Money Saving Tips For Overseas Filipino Workers (OFWs)


Filipinos are mostly known for their trait of working hard.  Some choose to go outside the country for a bigger, better pay.  What are they called?  Well they are the OFWs.  They work so hard to provide the best that they can to their families.  Although some of them easily put meat on the table, some have difficulties in doing so.  In this article, I will provide the best and most effective money saving tips for OFWs.

Create a system

Money Saving tips create system

Everyone has their own way of saving.  One of the best and most recommended way is the 50/20/30 rule.  Some people split their money accordingly right after they receive their pays.  They put it in envelopes, jars, or any kind of containers.  Creating a system allows you to manage and organize your income efficiently.  The part you send to your family in the Philippines should be in your priority because they’re the reason why you’re working there, right?

Read: Money saving Tips: The 52-week money challenge

Protect your future

Money saving tips secure future

If your plan is to go back home and settle there, then investing for your insurance, retirement, and businesses should be your future plan.  In addition, you should also invest to something you can use in the future (e.g a house, an establishment, etc.).  One good tip is for you to take your time and shop for lands in the Philippines.  Why?  Because as we all know, the value of lands increase overtime; as it matures, its price goes up as well.

Consequently, make putting something in your savings a habit

Money saving tips make savings a habit

To add to the above, making saving a habit can be a good run for you.  According to research, it takes 21 days for something to become a habit.  Are you up to the challenge?  Can you continuously put aside some amounts for your savings?  One good tip is to start small.  After getting the hang of it, you can now heighten up your standards and increase how much you set aside.  In this way, investing and planning would be easy since you’ve got the funds for it.

Read: Saving vs. Investing

Set goals

money saving tips Set goals

Setting goals help you focus on the activity itself.  If you have concrete goals you wish to achieve, it’s easier to set the mind; the body will then follow.  One good tip is to make a list of the goals you wish to set.  Paste or post it on your refrigerator, desk, or where ever.  Place it in a position where you’ll regularly see it.  Why is this effective, you may ask.  Well, if you constantly see what you want to achieve, you’ll push yourself more.  You’ll place yourself in positions just to improve.

Avoid unnecessary expenditures

Money saving tips Avoid unnecessary expenditures

Of course, you would need to reward yourself for exerting the effort you’ve had.  But, there should be limitations.  You might end up spending everything just in rewarding yourself and we don’t want that to happen.  A good tip is to always set aside a little amount for yourself every time you get your pay; you need to be strict even for yourself.  By doing this, you are actively training your discipline towards  yourself.  And if you master it, then saving, for you, would be a piece of cake.

Credit card debt

Outside the Philippines, credit cards are prevalent to the point in which you won’t think about spending anymore.  As a Filipino who is new to these kinds of things, using a credit card might be tempting.  I am not putting the “DO NOT USE YOUR CREDIT CARD” sign but be moderate about it. Remember, credit cards have interest; the more you spend, the more you will have to pay on top of what you got in exchange of the credits you used.

Read: Pros and Cons of having Credit Cards

Be moderately generous

Money Saving tips Be moderately generous

Now I am not telling you to keep every penny you earn and neglect to give it to your family in the Philippines.  What I’m saying is to control what you give.  Think about it, if you know to yourself that you know how you spend in the back of your palm, then it would be better if you keep a few percentage for yourself.  It’s just like, you’re keeping the money for them.  Now again, this is just a tip.  If you know that your family is better in money than you then you have all the means to give it to them.

This also applies to how you treat yourself.  In reference to the rewarding yourself tip, keep in mind that you need to control how you spend for yourself.

As we all know, OFWs should be looked up to because of their strength, discipline, and patience.  It is not easy – it’s a guarantee.  No, I am not an OFW and I haven’t been but I know people who has the experience and it took them a lot to swallow the situation.  After all, they’ll be more than happy if they successfully execute what they want to achieve.

These tips came are not 100% effective and besides, everything is dependent on how you handle or manage it.  You just have to be positive and everything will be fine.

Let’s thank and appreciate our OFWs.  If your parents, relatives, friends are OFWs, appreciate them and understand them.

Remember – it’s not easy.

Read Also: 10 Money Habits Every Filipino Should Stop Immediately

Images: Pixabay

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