You are happily providing the needs of your family and
are generally satisfied with the course of your career.Is that enough?”
Aside from the responsibility of taking care of your
family’s current finances, there is another important thing that all overseas Filipino workers (OFWs)
should never forget- that is the responsibility of saving for the future.
It is a known fact that quite a large number of overseas
Filipino workers (OFWs) end up going home broke and with the need to find a new overseas job to
survive.
The necessity for saving is even more urgent for migrant workers whose job contract is
temporary; usually limited to 2 to 5 years.
The above reasons strengthen the need that all OFWs should
have a plan when their job contract ends. They should be ready for the time when they need to
return to the Philippines for good.
Saving and investing the dollars you are earning may not
be your top priority now. You may also be clueless on what to do or
where to start to reach your goal of a secure future.
Nevertheless, saving for the future to ensure that your
retirement years will be worry-free and happy is one of the best gifts you
can give to yourself and your family.
The future may seem distant now but the earlier you become
aware that your job and earnings may not be here forever, then the
easier it may become for you to seriously start saving, make your money
grow and enjoy financial freedom.
Hence this topic aims to provide you with a simple guide towards realizing your
financial goals.
“Where should you start?
Ideally, the setting of
financial goals should start before an OFW leaves the country.
Achieving the target would be
much easier if goals are set early on because aside from keeping the OFW
focused,it can also motivate an OFW to persevere and excel in his
new life and career overseas.
However, all is not lost for
Filipinos who are already working abroad but are yet to set a goal. It is never
too late to
start. Here are some matters to consider when setting
financial goals.
Start by setting a goal
1. Make your goals realistic.
Think of a list of things that you wish to accomplish by the end of
your overseas work contract. Write down your list of goals where you can always see it so you will always
be reminded of it.
Examples of goals you may want to set are the following:
- the exact amount of money you wish to save
- properties you wish to acquire
- and capital for a business you want to start, etc.
others.
2.Let your family know about your financial goal.
Achieving your financial goals may be a breeze if you have the support
and encouragement of your family and loved ones.
This can only happen if you make them a part of your
financial goal by informing them about it. Ask their opinions about the goals you have set and tell
them that you will need their help in accomplishing it.
You can also discuss with them the household budget so you will know
how much to send them as remittances. Remind them to spend the money wisely because you will
work hard for it.
Encourage them to also save money and avoid overspending.
Save Money and Make It a Habit
Can I Save Money?
A person who finds it hard to save money is likely to cite their
meager salary as the reason. “I am earning so little,there won’t be anything left after allotting money for bills and
daily expenses.”
If you accept this reason, then does it follow that people who
earn more such as the OFWs would have an easier time saving?
The ironic truth is that many people who receive
higher salary also tend to spend more, leaving no money for savings.
This means that the ability to save should not be based on one’s
salary.
Keep in mind that everybody can save,regardless of their salary.
One just needs to put their
mind to it and commits to spending less.
Putting aside money for savings gives you protection against life uncertainties
and unexpected expenses.
Issues on Saving
Money
How can I save money when I am full of debts?
Being in a worse financial state should strengthen rather than
weaken your resolve to save money. First accept the reality that saving is not possible
at the moment because you need to pay your debts. It is better to forego saving for a
while than suffer from charges. Give yourself time to settle and eliminate your financial
debts. Start building your savings when you are finally debt –free.
I can’t save money, because my family in the Philippines
keeps on asking for more money from me.
The family back in the Philippines may ask more than you can give.
They may also state reasons that would make it hard for you to say no to. Remember
that it is always a good thing to help but giving more than you actually can may hurt
both of you in the long run. Giving them everything you have will teach them to be
overly dependent on you. Meanwhile, letting them know your true financial situation
can motivate them to
manage on their own. So learn to say no by prioritizing your own
needs too.
How can I save if so many people keep on asking me for loans?
There
is this notion that OFWs are earning much more than their counterparts in the Philippines
so your family or friends may assume that you always have extra money to spare.
Again, only help if you truly can. Some say that lending money to families and friends
is risky because aside from the possibility of not getting your money back, it may
also damage your good relationship with them.
I plan to save money, but I think it is still too early for me to
think about retirement.
Retirement
years may be the farthest thing from the mind of many OFWs. In a report released
by the National Statistical Coordination Board (NSCB) entitled, "The Pinoy Diaspora:
Where do our OFWs come from and where do they go?"
OFWs who are between
the ages of 25-29 comprised about a fourth of the total number of OFWs.
However,
the earlier you start thinking of its impending reality, the easier and faster
it will be
for you to achieve financial freedom. In case you are wondering when the right time to
think about your future- is the answer is now!
Quick Tip
Wants vs. Needs Principle
Before buying something, ask yourself first:
Do I need this or Do I just want this?
If you really need it, then you should buy it.
But if you simply want it, then you might want to wait
for a few more days before buying to see if you still want the
item.
Gusto mo bang matulad sa mga OFW na umuwi ng Pilipinas at after 6 or 8 months ay ubos na ubos na ang Perang kinita sa abroad?
LEARN FROM THEIR MISTAKES,PLAN YOUR FINANCES AHEAD OF TIME..
Gusto mo bang matulad sa mga OFW na umuwi ng Pilipinas at after 6 or 8 months ay ubos na ubos na ang Perang kinita sa abroad?
LEARN FROM THEIR MISTAKES,PLAN YOUR FINANCES AHEAD OF TIME..
Thank you for reading this article.Kung may napulot kang value sa post na 'to please feel free to share it with your friends,and please don't hesitate to share it on your timeline.
Kind Regards,
Kind Regards,
Yolly Cernito
PS – Kung gusto mong madagdagan ang kita mo bilang isang Ofw,Check Out The SYSTEM I Use To Make Money Online The EASY Way.Click the image below and follow simple instruction to Watch the video presentation
- Post credits to Workabroad.ph
