Saving is easy. Committing to saving and making sure that you put the amount you promised is hard. After all, OFW life means you will constantly get messages from your family back home, asking if you already sent them the amount they were asking. You are also responsible for the majority of the expenses of your family, so you have to work double time to cover for everything.
This is why saving is important.
How will you do this? You can try these simple, practical, yet effective tips to increase your savings:
If possible, walk from point A to point B.
Public transport is fine and could save you a lot instead of investing in a car and paying for gas using your own money. If you want to save more, then why not walk when going from one place to another, especially if the distance is not too far. It will save you a lot and more importantly, you get to exercise as well.
Skip fast food and restaurant food.
It’s okay if your boss invited you for after-work dinner in this fancy restaurant or to attend an event in this place organized by the Filipino community in the country where you are situated. Nonetheless, it is best to buy your own food, cook them at home, and bring them for lunch the following day at work. You will be able to save more and at the same time, you are sure that you are eating healthy.
Don’t mind the surprising looks from your co-workers. You need to save as much as you can because you’ll never know what could happen in the future.
Quit your vices.
Do you smoke? How about drink?
Vices could help you relax, especially when you are feeling homesick. It’s hard to say no to friends as well since you don’t want to be labeled as KJ. Unfortunately, this means added expense on your part when you could’ve used the money to increase your savings. The worst part is this type of expense is slowly eating up your budget – and you won’t even notice it.
For instance, a pack of cigarette costs $6 per box. You consume two boxes a week, which means $12. Multiply this by four weeks, thereby giving you $48 per month. This leads to $576 per year, which you spend on cigarettes alone. Don’t you think this amount is better off in your savings account?
Avoid mainstream coffee.
Starbucks coffee is good, but do you really need to get your caffeine fix from popular coffee shops and spend a few dollars for it – everyday? It’s okay to buy mainstream coffee once in a while, but if you are making this a daily habit, then don’t be surprised if you end up with almost nothing every week.
Limit trips to the malls and other recreational areas.
You’re in a different country, so might as well what it has to offer that you can’t find in the Philippines, right? You can do this during your off days, but the problem with this is that your spending could escalate. You might be tempted to buy things you don’t really need where you end up spending more.
Still, this doesn’t mean you should stay at home all the time. The key here is to schedule your trips and set aside a specific budget for it. This way, you don’t spend too much money on things that won’t last forever.
At the end of the day, discipline is key to help you achieve bigger savings. Know your priorities, commit to limited spending for maximum savings, and make it a habit to set aside money for savings. Don’t worry. All of the sacrifices you are doing are worth it.