Saving Tips for OFWs
Most Filipinos get the notion that overseas Filipino workers (OFWs) have more money because they earn more than most Filipinos. This may not always be the case. Often, OFWs’ families tend to spend more and save very little—or none at all.
You cannot quantify the kind of sacrifice OFWs make – leaving their families behind to work in a foreign country just to earn more money and guarantee a better future for their loved ones. If you’re an OFW, it is your and your family’s responsibility, to ascertain that all the hard-earned money don’t go to waste.
1. Talk to your family.
Be open to your family about your financial concerns as it concerns them, too. While it is not wrong to enjoy the fruits of your labor, it is senseless if your family is so quick to spend what you earn. Always remind them about the importance of budgeting, so they won’t be empty-handed in cases of emergency. Educate your kids about saving and encourage them to have a healthy mindset about money. With your family behind you, you will be more inspired and motivated to do your best at work.Bottom of Form
2. Live within your means.
After working hard you deserve to treat yourself every now and then but you also need to stick to a budget. Do not to always give in to your wants. If your expenses gobbles up most of your income, then you might need to alter your spending habits.
Save a percentage of your salary every payday and frugally spend the rest for your family and your personal expenses. There is no need to deprive yourself. It is advisable if you allot a portion of your income to spend at your own leisure, provided you don’t exceed the budget you set. If there is something very expensive you want to buy and does not qualify as a “need,” you may want to postpone your purchase and give yourself time to reconsider.
3. Avoid vices.
If you do spend quite a huge sum of money on something habit-forming like gambling, excessive drinking, prohibited drugs, or unnecessary shopping, it definitely is a vice. Vices are harmful to any family. If you want savings so bad, you need to eliminate or to minimize your spending on vices.
4. Invest your money.
Think about investing in a mutual fund, a time deposit account, bonds, or stocks if you have excess money. These investments offer bigger returns compared to a regular savings bank account. Make your money work for you by investing wisely. Ask around or better yet do your own research and be cautious about where you place your money, to avoid being duped.
5. Set your financial goals.
Discuss with your loved ones about your goals and plans for the future. How long do you intend to work abroad? Do you have plans of returning after you have saved enough or would you want to relocate with your family? Do you have plans of establishing your own business after your children graduate from school? Discuss these plans with your family so every member is informed and prepared. Underline that you have to work as a team to achieve those financial goals.
Aside from providing for your family’s daily needs, saving for the future should also be one of your biggest concerns. Remember these money saving tips and secure your family’s financial future.
Source: MoneyMax.ph