Filipinos are known for being hospitable and for being very family-oriented. Above anything, we put our families first, above ourselves, even. That, too, is one of the reasons why many OFWs find it difficult to save money, be it that they’re abroad or they’re already here in the Philippines.
On the other hand, it is not that practical to be too kind all the time. If you are an OFW and you are struggling to save, you must be one of those who easily give in to the pressures that your relatives are giving you, especially when they ask you to offer them something that can help them cope with their needs. Now, to help you, here are three money-saving tips that you can use.
Send money, instead of goods.
It is very common for OFWs to send out balikbayan boxes to their loved ones. As an OFW, you would be very excited to send goods to your family and relatives in the Philippines, especially the ones that you think aren’t available in there.
You might also think that sending them a balikbayan box filled with goods will help you save money, especially if those items appear cheaper when bought abroad. However, be reminded of the existence of the Bureau of Customs which charges taxes in every item that you send to your loved ones.
So, keep in mind and consider the possibility that sending them cash via wire transfer or bank deposit can be the more practical choice.
Don’t be afraid to be “kuripot” sometimes.
Being among the most hard-working and highest-earning OFWs can be good and bad, at the same time. Do your relatives, even the ones who aren’t that close to you and your family, run to you as soon as you come home from abroad and they find out that you’re home?
Well, it is no longer a surprise if they come to you and ask money from you, especially when they know that you have a high-paying job. In this case, do not give in to the pressure. If you are trying to save money and you know what your priorities are, try your best to give them pasalubongs in kind and not in cash.
Let them call you kuripot or whatever they want to call you. What’s important is that you stick to your priorities and you get to achieve your goals.
The last money-saving tip that OFWs need to know is to make investments. Invest in the stock market. Establish a business for your family. Enroll your child in the best school in town. These are all great investments that you can make and these are all smart ways to make the most out of the salary that you are earning every month. Being smart in spending your money can also help you save money and put in something that can give you long-term benefits.
It is not that easy to work abroad and earn money. So, if you are among the millions of OFWs who are having a difficult time saving money, make sure that you know what your priorities are and that you are smart in spending every penny that you are gaining. While you work hard for your family, spend your money wisely, so as not to waste any effort that you’ll be exerting.
Latest posts by Jaycee De Guzman (see all)
- AskJaycee # 9: Should Experienced Stock Traders and Investors Teach for Free or for a Fee? - February 16, 2020
- AskJaycee # 8: Impact of Novel Coronavirus to the Philippine Stock Market - January 31, 2020
- AskJaycee # 7: Am I Normal? - December 7, 2019