Every year, thousands of Filipinos are deployed in various areas around the world to work for better opportunities. Every year, thousands of new faces with variety of skill level join the OFW workforce.
If you are one of them, don’t be too excited. Working overseas allows you to earn in dollars, but this doesn’t mean you should spend money in whatever way you want it and just to keep your family happy. If you are one of the new OFWs deployed, then this one is for you. Below are money and saving tips you need to remember to get the best out of your employment without compromising your financial future:
1) Don’t send everything and set aside for savings.
Most, if not all OFWs will agree on this: the main reason why they work abroad is to provide a better life and future for the family. OFWs earn in dollars, thereby allowing you to earn more than what you can get back home.
Still, don’t use the “I’m earning in dollars” excuse to send everything to your family and leave almost nothing to savings. Being an OFW, although is a privilege, is still full of uncertainty. Anytime, war or crisis may happen that could cut your “trip” and send you back home. You don’t want to go home with almost nothing in your pocket, so make sure you set aside a portion of your salary for savings.
This leads you to the next tip.
2) Open a bank account specifically for savings.
According to the latest Consumer Finance Survey of the Bangko Sentral ng Pilipinas, 1.6 out of 24 million households have less than P5,000 in their deposit account. Worse, not many households maintain a deposit account since they don’t have enough money to open one.
Don’t be one of them.
Even before you leave, make sure you already opened a deposit account, preferably with online transfer facility, exclusively for savings. You can remit directly from that account, which could come in handy in case of emergency.
Check out this post to know more about banks that offer Savings Account for OFWs.
3) Take it easy on shopping.
There will always be a temptation to buy new clothes or gadgets and send it back to the Philippines. That’s okay. The problem lies when you always give in to temptation.
The best way to address this is to plan your shopping. Wait for sale, consider buying in thrift stores, and only spend within your budget. After all, your son won’t need new basketball shoes every month.
4) Share a room with fellow OFWs.
You’re abroad and living the life, and that’s good. Still, this doesn’t mean you should live on your own as well. Unless your employer provided housing arrangement, consider sharing a space with fellow Filipinos. Renting your own place can be costly. When you share a place with a few people, you will be able to defray the expenses since you share the costs with few more heads and save more for the rainy days.
5) Don’t follow the crowd.
You saw your housemate bought a new iPad for his daughter while your other housemate has a balikbayan box full of clothes and shoes for his family. It is tempting to do the same and you surely want to give that to your family.
The problem is you can’t afford it and that’s okay. Don’t keep up with the crowd just to save face. It’s okay if you can’t splurge on your family now. There’s nothing embarrassing about it. Instead, use that as a motivation to work harder.
6) Set your goals and stick to it.
There is a reason why you went abroad. Aside from providing a better future for your family, you also want to achieve certain goals in life and working overseas can be a stepping stone towards that. Life as an OFW is not easy, so make sure you set your goals, set your eyes into it, and work hard in order to achieve it.