Top 5 OFW Moneysaving Mistakes
Overseas Filipino workers (OFW) have continuously been increasing in number over the years. OFWs are said to have contributed significantly on the Philippines’s economy due to their valuable remittances. Thus, they are tagged as the country’s heroes and warriors. Filipinos working abroad only have one goal in mind — as they leave their families behind and work overseas –- that is, to have substantial income to provide the needs of their families left in the Philippines and in the hope of better and prosperous lives.
However, it is a sad reality that some overseas Filipino workers get wasted and were not able to save up money after years of working abroad. These unfortunate OFWs might have mistakenly managed their income. Find out here the top 5 OFW moneysaving mistakes:
Reckless Spending – Filipinos who are working abroad are somehow surprised of how much they earn abroad in comparison to their work in the Philippines. They seem to see empowerment within them the moment they receive their salaries. With this in mind, they now have the tendency to buy the things they were longing to have for themselves or their family. There is nothing wrong with spending so long as it is kept under control. Because if not, the idea of money saving is surely taken for granted.
Absence of Long-Term Plans – A lot of overseas Filipino workers are more inclined into reckless spending and defer any long term goals or plans. What often matters to them is how they can satisfy their wants as of the moment. And as a result, they pass on in building any future goals or plan for the money they are earning while they are working abroad.
Inconsistent and Insufficient Moneysaving Attitude – People who are working abroad and earning a lot seem to think of how they are going to spend the money they are earning. When in fact they should be thinking of ways to save their income significantly. As soon as income is received, it would be better to prioritize setting aside a substantial amount for savings and then manage what is left.
Absence or Failure of Wise Investment – A part of the fruits of your labor as an overseas Filipino worker is seeing where your money goes. Invest for the future. Investing your savings or earnings wisely is a good move not only to save up but also to possibly increase the amount of money you are trying to save. Many OFWs fail to think of this, thus, becoming one of the top money saving mistakes.
Irresponsible Money Management – unwise spending of the money is not only to the workers’ accountability but also to their own families. If one or two members of the family have been spending money irresponsibly, it will gradually result in another money saving mistake. Members of the family should start knowing the significance of wise spending and money management.Remember, money becomes only important when you don’t have any.