the urge to overspend.

How to Budget 15k Salary Philippines

Are you earning a 15,000 salary in the Philippines? How’s your budget going? Is it enough or are you having difficulty stretching it to cover all of your expenses?

Here’s how to make your 15k income enough to suffice your expenses.

1. Modify your financial mindset.

A salary of 15k isn’t a lot of money. I bet you might agree. For some people, it’s a challenge to budget such income because it’s just enough for a living.

So how does one squeeze in all the expenditures without living paycheck to paycheck? One way is by adjusting your money mindset. The way people view money depends on their upbringing and daily habits. Thus, your mindset towards money will tell you how to budget your 15k salary and make it enough to suffice all your needs. It’s a matter of influencing your thoughts with your actions to make proper budgeting of 15k salary possible.

2. Make a list of your expenses versus your income.

First, let’s start with the basics. You need to have a solid understanding of your expenses so you can figure out where your money is going. Track your expenses by making a list of each and you’ll be surprised to find out how much money you’re wasting on things you don’t really need.

Below is your guide to budgeting your 15k salary by listing all your expenses (mandatory and voluntary expenses) such as rentals, utilities, groceries, transportation, load allowance, and more. Be more specific with the figures every month you create a budget so that you’ll come up with a realistic balance after deducting all your expenses from your income or salary.

How to Budget 15k, 20k, 30k Salary Philippines (even if you suck at budgeting)
Download the template here. Note: You can plug in exact figures that apply to you for each listed item.

How to Budget 20k Salary Philippines

Some people think of a 20k salary in the Philippines as a small amount that leads to a tight budget. With the rising inflation and cost of goods skyrocketing, we couldn’t agree more. But despite these things, there is still hope in fixing your cash flow and making sure that your cash flow covers all expenses.

Here are a few tips on how to budget your 20k salary in the Philippines.

1. Set your financial goals.

Along with your budgeting, you need to decide what your financial goals are – your savings and investments. Do you want to save up for a down payment on a house? Do you want to travel the world? Do you want to retire early? Once you know what your goals are, you can start setting aside money each month to achieve these.

For instance, in the 20k salary, you allocate P500 for savings and P500 for investments (as illustrated below). Let’s say you’re saving for your wedding and you’re investing for a modified pag-ibig 2. Hence, you’re setting a goal from the budget you allocate for savings and investments.

Download the template here. Note: You can plug in exact figures that apply to you for each listed item.

2. Re-visit your expenses from time to time.

Based on the above illustration of your 20k salary, you have more bills or payables to settle than the 15k salary illustration. Notice also that when you’re living away from your parents or home, more expenses are expected. The exact implication between the 15k and 20k salaries is that whenever your income increases, your expenses increase too. Therefore, revisiting each listed expense from time to time is a must so that you can decide what certain expense needs to be minimized or eliminated.

How to Budget 30k Salary Philippines

In the Philippines, the average salary is around P30,000 per month – a good amount if you’re single. This may not seem like a lot especially if you have a whole family to feed but with careful budgeting, you can still live a comfortable life on this salary.

So, how to budget your 30k salary in the Philippines?

1. Break down your obligations.

When you’re living on a tight budget while married with kids, it can be difficult to properly allocate your income to your specific obligations. But if you’re smart about your budgeting tactics, you can make it work. For instance, in your 30k salary and just like other salaries mentioned above, essentials are the top priority in creating a budget. Thus, based on the 50/30/20 budgeting rule, 50% is allocated to your needs. Simply break down your needs like the government’s mandatory contributions – sss, philhealth, and pag-ibig as shown below.

Download the template here. Note: You can plug in exact figures that apply to you for each listed item.

2. Make the most of your 30k salary.

As mentioned earlier, overspending can mess out your budgeting. Then, use what you have from the 30k salary. You can notice in the above illustration that having a 30k salary covers most of the expenses, both mandatory and voluntary costs including savings and investments. Use it to budget your 30k salary and make the most of it.

Best Budgeting Tips

How to budget your salary in the Philippines? To wisely allocate your hard-earned money is one of the financial practices you must seriously do. Your capacity to pay bills, utilities, debts, or insurance premiums should align with your proper management of money.

“A budget doesn’t limit your freedom; it gives you freedom.”

– Rachel Cruze

The following are some best budgeting tips you can consider.

1. Find ways to save money.

You may ask, “how can I save if my budget is tight?”. There are a lot of savings ideas you can choose from that applies to your budget. One of them is the 52-week saving challenge where you’ll need to save money every week. It’s a challenge not too difficult to get started because you’ll start with a small amount. Now if you’re looking for more fun “ipon challenge ideas”, you may check out this guide here.

Additionally, saving money in the Philippines is looking for ways to earn more money by having a side hustle or investing in a money-making venture. Also, by being strategic about the way you spend your money, you can easily save a lot of cash.

2. Avoid bank chargebacks.

Chargebacks are a pain. They cost you time and money. But there are a few things you can do to reduce the risk of chargebacks. One is to keep good records of your transactions. This will help you dispute any chargebacks that are filed against you. Another is to communicate with your bank partners if there are charges indicated in your statement of account that is unusual. It will help you monitor hidden charges.

3. Stick within your budget.

Yes, we encourage you to make a budget. However, staying within your budget plan is the real challenge. How could you stick to your budget when temptations are everywhere? Mega sale. Payday sale. Buy 1 take 1. And many more.

Here’s how to stick within your budget.

  • Before you spend, check your budget.
  • Adjust bills payment whenever necessary to cover the budget.
  • Make a grocery list before going to the supermarket.
  • Compare brands when purchasing an item which includes the price.

4. Find ways to earn extra Income

Of course, when all else fails and there is no more room left in your budget to eliminate certain expenses, the best way to assure that all your monetary obligations are covered is by finding a side hustle or opening a small business. While there are a lot of money-making articles here in The Thrifty Pinay that’ll help you jumpstart your path to earning extra cash, we’ve picked out our best articles for you to help you save time:

You can achieve your objectives and lead the life you want if you follow your budget. Moreover, it will shift the way you think about budgeting – from a duty to an activity you may enjoy.

In conclusion, budgeting your salary can be a challenge, especially nowadays in the Philippines where the cost of living is high. But with a little bit of planning, it is possible to live within your means. Hopefully, the above-listed helpful tips, templates, and samples can guide you to budget your 15k, 20k, and 30k salary even if you suck at budgeting.

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How to Budget 15k, 20k, 30k Salary Philippines (even if you suck at budgeting)

By Sherie Neri

Sherie is one of the experienced writers of The Thrifty Pinay Team since September 2022. She is a finance and accounting person by profession who worked in this field for over a decade. Aside from loving finance and accounting, she is passionate about writing. She writes SEO blogs and ghostwrites articles and ebooks. She has a passion for writing about personal finance to spread financial literacy awareness and to live that so-called financial freedom along with her shared personal experiences. Visit her website: https://www.sheneri.com/