Saving money is an essential thing we can do as an adult. Kids are also encouraged to save at a young age so that they can learn the value of money. If they want something, even when parents can afford it, some of them prefer that their kids work for it, especially when it is not a need. Thus, as adults, these kids are more financially-able than those with different training.
Many of our OFWs earn more money compared to those working in the Philippines, yet a lot of them still end up broke. Why is this the case, you might ask? Some people say because the OFW did not budget their money, or maybe their family members in the Philippines spent money like there is no tomorrow or they just did not invest their money wisely.
Whatever the reason behind all this, we still want our loved ones to know how to save money as an OFW. You will not be working abroad your entire life. We have to encourage our OFW loved ones that it is, in fact, essential to save money and invest them for the future.
Below are three OFW Pinay Tips that you can live by. These allow for more financially-free individuals who listened to tips on how to save money while they are abroad.
1. SET YOUR FINANCIAL GOALS AND INVEST
Set a goal. What is it that you want to achieve? Be realistic with these goals and embed it in your heart and mind so it can motivate and inspire you to work hard and save hard.
Slowly start a savings account for you and your family and budget them accordingly. Whenever you can, start paying your debts so you can have a clear sight as to the money you will be saving after setting a certain amount directed to your debts.
With all this in mind, invest your money wisely. Diversify your income, so you know where each penny goes. If you can start a small business in the Philippines, all the better.
2. TALK TO YOUR FAMILY
If you have already settled your goals, it’s time to talk to your family in the Philippines whom you’d be sending a portion of your income to. You can talk to them about your goal of saving money while you are away and that they should do the same with the money you’d be sending them.
If necessary, ask them to make a budget for a month and work around the money that you can send them. It’s even better if they can also save on their end.
Encourage your family members to avoid incurring any more debts if you already have some to avoid changes in the budget that you’ve created together.
3. LIVE WITHIN YOUR MEANS
Like what we have mentioned in the beginning, even kids are encouraged to work for their wants – adults should do that too. This does not mean that you have to deprive yourself but, before spending money on your wants, postpone the purchase for a week or even a month. This will allow you to sort if you wanted it in the first place.
After all, it is said and done, it all boils down to family. Be sure that you know each other’s’ concerns. Emphasize that you have to work together to be able to achieve your goals and dreams as a team.
OFW or not, saving for the future should be one of our priorities, whether we are single or married, with or without kids. Keep in mind these OFW Pinay Tips, and we’re sure you’re good to go!