Mon. Apr 12th, 2021
Money Habits

Common Money Habits OFWs MUST Avoid

The Journey to Financial Freedom begins with Attitude.

It is a symbol of devotion. Returned-home Filipino workers typically send care packages containing kids’ clothing and random items, like packaged meat, among other things.

The sacrifice is apparent, too. Purchasing lots of things in balikbayan boxes for loved ones comes at the cost of using credit.

Truthfully, it’s just the tip of the iceberg. Similar stories are of OFWs who have toiled in various third-world countries to pay for their sibling’s schooling or fund business ventures abroad. while most OFWs may earn substantial, it doesn’t mean they are financially successful

Families typically believe those who earn in different currencies are wealthy Funds are always called for when it comes to emergencies or big parties.

Most OFWs cannot manage their finances. While many individuals can purchase homes or businesses after years of working overseas, many do so heavily in debt.

A hero, not a martyr

The majority of OFWs will most likely say that getting home is sweet. If she has no extra money, how can she even contemplate returning home?

It begins with an overseas attitude, but with that left at home too. Both the overseas worker and the family should be working together to maintain financial stability.

To be sure, OFWs should want to assist their loved ones but must learn to say no when it gets in the way of their freedom. Nowadays, it’s challenging to live on a single income.

Overall, people who work in overseas Filipino communities will save money due to resisting materialism’s temptations. Instead, the OFW may consider starting a savings and an emergency fund. Similarly, the Philippine relatives could be interested in creating a small business or becoming financially secure.

Management of money for the OFW

An understanding of financial concepts helps OFWs to guard and grow their money. Immersing themselves in knowledge empowers them to make informed decisions on their investments, as well as their choices. Financial literacy can help them avoid false investments that promise short-term riches.

OFWs must be goal-oriented and discourage overstaying by doing so.

Preparing for a comfortable return is an essential aspect of that financial goal. Using liquid assets helps calm short-term and medium-term anxieties. To build emergency savings, prepare a separate account for expected and unexpected expenses.

Alternatively, life insurance can help save finances in case of unexpected life situations. Those who do not leave behind those who cannot remain, breadwinners,

OFWs who want to settle in the Philippines should consider building their retirement fund and preparing for financial emergencies.

Once the OFWs have made enough money in the US, they do not want to return to the Philippines. Long-term investment-linked life insurance serves as financial protection Foreigners might also want to consider investing in rental properties. More important is to seek ways to increase your income than to splurge on products.

Strike a balance

OFWs often give money and remittances as an expression of love for those they left behind. Not unique to modern Filipino households. For your financial future, being well-prepared is much more loving. Shorter version: Long-term planning shows you care for the future.

Overseas Filipino workers must never send anything home Balance between spending and saving and investments lead to a financially stable future

Prioritize your finances.

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