MONEY TIPS FOR OVERSEAS FILIPINO WORKERS
Every Filipino working abroad should save and invest the hard earn money. Below are tips on how OFW’s can save and not waste their hard earned money and live the life they want in the future.
1. Every OFW should assess their income. Ofws should only invest in a property if they have carefully planned and checked it if they can afford it. Overseas Filipino Workers are earning higher compared to before when they were still earning in Philippines. This is the upside of working abroad but the option to buy a property or a condominium needs careful consideration. The advantages of owning a property is that you can call it as your own, it has sentimental value especially it’s the first property the ofw bought. Also its value appreciates over time. Investing property must be a priority, if the ofw’s earnings and salary would allow it.
2. Avoid spending on expensive items and luxuries. Buying material things such as expensive a watches or a brand new car, things you couldn’t afford before, is not advisable. There are stories that some Overseas Filipino Workers tend to be impulsive buyers due to the increase in income. Ofw’s sometimes ignore important things such as investing on income generating assets like bonds and government securities, which are absolutely important things to acquire for investment purposes.
3. Ofw’s must spend wisely. It is unavoidable to spend on unnecessary things but ofw’s must try to control themselves when faced with that situation. They should always think of main goal and why they need to work abroad in the first place and live miles away from your loved ones. They only want to save as much money as possible so that they can to provide a comfortable life for their family back home.
4. Send an appropriate amount allowance to your family. Try not to give extra money to them. This way, they are forced to organize their expenses and make them prioritize, more important importantly teach them how to fish and not just keep on giving them the fish so to speak.
5. Keep your family updated. It is also crucial to be open to your family. Tell them what is happening to you, both positive and negative. Letting them know your situation will give them an idea on how they can support and inspire you, in their own little ways. The internet can provide you with free tools to communicate with your love ones for free.
These are just basic guidelines for Overseas Filipino Workers who truly want save their money and pursue their dreams.
