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.