They say money makes the world go round. It sounds negative, but it’s true. Unfortunately, not many people don’t know how to handle money. Aside from not having a savings account, many OFW families prioritize different things instead of saving, investment, and retirement.
Don’t be one of them. If you want to get ahead in this financial race and secure your family’s future, you need to take note of these tips to stop you from wasting your hard-earned money:
Tip No. 1: Budget your money.
Are you serious about not wasting your money? If yes, then you need to be serious about budgeting as well.
Budgeting can help you a lot in managing your finances and making sure that you still have something left for yourself. By budgeting, you can easily areas you can “cut off” to increase your savings or any other funds. Make sure you stick to your budget to keep you on track.
Read: Budgeting Tips for Every OFW
Tip No. 2: Take it easy on remittance.
Admit it. A big chunk of your money goes to sending money back home. After all, this is the reason why you work hard – to be able to provide for your family and give them a better, more comfortable life.
If you want to stop wasting money, then you need to take it easy on your remittance. Don’t feel responsible for everything back home – including the tuition fee of your second cousin’s daughter. Teach and encourage your family to help in finances and not just rely on you. Set a specific budget for monthly remittance and stick to it. You need to be prepared for what’s about to happen and sending most of your money back home won’t help.
Read: Financial Tips for OFW Family
Tip No. 3: Shut down your temptations.
Now that you are earning in dollars, every item you see is cheaper and more affordable compared to those items back home. “Sayang ang sale,” you might say, but you are doing more harm than good in your finances.
Relax and take it easy on your purchases. Think twice (or three times) before you buy anything. Your kids don’t need new shoes every month and sending them the latest gadgets as soon as they come out won’t be beneficial for them.
Remember: the smarter you are in your spending, the more you will be able to fill your various funds.
Tip No. 4: Prioritize your expenses.
This is why budgeting is VERY important. Aside from setting aside a specific amount for every expense, you are able to check which ones should be prioritized first and which expenses must take the backseat. You are also able to differentiate needs from wants, thereby giving you ample time to change your spending habits for bigger savings.
Tip No. 5: Make sure to live within your means.
Most Filipinos think that OFWs and their families are living the life. Imagine, earning in dollars?
Sadly, not all OFW families are living comfortably. There are bills and loans to be paid and your bank account is far from reaching its first million. Still, you want to make an impression and post what you and your family have on social media. While people think that “maginhawa na ang bahay,” you, on the other hand, are trying to find ways to make ends meets.
Therefore, live within your means. Don’t let the pressure of social media get into your and your family’s system. If you can’t afford to go on a vacation, then so what? Don’t bring you and your family down the drain with your financial troubles just for the sake of making yourself look rich in the eyes of other people.
Remember these.