If you are an overseas Filipino worker and you chose to work there because of better opportunities and a higher salary, remember to save up for your future too. You are not ATM and you shouldn’t always give the wants of your family here in the Philippines. Work for your future as well so that you can speed up the process of going back here in your hometown to spend more time with your parents and kids. Save money so that when the time comes that you need funds for emergency purposes, you don’t have to ask another OFW to lend you some cash. If you are struggling to save, these are effective ways so you can successfully save money if you are an OFW.
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First things first, you need a separate bank account where you can put your savings. It’s not effective if you will only hold the cash and put it in a purse. If you do that, you will just spend it any minute especially if you are eyeing for a new bag or a new pair of shoes. You can open a bank account that’s based here in the Philippines so you will have fewer chances of withdrawing your savings. Every payday, make sure to put any amount in it. The more frequent you do it, the more it will become a habit.
Even before you receive your salary, you must know how to budget your money. Do not remit all of it to your family in the Philippines. Have a portion of your salary dedicated to savings, expenses abroad, emergency funds, and to remittance. Whatever saving strategy you have, it won’t work if you keep on giving money without knowing the purpose first. Effective saving comes with wise decision-making. Don’t forget that.
If you are not planning to settle down abroad, it’s always better if you will start investing. Being an OFW doesn’t mean you need to invest abroad. Most OFWs I know spend their money buying properties here in the Philippines. If you have enough money that can buy real estate, I recommend you to start buying now. You can also choose to invest in stocks and mutual funds if you want full monitoring of your investments. The best time to start is now!