Managing Money for OFWs Under 30
In order to survive in other countries at the same time be able to provide for your family in the Philippines, OFWs must learn the virtue of thriftiness. Fund management and finances will always depend on the lifestyle of a person. This way of life will become a necessity when you start to become an OFW.
Here are some tips on how to manage your money.
- Be realistic
The mind controls everything, if you are able to control your mindset to be realistic, it can become the most powerful tool of your lifestyle. Use your head to direct your finances, nobody wants to become poor after years being an OFW. Realize that your spending the Philippines will not be the same in the developed countries. Adjust to your real economic status in the place your working in and not in the Philippines. Your money no matter how much when converted to peso is essentially less due to currency differences.
- Give your OFW life a life span
That is unless you wanted to die an OFW in foreign soil, then you may just go on and become an immigrant, and even then, what if you wanted to change your mind. Even before applying, you have to set a time and date on how long you plan to have the OFW life. Whether you want to settle in a developed country or not, you need to maintain this way of thinking. This sets a rational goal in mind to make you limit your expenses and start your long term goals of being financially secure. Consider your thoughts on when do you want to get married, when do you want to have children and what do you want at this age and after 5 years, 10 years and so on.
- Be careful in what you invest on.
Investing is not emptying your bank accounts into the stock market or getting property or applying for business loans at this instant. Educate yourself on the passive ways of getting income and observe. Don’t jump headfirst or you just might find yourself in the way of debts and zero savings. Do your own research and know the consequences, advantages and disadvantages of each situation to make a logical decision.
- Do a self-study
Do you know where every cent of your money goes? Account for each and every spent money from your hands. Weigh your budget, is it really that important to have new clothes every month? How much do you spend on groceries? Utilities? Bills? Find where you fall short on your budget scheme and discipline yourself on it.
- Save for yourself
Even if you are the breadwinner of your family, it does not mean that you can neglect your future. OFWs come from all walks of live but a common mistake most commit is to send all their money to their families in the Philippines and leave nothing for themselves. Some might even feel guilty of saving for themselves when they should not. Allocate portions of your money and do not spoil your family. They must learn to become independent for themselves and you must save some for you own.
Just because you don’t work in the money or business section of the industry does not excuse you from making the wrong economic decisions. Educate yourselves and weigh your decisions carefully. Fund management is the lifestyle of the wise and wealthy. Read and learn about investments and business. Nobody wants to come home poor.