Becoming a tatay for the first time can be both exciting and overwhelming. For young Filipino fathers navigating the early stages of parenthood, managing finances is one of the biggest challenges. Between all the baby gear, sick and well checkups, unexpected expenses, and setting up your child’s education funds and other needs in the future, the costs can add up quickly. However, with the right strategy, money matters related to childcare can be the least of your worries.
To help first-time dads get started on the right foot, CIMB Bank Philippines shares some simple but smart money habits paired with digital tools designed support your growing responsibilities.
Start strong with a baby-ready budget
The early days of fatherhood come with a lot of firsts – including financial ones. Start strong by outlining a clear monthly budget for everything your baby needs, from day-to-day items to unexpected costs. As you learn the ropes of fatherhood, the financial aspects may also shift, so be ready to be flexible and adjust your budget when your child’s needs also change.
Create a “dad fund” for yourself
While you’re focused on the baby, don’t forget your own needs. Set aside a small monthly amount for personal wellness or even a much-needed coffee break. Being mentally and emotionally healthy can help you become a better father and partner.
Save time and effort through digital banking
Being a parent can get very busy, leaving you with less time to do other things. However, bills and payables can stack up before you know it. This is where digital banking can help. For banks like CIMB Bank PH, you can do your transactions all within its mobile app. From fund transfers, bills payments, and even remittances – all these are at your fingertips without needing to step out and line up at traditional banks, allowing you to spend even more time with your family.
Plan for long-term goals
It’s never too early to think ahead. Even when your child is only a few months old, building good saving habits now lays the groundwork for bigger goals, such as their education or your bigger home if you decide to have more kids. You can get a head start by opening a high interest savings account, like CIMB Bank PH’s FastPlus and UpSave savings accounts, which offer better rates than most banks. Through the Bank’s special promos, you can also earn as much as 10% interest per annum until June 30, 2025.
Fatherhood comes with many firsts – first diaper change, first gigil moment, first baby expense shock – but with the right money moves and digital banking tools, you can handle fatherhood like a true man of the house.
For more financial tips and digital banking solutions, visit cimbbank.com.ph
