Overseas Filipino Workers (OFWs) are often dubbed as modern heroes for choosing to work abroad to earn better wages. However, most would see them as a bottomless pit of cash. More often than not, their generosity stems from the belief that it would serve as a consolation for all the years they spent away from their families. Whatever the case, it would be best if OFWs started saving as soon as possible.
Send balikbayan boxes sparingly
OFW relatives have a tradition of sending care packages of balikbayan boxes to their relatives in the Philippines. A great average would be once per year but some would send even twice or thrice a year. The boxes are filled to the brim with expensive imported stuff. Set a budget for these things and send only to your immediate family and send just once a year.
Decline sponsoring your town’s next fiesta
Becoming the Punong Abala of your town fiesta once or twice, more than twice is another thing exactly. Suggest a potluck party or dinner instead wherein. This will also provide you with a unique opportunity to eat homemade dishes from your relatives and neighbors.
Do not buy gadgets that will only depreciate over time
Latest smartphones, wide range of various gaming consoles with their corresponding expensive games, a smart tablet and powerful laptops are things that do not increase in value over time, yet seem to be the most popular needless gadgets OFWs would find themselves frequently purchasing. Keep in mind that though these gadgets are trendy right now, their value would virtually be zilch in about ten years or so. If you are looking for a wise investment, the start saving your money and buy land instead.
Have your own personal savings
Never send all hard earned money to families in the Philippines and never leave just enough financial resources to last them till the next paycheck. This situation will not help your savings. Instead of sending a huge fraction of your paycheck back to your family in the Philippines, set aside some for yourself and create a savings system that would encourage you to save.
Learn which investments you should really put your money into
If you are looking to invest your money, diversify your investments and branch out whether this may be in shares of stock, mutual funds or tangible assets such as purchasing pre-selling condos or house and lots. Do not make the novice mistake of pooling it all in in a single asset which more often than not would take a long time to pay off and get returns.