TIPS for OFW's
Not all overseas Filipino workers (OFWs) though go home with a fat bank account. Many even find themselves in a much worse financial state than they are before leaving the country.
To ensure that you will reap the rewards of the years you spent working in a foreign country, it is advisable that you take care of your finances even before leaving the Philippines. Here are some of the things to consider:
Develop a financial goal for yourself
Having a list of things that you wish to accomplish as a result of a two-year work contract in Dubai, Qatar or Saudi Arabia would help. You may want to put into writing the amount of money you wish to save, or perhaps appliances or property you wish to acquire. Make your goals realistic by taking into consideration your salary, the cost of living in your country of destination, and others.
Involve your family and loved ones in your financial goals
It is good if your family knows your financial goals so they can encourage and support you. Discuss with them the household budget so you will know how much to send them as remittances. Remind them to spend the money wisely because you will work hard for it. Encourage them to also save money and avoid overspending.
Pay yourself first
Set aside an amount of money for savings every payday and do this right after receiving your salary. The ideal is to save at least 10% of your monthly income. You can use this savings in the future for business or other types of investment. Increase your savings in time by watching your spending habits and living below your means.
Determine your saving options
Examine the various ways on how you can save money and let it grow both here in the Philippines and abroad and choose the one that best fit you. You can open a savings or time deposit account, open an insurance or invest in stocks or mutual funds, acquire properties, etc. Just be aware of the risks involved and make sure that you are dealing with a reputable financial institution.
Prepare for your return
Prepare for the time when your work contract will expire and you have to come back to the Philippines because more often than not, there will be no job waiting for you here. Make sure that you save enough money to be able to live a comfortable life here.
Aim to be a businessman
Aside from looking for a local job upon your return, you can get into business and make your hard earned money grow. To be successful, you must be careful in choosing the kind of business to put up and do your research. It is advisable to start the business even before your work contract expires and give up your overseas job once the business is stable. You can take care of the business every time you go for a vacation. - OFW Guide
