Let’s face it: being an OFW is hard. What makes your situation harder is the fact that you have to support your family and their (never-ending) needs, and make sure that their future is secure. This is why you are willing to take three to four jobs just to make ends meet.
You can still make it happen. It’s a matter of proper budgeting, making sure you stick to that budget, and some frugal hacks you need to know by heart.
1. Share a Space – This won’t be applicable if your employer provided accommodation. Otherwise, you need to find a space you can temporarily call your own. Apparently, renting can be expensive, so make sure you look for roommates, preferably trustworthy ones, that could help you split the bills. This includes utilities like water and electricity as well.
2. Keep a Penny Jar – Got loose change? Surely, you don’t want to bring coins everywhere you go, so put it in a penny jar. You might be surprised to find out how much money you’ll have, which you can use to buy goods.
3. Say NO to Extended Family – Yes, this is hard, but constantly giving in to your extended family’s money requests will bring you nowhere, at least financially speaking. While you appreciate the help they’ve given in taking care of your family, this doesn’t mean you’ll say yes to all their demands. Check out this post to find out how to say NO to your extended family.
4. Walk – Going from point A to point B doesn’t always mean riding the bus or train. If you can just walk or your destination is few kilometers away, then go ahead and walk. It’s a good way to relax and clear your head, plus it’s an excellent exercise too.
5. Cook, Not Eat Out – Yes, we understand that after a tiring day, you just want to eat without exerting too much effort. Buying food saves you time, which you can devote to sleep, but this would mean spending money too. The key here is to prepare your food during off days, cook in bulk, and then freeze. Thaw only when you’re ready to eat.
6. Bring Your Own Baon – You’re lucky if your employer provides free meal, usually free lunch. If not, then don’t use it as an excuse to eat out. Plan your meals ahead, go to the market to buy ingredients, and cook meals in bulk. Set aside a portion for your lunch and dinner to save you time.
7. Plan Shopping – Don’t get too excited on sales. As much as you want to fill that balikbayan box with goodies for your family, putting that pressure on will make you spend more. Know when is the sale season, make a list of the things you will buy, and stick to a budget.
8. Never Make Purchases when Hungry – Believe it or not, you will end up buying more than what you actually need. Plus, your decision-making is impaired, which means you might be spending more – a scenario that you must avoid.
9. Use Cash – This will make it easier for you to track how much money you spent and left. You can easily make adjustments in your spending because you can physically see how much money have. More importantly, at least you don’t have to worry about bills come end of the month.
10. Invest – One of the common mistakes committed by OFWs is saving and saving, and not investing. Saving is good, but your money will only grow this much. If you want to make your hard-earned money work for you, then you need to look into other options such as investment. There are many investment options available that will help you grow your money. You can check this post for further details.
Remember, if there’s a will, then there’s a way. Stop making excuses on why you are not able to save. At the end of the day, it’s about discipline and commitment. You can do it.