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Money Tips for OFWs: How to Spend your Hard-Earned Money Wisely
May 22, 2014
OFWs are called the unsung heroes because of their unrelenting contribution to Philippine economy, sending approximately US$10 billion dollars to the country every year. Because of this, many developed the impression that there are so much money flowing from the overseas workers' hands. Some Filipinos even think that OFWs have a lot of money to burn. Yet, according to BSP (Bangko Sentral ng Pilipinas) Deputy Governor, Diwa Gunigundo, only 42.5% of OFW households are able to save money.
Although it is flattering to be considered a hero, nobody wants to work overseas and spend the rest of their lives away from their dear ones. Here are the basic guidelines for overseas Filipino workers who truly want to spend their income properly.
Live within your means. Assess your income, create a budget plan and stick to it. Plan what you're going to spend money on and when to shell out.
Determine your needs overseas and the expenditures back home. Then divide your salary into four parts. Keep the first quarter for saving, the second part for your daily spending, the third is for emergencies or debts and keep the other part for your loved ones back in the Philippines.
Set your goals and talk to your family. You and your family back home should be spending and saving for the same important things. Let them know the difficulties that you are going through so they could feel the importance of saving up and to avoid them from unnecessary spending. Every member of the family should take part to hit that 'better-future” goal.
Determine ways on how to save. Look for the best money-transfer mode that would cost you less in sending money to the Philippines. Also, identify what is the best thing to do to keep your savings. Either you save your money in a bank, invest it in a mutual fund, put it in a time-deposit account, bonds or stocks. Whatever it may be, make sure to do a research. Be careful about investing your money to avoid being scammed.
Avoid vices. Vices are unhealthy habits. Once you are addicted to something, that will eat a huge amount of your money. It could be gambling, drinking, prohibited drugs, shopping, or extravagant eating.
Many Filipinos took the risk of living and working in foreign lands out of the desire to find a better opportunity and build a desirable future. Remember these money tips to make sure that all the sacrifices you bear, the chance and times you spent away from your loved ones and your hard-earned money will give you a good harvest.
Then the Lord your God will make you most prosperous in all the work of your hands. – Deuteronomy 30:9
