Category: OFW Interest

How many times have you heard that OFW life is not forever? It may sound like a broken record, but this one is true. This is why it is important to think long-term because what you have right now is only as good as the term of your contract.

Don’t worry. There is still a way to make the most out of your work overseas in order to attain financial stability.

Here’s what you can do:

1) Make saving a habit. 

They say it takes 21 days to establish a habit. Start allotting a small portion of your monthly salary exclusively for savings and you might be surprised with how much money you will have at the end of the month – but don’t stop with 21 days. The more you save, the better.

Before you splurge for your family or make any purchases, make sure you set aside a portion for savings as well. You’ll never know what will happen in the future, so it’s better to be prepared.

READ: The importance of having a savings account. 

2) Know the difference between needs and wants. 

Needs are necessary expenses or something you can’t live without such as water, electricity, and food. In other words, these items are non-negotiable. On the other hand, wants are something you can live without. Wants are not necessary expenses and something you can delay such as new clothes, shoes, or even vacation with the family.

Know the difference between what you REALLY need and items you can delay. Would you rather maintain an extravagant lifestyle even if the hole in your pocket is getting bigger or having a bank account that could last you for years?

3) Involve your family in your journey towards financial stability. 

Being financially stable should not be placed in the shoulder of just one person. In fact, it should be a collective effort, which involves every member of your family.

Therefore, train your spouse and children to save and prioritize only what’s needed. Don’t immediately give in to their material demands and instead, instill the value of saving. You’ll be happy to see how much you have every end of the month because everyone in the family is financially responsible.

READ: Money Management Techniques for OFW Spouse and Children 

4) Consider a sideline for extra income. 

How much you’re currently earning will never be enough. Your cost of living and family’s needs are constantly increasing, leaving you no choice but to reduce your contribution for savings.

At this point, you might want to consider getting a sideline for added income. Take advantage of your off days and look for jobs you can do for a few hours. It may not be a lot, but what you’re earning can be allocated exclusively for savings or any sudden expenses back home.

READ: Sidelines you can try for extra income

5) Invest your hard-earned money wisely. 

No, a car is not an investment. An expensive bag, gadgets, and even home appliances are not investment. You are throwing your money away because the value of these items don’t appreciate or increase over time.

By investment, this means a facility where your money can grow. It includes mutual funds, stocks, UITF, time deposit, and if budget permits, a property. Their values increase over time and in case you need to sell something to finance an urgent need, these items could yield higher return.

6) Start your own business. 

Not all businesses are meant to succeed. Still, this doesn’t mean it is a risk not worth taking. Starting your own business, even if it’s a small one, can be a good way to secure your family’s future financially. With the right business practices and techniques, you can make your business bigger in no time.

Speaking of expansion, Balikbayad is here to help We offer loans to OFWs like you when it comes to cashflow needs at an affordable rate. Submit your application now and we’ll get back to you as soon as possible.

At this point and with the situations affecting several countries overseas, you figured that OFW life is not forever. In fact, you need to start looking for alternatives to make sure that you have enough to help you last through the rainy days. At the same time, you want to keep that promise of providing a better life and brighter future for your family.

What do you do next?

There are many ways to help you grow your money and achieve financial stability. One of them is by opening your own business. In case renting a space is too much for you, you and your family can try online first to “test the waters.”

Here is a step-by-step guide on how to start your online business:

Step One: Identify your business idea. 

Every business starts with an idea and every idea is rooted at a particular inspiration.

Before you do anything, it is important to establish what you want to sell. It could be any products – clothes, shoes, food, homemade crafts, the list is endless.  If you still cant figure out where to start, you can try asking yourself these questions:

• Can I fill the gap that a specific market needs? OR
• What is something I am passionate about? OR
• What products are not available in the Philippines which I can get in the country where I am currently based?

These questions could help you narrow your choices and could even set you apart from the thousands of sellers in the digital world since you penetrated a specific market only.

Step Two: Establish your source. 

Now that you know your product, it’s time to identify and establish where to source them.

Whether you decided to go for your passion or re-sell items, it is imperative that you scout suppliers that not only offers products with affordable prices but also someone who is easy to talk to and transact with.

Take note that your source is a trade secret, so don’t divulge any information.

Step Three: Choose your name wisely. 

This can be tricky. Choosing a business name, even if it’s online, requires creativity because you need something catchy and at the same time, easy to remember. If your name can be recalled easily, it will also be easy for your customers to recommend you to their friends and friends of friends, which could translate to sales.

There are various ways to choose a name for your online shop. Just make sure the name is related to the product you are selling.

If time and creativity permits, consider making a logo or profile picture for your online business. This will come in handy once your business starts to grow.

Step Four: Decide on a platform. 

There are many venues where you can sell your products online. For starters, you can try free online platforms such as Facebook, Instagram, and OLX. These websites can be a good platform to showcase your products and make people aware that you are in the market. Hashtags can help a lot, so make sure you use the appropriate ones for your products.

E-commerce sites like Etsy, eBay, Lazada, and Zalora are also excellent platforms because you are able to introduce your product to a wider audience. Also, you don’t have to put too much effort on website and logistics since they’ll do it for you. On the other hand, be prepared to pay for fees since these sites get a certain percentage for every sale you make.

If budget permits, consider putting up your own website through e-commerce hosting sites like Shopify and Squarespace. You get to save on percentage fees, but you have to consider fees for domain name registration, web hosting fees, and design costs.

Step Five: Take (really good) pictures and post. 

This is essential. Online business is all about visual presentation, so make sure you take good pictures to entice people to buy your products. There’s no need to invest in an expensive camera since your smartphone can manage, especially when coupled with good lighting.

Step Six: Advertise. 

Now that you posted your products, it’s time to advertise. There are many ways to do this. You can start with asking family, friends, and work colleagues to share your page in their respective walls. Hashtags is another way to advertise your new venture. If budget permits, you can run an online campaign in Facebook or Instagram to reach more customers.

Step Seven: Legitimize your business. 

More importantly, don’t forget to legitimize your shop. This means you need to register your business in DTI (for single proprietorship) or SEC (for corporations). Registering your business is important, especially if you plan to grow your business by borrowing money through OWWA Loan or other financial entities.

Are you ready to start your online business? If you need additional funds, Balikbayad is here to help. Send your application now and we’ll get back to you as soon as we can.

Did you know that approximately 26 million Filipinos used the e-commerce platform in buying goods? This means hundreds of thousands of Filipinos are glued to their laptops or mobile phones and doing some online shopping. You decided to take advantage of this and entered the world of e-commerce for added income.

You have a business name, you chose a platform, and you know what to sell. You also asked your family, relatives, friends, and friends of friends to share your online store and gain followers. The next challenge now is to turn those views into sales.

Here’s what you can do:

Start now.

There’s no better way to start your online business but now. Use your downtime to take good photos of your products, keep your page updated, and interact with your potential customers as much as you can. Don’t forget to introduce yourself, the type of product or service you are offering, and keep everything as detailed as possible, especially your contact details.

It’s now or never.

Post regularly.

This is a must in the world of online business. People need to see not just what you are selling but also the list of items that are still available to help them decide what to get.

The good thing about online business is that you can do it anytime, anywhere. Take advantage of your off days or breaktime to attend to your online store.

Tip: Choose one platform only, say Facebook OR Instagram. This way, it will be easier for you to manage the postings instead of having too many accounts. 

Widen your target audience. 

One of the things you need to establish is your target audience. You can do this by identifying a particular demographic such as single women between 20 and 35 years old, housewives, or even men aged 20 to 40 years old. This will make it easier to sell your products since you have a target customer in mind who will most likely buy what you are selling.

Still, don’t limit your audience. This is why posting content regularly is essential since someone, who is not part of your target audience, might see your online store and share what you can offer to someone who you want to target. That may convert into sales.

Share relevant posts and information that are related to your product or service. 

There are tons of articles posted online. If you find something that is related to what you offer, go ahead and share it. There is a possibility that potential customers accidentally landed to your page, so s/he decided to browse it. Who knows, that person may find something s/he likes. This may turn into sales.

Offer promotions. 

It could be in the form of discounts, buy one take one, first 10 customers, after-purchase discount, exclusive offer for repeat customers, and the list goes on. Boosting your online business requires creativity, so make sure you think outside the box and offer something that will entice people to buy. Just make sure to put a time limit on your promotion and you’ll still earn profit from it.

Starting an online business is one of the many ways to help you earn extra income. If this didn’t work, then that’s fine. The good thing is you tried and use your learnings and experiences the next time you try another business.

Borrowing money is not easy, but somehow, lenders are making it more convenient for Overseas Filipino Workers. This explains why many lenders, both big banks and private financial companies, offer facilities and products specifically for OFWs.

Why do OFWs borrow money?

It could be for the following legitimate and acceptable reasons:

• Buy or invest in real estate property
• Buy a vehicle, regardless if it is brand-new or previously-owned
• Family emergency such as medical emergencies, payment of tuition fee, unexpected increase in prices of utilities

Some OFW families borrow money to afford a vacation, but this is not highly recommended. It is still better to save up for it instead of applying for a loan to accommodate a not-immediate need.

Qualifications for OFW Loan

Lenders have different requirements in accepting applicants, but below are among the most common qualifications every lender is looking for:

• Must be an overseas Filipino worker with existing and valid employment contract. You can either be agency-hired or direct-hired.
• Borrower must be between 21 to 59 years old at the time of the loan maturity. This is a standard requirement imposed by lenders since the said age group is “mature” and “responsible” enough to handle a loan. In case you are in your 60s by the time the loan has matured, co-maker or attorney-in-fact (assigned through Special Power of Attorney) is required.
• There must be a sufficient and consistent salary every month. This is necessary because lenders want to make sure that the loan and monthly amortization will be paid on time.
• Personal appearance since lenders require certain documents to be signed by the OFW-borrower. Nonetheless, there are lenders who allow OFWs to borrow money even if s/he is still overseas. In case you can no longer wait for the release of loan proceeds, SPA is also needed.
• Co-borrower who is of legal age and in good credit standing. Applying with a co-borrower can also increase your chances of approval since lender is assured that someone will be obligated to pay the loan in case of default.

Requirements to be Submitted

Similar to qualifications, lenders have their own set of required documents needed for submission. This includes:

• Philippine passport. If seaman, OFW-borrower must also submit Seaman’s Book.
• Overseas Employment Contract from the POEA
• At least two valid and government-issued IDs
• Billing statement as proof of residence in the Philippines
• Any document that will prove monthly income such as payslip
• In case business is already existing, OFW-borrower must submit at least three years audited and interim financial statements and Income Tax Return
• Collateral or security documents in case of collateral loan. This includes TCT or CCT of the property, OR/CR of a vehicle, receivables, and Lease Contract among others.
• Special Power of Attorney authorizing someone to act on behalf of the OFW-borrower in case the latter cannot be physically present during the processing of loan application

It is important that you check the requirements of your lender and make sure to submit all documents to avoid delay in the processing of loan application.

Balikbayad makes borrowing easier and more convenient for you. Submit your loan application now and we’ll get back to you as soon as possible so you can start using the funds according to your needs. 

The average salary for seaman vary on the position, employer, and salary guidelines set by the Maritime Board , but one thing is for sure: you can earn minimum of $1,000 or at least P20,000 every month. This is the reason why many Filipinos are aspiring to become a seaman because aside from the salary, you get to travel the world as part of your job.

Riding the ship is not as easy as it seems. There are requirements you need to fulfill, which includes training and submission of certain documents. If you are planning to become a seaman, here’s what you need to do to be able to fulfill that dream:

1) Take the Basic Seaman Training (BST) Course

This is the first thing you need to do if you want to become a seaman. The BST course is a seven-day training course that includes the following:

• Personal Survival Training
• Personal Safety and Social Responsibility
• First Aid
• Fire fighting and fire prevention

Make sure to get a certification of completion because BST is used and recognized worldwide to allow aspiring seamen to work on boats or ships. Once you have a certification, you can now start your maritime career.

You can enroll in training centers and schools recognized and accredited by Maritime Training Council of the Philippines, OWWA, and TESDA.

The training course also costs P4,500 or higher, depending on the training center you are applying for.

2) Apply for the Seaman’s requirements.

This includes the following:

• BST Certificate, which you will get once you completed the training.
• Seaman’s Book, or a document that serves as your passport in the maritime industry. You can apply for a Seaman’s Book through the MARINA website.
• Passport, which can get from the DFA.
• Transit visa, although your employer will assist you in getting one as soon as you are hired.

3) Apply for a job in manning and shipping agencies. 

When applying for a job, make sure to check the POEA website for a list of legitimate and accredited agencies to avoid falling for scam. This may take some time, so be patient.

4) Legitimize your status as seaman. 

Once hired, don’t forget to register at POEA to legitimize your status as an official and registered Filipino seaman. You will also be issued a Seafarer’s Registration Certificate (SRC) as soon as your status is legitimized.

OWWA is another agency you need to check and apply for. OWWA offers various benefits to its registered members, which could be beneficial for you, especially when you want to retire from being an OFW.

5) Constantly look for learning opportunities. 

Don’t settle with riding a ship and being able to send remittance to your family back home. If time permits, make sure to look for learning opportunities, which you can use to boost your credentials as a seaman. There are many maritime programs you can apply for to boost your knowledge.

If you are an active OWWA member, which means you pay your dues regularly, you can apply for the Seafarer’s Upgrading Program or SUP for additional learning.

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.

You’ve been working hard overseas, hoping to give your family a better life and more secured future. You sacrificed a lot, even giving up some of your needs, just to send money back home. You even took several side jobs to make sure you make ends meet. By the end of your contract and as soon as you get home, you realized that you don’t even have enough money to last you for a week!

What went wrong?

Perhaps, you did one (or more) of these mistakes that makes it hard for you to save money:

Feeling Responsible for ALL the Expenses Back Home

Yes, you are earning in dollars (or any other currency). Still, does this mean you should be the one responsible for paying every expense back home, including the expenses of your extended family? Of course not!

Feeling responsible for everything will make it hard for you to save money because you put the needs of others first instead of your family’s financial security. Teach your family to save and even encourage them to open a small business to avoid placing all of the burden on your shoulders. You are creating a dependency mindset, which you will continuously carry with you every time you leave the country.

Overspending

There’s nothing wrong with buying something for your family. It won’t hurt if you send them a balikbayan box at least once a year. Sadly, one of the reasons why it is hard for OFWs to save money is because you might be spending too much on material things for your family.

Even if you put a cap on remittance, you can’t help but buy yourself a new phone or even new clothes every week. You might even be spending too much on food you can’t even finish or choose to go for more expensive form of transportation when there is a cheaper alternative.

Remember that every centavo counts. Don’t waste it.

Pasikat Mentality

There’s pressure to live up to the expectations of the people around you and your family. After all, OFWs are perceived to live the life, so you can’t help but show people that you and your family have come a long way – even if it means taking three or more jobs and not eating three times a day.

If you do this, then don’t be surprised if you are still living paycheck to paycheck with little to zero savings. Living an extravagant lifestyle you can’t sustain will deplete the little savings you have – and you surely don’t want to be stuck in that situation.

Financial Illiteracy 

Do you have investments? If yes, then good for you since you are in the right financial track. If not, then what is your reason?

Unfortunately, one of the reasons why OFWs are unable to grow their money is because they don’t understand how investment works. Still, this is not an excuse. You can always find information online and simplify how investment options work, thereby making it easier for people to understand. Take the risk, invest, and eventually grow your money for bigger savings.

Lack of Commitment to Save 

There is a reason why the 52-week money challenge is popular. It makes savings easier and more convenient because you start with as low as P50 and by the end of the year, you can get a six-digit figure in your bank account. The question now is can you do it?

One of the reasons why OFWs are unable to save big amount is because of lack of commitment to do so. Don’t be tempted to buy all the beautiful things because at the end of the day, money spent is still money spent. Commit yourself to saving, no matter how small the amount is.

Are you ready to correct these mistakes? It’s not too late.

Sometime in 2006, then President Gloria Macapagal-Arroyo conceptualized an OFW Bank, which wass intended solely for Overseas Filipino Workers aka “Bagong Bayani.” Unfortunately, it was never materialized.

Fast forward to 2017 and as part of his campaign promises, President Rodrigo Duterte “OK’s” the establishment of OFW Bank, which aims to cater to the remittance and other banking needs of Filipino migrant workers from around the world.

What exactly is OFW Bank? How is this bank different from traditional banks like BDO and BPI? How can it help OFWs?

Read on to find out.

First, there must be a law. 

Apparently, an Executive Order is not enough to create OFW Bank. A law must be passed by Congress for the creation of the said bank through the acquisition of Philippine Postal Savings Bank or Postal Bank.

Note: As of this writing, an Executive Order was already drafted for the execution of sale of Postal Bank to Landbank and is waiting for the president’s signature. Likewise, the Bangko Sentral ng Pilipinas (BSP) has approved this sale in principle. 

Once the law is created, the government must infuse P3 billion to make the OFW Bank operational, broken down into subscribed capital of P2 billion and P1 billion for the subscription of OFWs, thereby making you a part-owner of the bank.

What can OFWs get and expect from OFW Bank? 

• You get to save on remittance fees. Transferring money is not for free. Even banks charge a certain amount, depending on where you coursed the money transfer. Worse, you get to pay for high remittance charges just to send money back home. The aim of OFW bank is to allow Filipino migrant workers to send remittance with little to no fees, thereby helping you save a little extra for the rainy days.
• Become a part-owner of the bank. P1 billion is intended for OFW subscription. This means the ownership of the bank is open to 4.8 million migrant workers at P1,000 per share. That is something you want to work hard for as part of your investment.
• Loans have lower interest rates compared to banks. Did you know that an average OFW pays 5.2 percent every month for loans? That’s too high, considering the other expenses you have to pay for. The good news is that OFW Bank aims to lower the rates to make borrowing money more affordable for you. While the bank is not yet in effect, Balikbayad is still here to offer affordable loan for you.
• Two words: OFW ID. The OFW ID is not just a simple identification card. Once the OFW is operational, you can use the ID as a debit card and an ATM card, which makes it easier when it comes to remittances. You can read more about OFW ID here.

It may still be a long process to go and until a law has been passed by the Congress and signed by the President, let’s hope that this plan will materialize.

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.

They say, “Strike while the iron is hot.” That’s true. This could be the reason why many OFWs prefer buying material things and sending a big chunk of hard-earned money back home. There are some things you weren’t able to afford before which you can buy now, thanks to your job overseas.

Unfortunately, life is uncertain and OFW life is not forever. When life hits you (really) hard, you have to be prepared for it with the help of these four MUST-HAVE funds:

Savings Fund

This is the first thing you need to have as soon as you stepped the foreign soil.

You already know that being an OFW is not forever. This is why you need to prepare for what’s about to happen, starting with a Savings Fund. Start small, say P500 to P1,000 every month. If you have side jobs, use the money you will earn to boost your savings fund. Eventually, increase your savings. The bigger you have, the better you and your family will be in the future.

Emergency Fund 

Accidents. Hospitalization. Calamities. Unpaid bills or debts. Kids’ tuition fee. These are just some of the many instances when you will need cash within reach to pay for these bills.

This is why you should set aside a fund specifically for emergency purposes. You’ll never know what will happen and when emergency will come knocking at your door, so it’s better to be prepared for it. This way, you don’t have to use your savings to pay for emergency situations.

Here’s how you can set up your own Emergency Fund

Health Fund

One of the things you need to take care of is your health. As soon as sickness comes knocking at your day, your productivity and work performance are affected. If you refuse to have yourself checked, your illness could get worse and the next thing you know, your employer is sending you back home.

Therefore, don’t underestimate your health and that of your family. Set aside a specific fund to cover for health-related expenses. If you want, you can use your extra income for your Health Fund so that your basic monthly income remains intact.

Retirement Fund

How do you envision yourself 20 or 30 years from now? Despite the salary, you surely want to retire back home and be with your family. To help you live a comfortable life without relying on other people, make sure you set aside a Retirement Fund as well. This way, you and your spouse won’t be a financial burden to your kids or anyone else in the family.

Read more about how to set up a Retirement Fund here.

Investment Fund 

Do you know why many OFWs are still not living the millionaire’s life? It’s because they don’t know how to invest and grow money. Their usual excuse: they don’t have enough funds for investment.

Don’t be like one of them. Growing your money is important because you can never work overseas forever. Know and explore the different investment options and choose the right one that is most suitable for your needs. Think long-term and make sure you diversify your money and don’t put everything in one type of investment. If you plan to open a business, then use this fund for your capital.

Check out your investment options here.

Do you have any of these funds? It’s never too late to start.