While it is true that overseas Filipino workers (OFWs) have a higher salary rate with their jobs at the countries they are in, if they and their families do not know how to budget their money, they could end up with no investments or savings at all.
There are many ways to stretch an OFW’s budget.
Share the Load
Of course, OFWs most likely have a higher salary than their partners/spouses and siblings; however, this does not mean that it is the OFW who should be the only one to support the family.
Photo credit: PhilStar
Even early on, it’s always a good idea to try your best to make sure that you and everyone in the family understand that even as OFW, they still need to give their share. Your share in the family expenses might be bigger than theirs but helping each other means an easier load for everyone.
Stick to Your Budget
You might have a lot of money yet being abroad means it would also be easier for you to splurge on things that you might end up regretting later. You don’t need 50 designer bags or 100 pairs of expensive shoes, just because it is easier to buy these items abroad.
Make a budget – and stick to it!
When making your budget, set aside money for investments, but make sure that you diversify your investments and research. Don’t put all your money in one investment vehicle, but don’t just put them in the bank, either. Grow your money wisely.
A number of OFWs choose to open a business in the Philippines, allowing their families experience independence while also growing their money.
Photo credit: Inquirer
Plan Your Shopping
Of course, it would be more fun as OFW if you could splurge once in a while to reward yourself. Just make sure to plan your shopping. Perhaps you would set aside part of your salary as shopping money, buying the things you like, but be a wise shopper.
You could always enjoy shopping during mall sales, but don’t get hooked on credit cards just so you could but as many ‘sale’ items as you can. Remember, even if you got a lot of items on sale, if you don’t really need these stuff, you didn’t save anything – you spent something on an item you might not even use!
Find an Online Sideline Job
You can also earn extra money by doing a sideline job. There are plenty you can find online, depending on your talents. With time on your hands, you can even learn new skills you can use to earn more money.
While you can earn more cash in this manner, being busy also helps take away loneliness. You’ll be less homesick as you focus your energy on doing sideline jobs.
A lot of OFWs make the mistake of quickly upgrading their lifestyle now that they are making more money. While there’s nothing wrong with that, make sure you are only spending within your budget. You don’t have to go on expensive vacations with the family or build a mansion and buy SUVS, if you can’t afford that. Don’t take a loan just to support a lavish lifestyle.
Of course, you want to provide a better life for your family; that’s the main reason why you went abroad. However, spend wisely. You can still live a comfortable life without bring too grand and spending all your money.