How Can Ofw Save Money When Traveling Philippines

Saving coin is essential because somehow information technology gives us financial security and nosotros practice not know what expenses we might encounter in the hereafter. Maybe, we become sick, and we need money for hospitalization or when we need to salvage coin for the didactics of our children or when we program to venture into investments – in that location is a whole lot of reasons why keeping is critical to i'due south financial security.

For Overseas Filipino Workers who left their homeland and worked overseas, saving money is a more meaning undertaking. Working away is hard – you lot get separated from your family unit, you have to arrange to a new culture, and of course, the standard of work overseas can be different and frequently daunting. OFWs, for certain, do not want to finish their lives working abroad. They dream of coming home to their families and savor the benefit of their labours. But to get to that bespeak, they must first learn how to save. So, here are some tips on how to save money every bit an OFW.

OFW Guide: How to Save Money While Working & Living Away

i. Save Coin Before You Spend

For most Filipinos, the general attitude towards saving coin is that we only go to keep what is left from our salary subsequently having spent it on and then many things we practice not demand. Equally soon as we get the paycheck, we feel the need to spend for things that nosotros desire instead of things that are necessary for our survival worse, we forget to save a portion of our income and nosotros still even enquire why money runs out and so fast. A typical rule of thumb is once we receive our bacon, 20% of that should immediately go to our savings. Fifty percent (50%) should go to our family, and the residuum (30%) is for our personal needs and other matters. Past practising this savings model, nosotros can be sure enough that at to the lowest degree a fifth of our income is left unspent.

2. Needs vs Wants

It is piece of cake to go enticed by things we see in the malls or on online shopping platforms. The drive to impulse buying can exist hard to suppress at times, perchance because of the feeling of deprivation or the lack of opportunity to buy expensive and high quality stuffs before earning decently. However, OFWs should learn to distinguish between needs and wants. Needs are things that are necessary for survival while wants are those that we tin can live without. Frequently, the things that we wish to exercise not bring the states avails only just liabilities.

iii. Earn More than to Save More

Saving money is of import. No matter how minor, as long as you consistently save money, there is no other way for your savings only to go upwardly. However, if we want to save more coin, information technology makes sense that nosotros earn more money. Some OFWs do sidelines and role-time working opportunities as additional sources of income.

4. Investments

Some fiscal gurus say saving coin is non an ideal mental attitude towards coin. When you save money, what happens is that your payment is merely sitting in the bank doing nothing. If you want to exponentiate your savings, it is a good thought to instead put them in secured but stable investment programs such every bit mutual funds, UITFs, or index funds. The good thing near investments is that they compound with interest, let alone the dividends that you can receive once the market goes on your favour.

In that location are many other ways to relieve money. The almost important thing is that we do not look for the perfect moment to do it. The before you start saving money, the sooner you lot will go financially secure every bit long as you apply the right strategies. For OFWs, working away can be an emotionally exhausting journey – nothing beats the hardship and sadness of being away from your family. But if we learn to relieve, we can cut downwards the time that we demand to piece of work away and exist with our families over again.

Source: https://omanofw.com/how-to-save-money/

Posted by: thomashimageary.blogspot.com

Share this post