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Wednesday, April 04, 2018

4 Effective Financial Tips for OFWs

To provide the needs and to secure the family's future. This is the most common reason why many Filipinos decide to work abroad. But as an Overseas Filipino Workers (OFW) working overseas is not just about securing our family's needs, it is also about protecting ourselves and preparing for our own future or retirement.
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4 Effective Financial Tips for OFWs  To provide the needs and to secure the family's future. This is the most common reason why many Filipinos decide to work abroad. But as an Overseas Filipino Workers (OFW) working overseas is not just about securing our family's needs, it is also about protecting ourselves and preparing for our own future or retirement.  For OFWs, saving money is not enough, we should invest and make our money works for us in the future. How can we do this? By hard work and discipline and of course by following this four effective financial tips especially made for OFWs.  1. Money Management  Yes, your family back home needs the money, but it does not mean you will send all your salary to them. As the one who earns, it is important that you master how to segregate your earnings. Set a portion of your salary for your family, for your personal and basic needs like daily expenses, for your bills and the most important for your savings or emergency fund.  By doing this you need to master self-discipline when it comes to money.  This is the number one key not just for your own personal protection as an OFW but also for your family's future.  2.  Choose Safe Channels When Sending Remittances Home  OFW send money back home almost every month. When sending your remittances, avoid these three things; 1. Physical transfer through people or "padala" 2. Sending money to your family through another person's bank account 3. Sending money through the mail  There are many credible banking institutions nowadays that offer remittance services that you can fully trust. With this, you are not protecting your hard-earned money, but also yourself and your family back home.  3. Get a life insurance coverage  Have you ever wonder what will happen to your family in case of your disability or untimely death? This is the main reason why insurance exists. If you have financial protection, you are confident that your family is secured whatever happens to you while working abroad.  4. Save  This is a very common financial tip. To save for the future. But unfortunately, many OFWs end up without savings and still working in spite of old age because of the family back home that still depends on their earning. Do not ever think that working abroad with a big salary is forever! While earning big, save money for emergency funds. It is hard to be away from your family but it is harder if you cannot support yourself when you are old and no longer capable of working.  Make sure to set aside even a small amount every month. Pay yourself first before paying for anything else.
For OFWs, saving money is not enough, we should invest and make our money works for us in the future. How can we do this? By hard work and discipline and of course by following this four effective financial tips especially made for OFWs.
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1. Money Management

Yes, your family back home needs the money, but it does not mean you will send all your salary to them. As the one who earns, it is important that you master how to segregate your earnings. Set a portion of your salary for your family, for your personal and basic needs like daily expenses, for your bills and the most important for your savings or emergency fund.

By doing this you need to master self-discipline when it comes to money. This is the number one key not just for your own personal protection as an OFW but also for your family's future.
4 Effective Financial Tips for OFWs  To provide the needs and to secure the family's future. This is the most common reason why many Filipinos decide to work abroad. But as an Overseas Filipino Workers (OFW) working overseas is not just about securing our family's needs, it is also about protecting ourselves and preparing for our own future or retirement.  For OFWs, saving money is not enough, we should invest and make our money works for us in the future. How can we do this? By hard work and discipline and of course by following this four effective financial tips especially made for OFWs.  1. Money Management  Yes, your family back home needs the money, but it does not mean you will send all your salary to them. As the one who earns, it is important that you master how to segregate your earnings. Set a portion of your salary for your family, for your personal and basic needs like daily expenses, for your bills and the most important for your savings or emergency fund.  By doing this you need to master self-discipline when it comes to money.  This is the number one key not just for your own personal protection as an OFW but also for your family's future.  2.  Choose Safe Channels When Sending Remittances Home  OFW send money back home almost every month. When sending your remittances, avoid these three things; 1. Physical transfer through people or "padala" 2. Sending money to your family through another person's bank account 3. Sending money through the mail  There are many credible banking institutions nowadays that offer remittance services that you can fully trust. With this, you are not protecting your hard-earned money, but also yourself and your family back home.  3. Get a life insurance coverage  Have you ever wonder what will happen to your family in case of your disability or untimely death? This is the main reason why insurance exists. If you have financial protection, you are confident that your family is secured whatever happens to you while working abroad.  4. Save  This is a very common financial tip. To save for the future. But unfortunately, many OFWs end up without savings and still working in spite of old age because of the family back home that still depends on their earning. Do not ever think that working abroad with a big salary is forever! While earning big, save money for emergency funds. It is hard to be away from your family but it is harder if you cannot support yourself when you are old and no longer capable of working.  Make sure to set aside even a small amount every month. Pay yourself first before paying for anything else.

Read: 5 Financial Tips for Families of OFWs

2. Choose Safe Channels When Sending Remittances Home

OFW send money back home almost every month. When sending your remittances, avoid these three things;

  • Physical transfer through people or "padala"
  • Sending money to your family through another person's bank account
  • Sending money through the mail
There are many credible banking institutions nowadays that offer remittance services that you can fully trust. With this, you are not protecting your hard-earned money, but also yourself and your family back home.
4 Effective Financial Tips for OFWs  To provide the needs and to secure the family's future. This is the most common reason why many Filipinos decide to work abroad. But as an Overseas Filipino Workers (OFW) working overseas is not just about securing our family's needs, it is also about protecting ourselves and preparing for our own future or retirement.  For OFWs, saving money is not enough, we should invest and make our money works for us in the future. How can we do this? By hard work and discipline and of course by following this four effective financial tips especially made for OFWs.  1. Money Management  Yes, your family back home needs the money, but it does not mean you will send all your salary to them. As the one who earns, it is important that you master how to segregate your earnings. Set a portion of your salary for your family, for your personal and basic needs like daily expenses, for your bills and the most important for your savings or emergency fund.  By doing this you need to master self-discipline when it comes to money.  This is the number one key not just for your own personal protection as an OFW but also for your family's future.  2.  Choose Safe Channels When Sending Remittances Home  OFW send money back home almost every month. When sending your remittances, avoid these three things; 1. Physical transfer through people or "padala" 2. Sending money to your family through another person's bank account 3. Sending money through the mail  There are many credible banking institutions nowadays that offer remittance services that you can fully trust. With this, you are not protecting your hard-earned money, but also yourself and your family back home.  3. Get a life insurance coverage  Have you ever wonder what will happen to your family in case of your disability or untimely death? This is the main reason why insurance exists. If you have financial protection, you are confident that your family is secured whatever happens to you while working abroad.  4. Save  This is a very common financial tip. To save for the future. But unfortunately, many OFWs end up without savings and still working in spite of old age because of the family back home that still depends on their earning. Do not ever think that working abroad with a big salary is forever! While earning big, save money for emergency funds. It is hard to be away from your family but it is harder if you cannot support yourself when you are old and no longer capable of working.  Make sure to set aside even a small amount every month. Pay yourself first before paying for anything else.
Read: 7 Tips for OFWs to Save Money When Transferring Funds Overseas


3. Get a life insurance coverage

Have you ever wonder what will happen to your family in case of your disability or untimely death? This is the main reason why insurance exists. If you have financial protection, you are confident that your family is secured whatever happens to you while working abroad.
4 Effective Financial Tips for OFWs  To provide the needs and to secure the family's future. This is the most common reason why many Filipinos decide to work abroad. But as an Overseas Filipino Workers (OFW) working overseas is not just about securing our family's needs, it is also about protecting ourselves and preparing for our own future or retirement.  For OFWs, saving money is not enough, we should invest and make our money works for us in the future. How can we do this? By hard work and discipline and of course by following this four effective financial tips especially made for OFWs.  1. Money Management  Yes, your family back home needs the money, but it does not mean you will send all your salary to them. As the one who earns, it is important that you master how to segregate your earnings. Set a portion of your salary for your family, for your personal and basic needs like daily expenses, for your bills and the most important for your savings or emergency fund.  By doing this you need to master self-discipline when it comes to money.  This is the number one key not just for your own personal protection as an OFW but also for your family's future.  2.  Choose Safe Channels When Sending Remittances Home  OFW send money back home almost every month. When sending your remittances, avoid these three things; 1. Physical transfer through people or "padala" 2. Sending money to your family through another person's bank account 3. Sending money through the mail  There are many credible banking institutions nowadays that offer remittance services that you can fully trust. With this, you are not protecting your hard-earned money, but also yourself and your family back home.  3. Get a life insurance coverage  Have you ever wonder what will happen to your family in case of your disability or untimely death? This is the main reason why insurance exists. If you have financial protection, you are confident that your family is secured whatever happens to you while working abroad.  4. Save  This is a very common financial tip. To save for the future. But unfortunately, many OFWs end up without savings and still working in spite of old age because of the family back home that still depends on their earning. Do not ever think that working abroad with a big salary is forever! While earning big, save money for emergency funds. It is hard to be away from your family but it is harder if you cannot support yourself when you are old and no longer capable of working.  Make sure to set aside even a small amount every month. Pay yourself first before paying for anything else.

Read: Free Insurance For The OFWs, Just By Saving And Sending Remittances

4. Save

This is a very common financial tip. To save for the future. But unfortunately, many OFWs end up without savings and still working in spite of old age because of the family back home that still depends on their earning. Do not ever think that working abroad with a big salary is forever! While earning big, save money for emergency funds. 

It is hard to be away from your family but it is harder if you cannot support yourself when you are old and no longer capable of working. Make sure to set aside even a small amount every month. Pay yourself first before paying for anything else.
4 Effective Financial Tips for OFWs  To provide the needs and to secure the family's future. This is the most common reason why many Filipinos decide to work abroad. But as an Overseas Filipino Workers (OFW) working overseas is not just about securing our family's needs, it is also about protecting ourselves and preparing for our own future or retirement.  For OFWs, saving money is not enough, we should invest and make our money works for us in the future. How can we do this? By hard work and discipline and of course by following this four effective financial tips especially made for OFWs.  1. Money Management  Yes, your family back home needs the money, but it does not mean you will send all your salary to them. As the one who earns, it is important that you master how to segregate your earnings. Set a portion of your salary for your family, for your personal and basic needs like daily expenses, for your bills and the most important for your savings or emergency fund.  By doing this you need to master self-discipline when it comes to money.  This is the number one key not just for your own personal protection as an OFW but also for your family's future.  2.  Choose Safe Channels When Sending Remittances Home  OFW send money back home almost every month. When sending your remittances, avoid these three things; 1. Physical transfer through people or "padala" 2. Sending money to your family through another person's bank account 3. Sending money through the mail  There are many credible banking institutions nowadays that offer remittance services that you can fully trust. With this, you are not protecting your hard-earned money, but also yourself and your family back home.  3. Get a life insurance coverage  Have you ever wonder what will happen to your family in case of your disability or untimely death? This is the main reason why insurance exists. If you have financial protection, you are confident that your family is secured whatever happens to you while working abroad.  4. Save  This is a very common financial tip. To save for the future. But unfortunately, many OFWs end up without savings and still working in spite of old age because of the family back home that still depends on their earning. Do not ever think that working abroad with a big salary is forever! While earning big, save money for emergency funds. It is hard to be away from your family but it is harder if you cannot support yourself when you are old and no longer capable of working.  Make sure to set aside even a small amount every month. Pay yourself first before paying for anything else.