When we heard the word "Overseas Filipino Workers" or OFW oftentimes, we associated it with a person with more money since he or she is earning dollars or currency with a great value compared to our Peso.
But for OFWs, we all know that working abroad is hard and lonely, but we do anyway to provide the needs and even the wants of our loved ones. Nothing is wrong to provide the needs of our families since this is the main reason why we choose to work abroad - to alleviate the lives of our families.
But for OFWs out there, we should not forget that working abroad is not forever. We are not always young, healthy and capable of working. That is why it is important to save and invest for our retirement and family's future.
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Every OFWs (even not OFWs) are excited about Payday! But the reality, after three or five days later, many are feeling broke and left no savings at all and again, wait for another payday. And the cycle is going round and round unless you decide to put an end to it.
Here are seven practical tips of Un Amparo, a personal finance advocate and founder of Richly Blessed Today. He is an OFW currently working as a school counselor in an international school in Thailand. (With minor edits)
Here are seven practical tips of Un Amparo, a personal finance advocate and founder of Richly Blessed Today. He is an OFW currently working as a school counselor in an international school in Thailand. (With minor edits)
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1. Pay yourself first
As OFW you should not forget that you need to save for the future. Allocate at least 20 percent of your income for your investment or savings. Do not send all your money home without "paying yourself first."
2. Every Payday, allocate amount for your emergency fund
Since OFW is earning more money. They are the one often called by family members and relatives in the Philippines in case of a health emergency. So what if you don't have money for your son's hospitalization? or for your mother or father's operation? The tendency is you borrow money or apply for a loan.
It is important for every OFWs to have an emergency fund that is readily accessible amounting 3-6 months worth of your monthly expenses. An emergency fund allows you to continue your current lifestyle without going into debt. Having an emergency fund will also help you to reduce stress.
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3. Pay your bills on time
Paid all your bills on time to avoid penalties or surcharges for late payments. With this, you are being responsable for your financial obligations. You can do this by listing down all your payables each month, the respective payments and due dates.
Paid all your bills on time to avoid penalties or surcharges for late payments. With this, you are being responsable for your financial obligations. You can do this by listing down all your payables each month, the respective payments and due dates.
4. Pay your loan or debt
This should be on your priority list. To avoid high interest on loans and debts, pay them on time. Your integrity as a borrower will be protected and as long as you can, avoid unnecessary debt.
Also, set a financial goal with a clear plan and time frame to free yourself from financial bondage sooner.
5. Health and life insurance
Sad to say, many OFWs don't have health or life insurance. If they have, usually they are not comprehensive. Therefore, it is essential to re-evaluate the policies and riders whether you are adequately protected.
Remember, the best investment for OFW is not the real estate or shares of stocks, but having good health. Your greatest investment is YOU so you have to be protected especially if you are a sole breadwinner or have dependents back home.
Sad to say, many OFWs don't have health or life insurance. If they have, usually they are not comprehensive. Therefore, it is essential to re-evaluate the policies and riders whether you are adequately protected.
Remember, the best investment for OFW is not the real estate or shares of stocks, but having good health. Your greatest investment is YOU so you have to be protected especially if you are a sole breadwinner or have dependents back home.
6. Extend your blessings
"The more we share, the more we have." Extend your blessing to your family, relatives, and friends. Help those who need help. But do not forget to save for yourself first and let your family know about your own financial goals.
7. Remember the Giver
Everything you have is from God. Do not forget to pay your tithes and offerings. Honoring God with your wealth means to be a cheerful giver instead of a hoarder and greedy.
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