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Simple and Effective Money Saving Hacks that Won’t Let You Down

How many times have you heard that OFW life is not forever. Well, it’s true. After two years, you’ll find yourself packing your bags and going back home. Then, you need to apply again because your family is relying on you.

Does it always have to be that way? Is there something you can do to make sure that you have cash during rainy days?

These money saving hacks might just be the solution to your cashflow issues:

Set a SMART goal.

What do you want to achieve in five, 10, and 15 years? How about next year? Is it doable?

When setting goals, make sure that they are Specific, Measurable, Achievable, Realistic, and Timely. Don’t go for goals that can be hard to achieve, say your first million after your two-year contract overseas.

For instance, your one-year goal is to save at least P100,000 by December. With the right strategies and sacrifices you are willing to make, you can achieve that P100,000 by year-end. Keep it as realistic as possible.

Make saving a lifelong habit. 

They say it takes 21 days to establish a habit. When it comes to saving, you should be able to go beyond the 21st day and make it a lifelong habit. This will save you a lot during the rainy days.

How much should you save? Ideally, at least 30 percent of your monthly income. Being an OFW and breadwinner in the family, you might say this is too much for you. Even if you can’t meet the target percentage, at least aim for the number close to it, say 20 percent of your monthly income. You just have to forego certain expenses such as monthly shopping or eating out with friends every Saturday night.

Open a savings account.

There are many reasons why you need to open a savings account. The most important of all is that it is a stepping stone towards achieving financial freedom. To help you make saving a lifelong habit, you need to have a savings account to help you “keep” your money.

It’s not enough that you have a savings account. Maintain it. Your future will be happy.

Check out this post to know more about banks that offer Savings Account for OFWs.

Know where your money goes. 

Money comes and goes, especially if you don’t know how to handle it well. To keep track of your hard-earned money, make it a habit to list all the expenses or purchases you made for the day, regardless of how big or small the amount is. By doing so, you will be able to see which expenses are necessary and which ones you can forego for bigger savings.

Think about the future. 

One of the common traits of many OFWs is they think of NOW. As soon as you get your very first monthly income, you’ll end up sending it back home or treating yourself since you “deserve it.”

If you are serious about saving, then you need to start thinking about the future. Always think ahead, especially when buying something. Establish the necessity and urgency of the expense and the possible value after a year or two. This will help you decide whether a certain item is worth buying.

With these saving hacks, are you ready to say hello to bigger savings?

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Send Money to the Philippines with the Help of Online Money Transfer Facilities

How do you send money back home? Do you go to remittance centers like Western Union? Or you prefer depositing money directly to your bank account with the help of your Philippine bank’s partner in the country where you are working?

These methods are safe and efficient in delivering your hard-earned money to your family. On the other hand, you have to deal with lines, not-so-nice staff, and even wasted time that you could’ve spent working for additional cash.

Thanks to technology, sending money back home can be done with just a few clicks in your computer or even on mobile phone. They are more convenient too, since you can do it anytime, anywhere, and even while you’re at work. Plus, bank account is not required for the recipient to withdraw the cash (although we highly recommend that you at least have a savings account).

Here are apps or websites with online money transfer facility:

Coins.ph

If you (still) don’t have a bank account, you can use this facility to send money virtually in the Philippines. Remittance is sent in the form of digital currency – and in real-time too. This can be used to pay the bills or buy goods online. If actual cash is preferred, the recipient can encash it through remittance centers like Palawan Express.

Coins.ph account is required, so make sure the person receiving the money will sign up too.

Abra

This online facility is similar to Coins.ph where money is sent online. Instead of getting the money from remittance centers to encash the money sent in peso, your recipient will go to “tellers,” or actual people who signed up for the Abra platform and conduct currency exchange.

TransFast 

If you want to save on remittance fees, then TransFast can be another option to send money back home. The good thing about this facility is that there are many ways where the recipient can encash the money sent. Bills payment through TransFast is also available.

Bank deposit is possible, but in case your family doesn’t have one, cash pickup and even home delivery (for Metro Manila, key cities, and nearby provinces only) is possible with no delivery fee.

MoneyGram 

MoneyGram now has online facility that allows OFWs to remit money in the Philippines easier and faster.

There are many ways to encash the money sent. To keep it safe and secured, you can remit the money through bank deposit, which may be withdrawn within minutes to the next banking day, depending on banking hours and compliance with regulatory requirements. Otherwise, your family can pick up the cash from more than 10,000 locations in the Philippines.

The issue with MoneyGram is the turnaround time. It may take a day or two before you the recipient can withdraw the amount you sent.

Western Union 

“Moving money for better” is Western Union’s battlecry and that is what they aim to provide. You can send up to $5,000 with zero transfer fee through their online facility or Western Union app (available in Apple Store and Google Play). Your recipient can encash the money either through bank withdrawal (in real time) or cash pick up in Western Union branches in the Philippines.

You have the option to choose between peso or US dollars, depending on what’s convenient for your recipient.

Ria Money Transfer

This is a favorite among OFWs because of the fast service and secure transfer of money. Ria offers several options for your recipient to receive the money. Your family may pick up the cash in 5,000 locations in the Philippines, have the money deposited in your assigned bank account, or cash delivery right at your family’s doorstep.

Money transfer is almost real-time, which means you could get your money in as little as 15 minutes.

LBC Online Remittance

LBC surely likes to move it, which is why they decided to venture into online remittance to make it easier and convenient for you to send money back home.

You can send it through Instant Peso Padala, bank deposit, LBC Send & Swipe, and even home delivery. First remittance is free, so you might want to take advantage of it.

Xoom

Another secure and convenient way to send money in the Philippines is through Xoom. A Paypal service, you can send money through Xoom either in peso or dollar and have it picked up at any of its partner banks and establishments. Bank deposit and cash delivery is also available.

Online remittance is safe and convenient, but make sure that before you send money, check the existing exchange rate and ask about the fees to be charged. Convenience must also be considered to make sure that whatever happens, your family can get the money you worked hard for.