A lot of kababayans working outside the country have the need to send a big portion of their salaries to Philippines every month to sustain their family. As an OFW and the sole bread winner for the entire family back home in Philippines, it is important to save money for the future while still maintaining their health physical strength also the capability of working abroad. Remember that work / job abroad is not permanent, anything can happen anytime, and an OFW grows old, which, unfortunately means no retirement benefits for them especially to those who are working in the blue-collar category. A kabayan who quits working abroad to rest home in Philippines should have a master plan on how to keep getting an income or to live in the country independently, without relying on the other members of the family. An ex-OFW should be financially sound after he retires. Otherwise, an ex-OFW will end up with nothing and would have to start his life from scratch once again, hard years of labor abroad will go all in vain, and eventually, will end up thinking of finding another job abroad even in retirement years.
There are ways on how to save money while working abroad. The following tips below are some common ways on how to save money and how to manage wisely but still an OFW can send money to their beloved families back home in Philippines:
1. Aim to save at least 10% of your monthly income.
2. Avoid using credit cards.
3. Know all the expenses back home and send money according to the list; be in control of your finances after all, you have worked hard for your money.
4. Settle all your debts fast (all the loans back home should be paid off before you quit or end your contract).
5. Learn to say No – some family members keep asking for expensive gifts and hi-tech gadgets for every occasion, while you don’t even have a day’s off or rest trying to earn more money.
6. Live according to your means.
7. Avoid eating out and weekend parties with friends.
8. Set a daily budget-ceiling; do not overspend beyond the budget.
9. Look for wise investments in Philippines and start immediately while you are earning a good income.
10. Use the internet to communicate in Philippines rather than spending money on phone calls.
11. Avoid or stop vices like drinking, smoking, and buying luxury items.
12. Keep a secret bank account in Philippines and start sending money into that account unknown to your family members.
13. Encourage your family in Philippines to start saving money from remittances which you send each month, it is after all your own hard-earned mone.
14. Find a sideline or extra source of income during your free time to earn extra income.
15. Start saving today!