up as an OFW can be a real challenging task. Settling abroad can cost
much and most OFW chuck their salaries not for themselves but for their
family. Saving money ca be hard as there are usual things to pay and
sometimes emergencies that you are expected to handle. So how can you
save up for the future?
Setting a goal keeps you focus in saving money. Set goals like buying a car or a house. Make it SMART. A goal must be specific. You must be able to measure to see if you had attained it already. Have some parameters like are you just aiming for a house or a fully furnished one? Is it attainable or possible with your current salary? It is realistic? Set a time limit, an actual time. It could be months or years. Talk you your family about your plans so they can also help you keep on track.
Make a system
You can split your salary in envelops or jars. Label them as bills, savings and others. Other use different ways to save money. You can make as many as you want or need.
Make it a habit
Saving money can be made into a habit. In a study, if you continue to do something in 21 days, it will become a habit. If you have a jar, you can put in some cash everyday, then take it in your bank every month.
Do not put all eggs in one basket
Try investing as there are a lot of options when an OFW invests. It does not have to be a big one. You can start in a small amount at first and then gradually increase it without hurting your financial responsibilities.
Invest in plans
Many OFWs share that they still look forward if a retirement in the Philippines. If you want to go back to Philippines, invest in plans such as retirement plan, insurance and others. These plans will help you in your future needs. Isn’t it great to have something ready if a need arise?
Avoid extra expenses
If you are saving up for something, try hard not to use the money in something that can be avoidable. Unnecessary expenses might be a tumbling block towards your dream. Keep yourself focus on the goals.
Stay away from credit card debit
Having a credit card but without self control can put you in deep debt. You will have to pay for the purchases through installment but you must remember that every time you swipe the card, you are creating a debt that still must be paid with your salary