An OFW shares savings and financial literacy tips, including how they were able to start a business and save money (as much as Php370k). This can surely be an inspiration to many other OFWs out there whose families are still struggling to live from remittance to remittance.
OFW Shares Savings and Financial Literacy Tips
We’ve all heard of how so many OFWs (overseas Filipino workers) are only able to save receipts of their remittances but don’t really have much money in their savings or bank accounts.
One of them, anonymously, of course, shared their experience on CFO PESO SENSE, a financial literacy group on Facebook.
This OFW shared that they’re a silent reader of the page but wanted to share their experience to inspire others.
According to this OFW, their spouse doesn’t have a job but they decided to open a grocery store after saving some money. They opened the grocery store some three years ago, and aside from groceries, they also sell rice and feeds.
Thinking of ways to get starting saving money, the couple decided to do an ipon (money saving) challenge.
Starting last January 1, 2021, they aimed to save at least Php2,000 that they placed in an empty water gallon.
On some days, they were able to save more than just Php2,000.
Amazingly, when they finally opened the gallon, they were surprised to have saved as much as Php370k!
They decided to open the gallon because they needed the money to buy a lot worth Php400k. So, they only need just Php30k to buy the lot. Impressive, huh?
“Sana po maging inspirasyon po ito sa mga katulad kung OFW na tiniis ang hirap ng trabaho at malayo sa pamilya para kumita ng pera…mag ipon po tayu hanggat maari at bigyan ng pagkakakitaan yong naiwang pamilya sa pilipinas para makatulong din at hindi na aasa sa mga padala natin,” the OFW ended their post.
Ipon Challenge for OFWs
Did you know that several OFWs did the ipon challenge and saved a lot of money?
For example, an OFW in Hong Kong managed to save nearly Php150k in just 6 months from her monthly earnings after changing her lifestyle and following the ipon challenge.