USEFUL GUIDES FOR OVERSEAS FILIPINO WORKERS AND THEIR FAMILIES

Overseas Filipino Workers (OFW‘s) need to set goals when they leave to work abroad. Usually, their main goal is to provide a comfortable life for their family back home but preparing for it is not easy. It takes a lot of sacrifices to be able to achieve them. The guide  below will help Overseas Filipino Workers to realize their goals and their dreams.lip

1. Save and invest your hard earned money. It is also good to save some money for your family’s travel to your country of work. Part of your mission is to be able to keep your family intact. This is one way of sustaining the bond of your family. This will certainly lessen your loneliness and adjustment period. Airlines today frequently offer promos for international travel. Keep yourself updated on these promos to give you an idea on how much you will need to save up for their travel and read up on them. Use the internet as your source of free resource.

2. Insure your Health. Purchase a health insurance to safeguard your families future. This will help protect you from high or unexpected healthcare expenses. Today, most comprehensive private health insurance programs cover the cost of routine, preventive and emergency health care procedures and doctor’s bills. Thus, you are assured that money is available to pay for those health care expenses and you can have some peace of mind knowing that your family is insured.

3. Be an Entrepreneur. Explore the possibility of starting your own business. Study entrepreneurship and find expos, trade fairs and seminars that will provide free information about news, trends and practical tips on starting your own business.

4. Put your money in a higher interest bearing investment instruments like treasury bills, bonds and other government securities. A higher interest bearing investment can prove to be a flexible concept capable of working as an investment vehicle for your future. It can earn more interest compared to a regular savings account. This is available in almost all Philippine banks. These banks recognize the growing importance to serve the needs and wants of Overseas Filipino Workers or ofw’s.

5. Continue to learn about your job. Enroll for skill-enhancement courses and programs applicable to your line of work. There is a need for Overseas Filipino Workers to find a way to improve skills through continuous learning and development. This is would help ensure your job security, increase your value to the company, and earnings.

6. Every OFW should assess their income. Ofws should only invest in a property only if they have carefully planned and check if they can afford in the long term. 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.

7.  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.

8. 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.

9. 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.

10. 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 OFW’s who truly want to help themselves and make their dreams into reality.

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