It’s just right that we spend our money wisely and make sure that all of our hard work and money will not go in vain.
Time to assess our financial status and rethink our long term financial goals. If you are an OFW, then this article is for you!
It’s no secret that our Kababayans are making hard-earned money. Every penny that entered their payroll is equivalent to hours of physically, emotionally and mentally exhausting labor. It’s just right that we spend our money wisely and make sure that all of our hard work will not go in vain.
But how do we spend our money wisely? Here are some of the helpful tips:
Set a Goal
Any endeavors would be fruitless without setting a goal. Make a commitment to save and create a specific goal. For example, set a goal to save P100,000 by the end of 2020. This goal will not only serve as a motivation but also a beacon whenever you feel lost.
Create a Budget
Follow the 50-30-20 rule when it comes to budgeting. 50% of your total earnings should go to essential expenses such as food, housing, and utilities. 30% should be allocated to discretionary spending while the remaining 20% must go towards your savings.
Stick to this budget and live within your means. Avoid unnecessary expenses that will just throw your budget off.
Settle Your Debts
Most of us have probably loaned some money when we were processing our employments.
Now that you’re earning, it is important to allocate a budget to pay off your debts. Start with the ones that have high-interest rates. You must be debt-free to fully achieve financial independence.
Put Your Money Into a Good Investment
Money may not grow on trees, but you can definitely put them in a good investment and watch them grow. There are a lot of passive income opportunities for OFWs. Just make sure that you have done your research before choosing the right investment.
Learn how to spend your money wisely so that all your efforts and sacrifices won’t be in vain. Apply these helpful tips and welcome 2020 with a smart attitude towards spending money.