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Friday, July 3, 2015

Money Management Tips for OFW

 Everybody knows the importance of saving but actually doing it is still a very difficult task for most Overseas Filipino Workers (OFW). OFW families tend to over spend for may reasons. To make the task of saving easier, here are some money-saving tips that you may want to follow.

Pay yourself first. After receiving your salary, before buying anything or paying the bill, set aside 10% of the money for savings. Put up bank account where this money will be kept as a savings for future business or investment. Every payday and do this right after receiving your salary.

Acquire property. It doesn't matter how big or small it is. If you don't have cash money to pay in full, one way is to pay it in terms or installment plan. There are a lot of properties affordable to OFWs. Monthly payments depend on how much you can afford it. Instead of spending money monthly on vices or things that we really not needed why not set aside money for monthly payment. After years, you have something you can be proud of from your hard work abroad.

Invest in gold jewelry. Gold is one the oldest, and most consistent investment of all in the history of humanity. If you can afford to buy in bulk and pay in cash basis, one way is to pay in installment plan. Find someone who offers this installment services with small interest. Gold increase in value and is the investment of choice around the world for those who are preparing for a rainy day.

Spend less. Watch your spending habits by buying only what you need and not what you want. Learn to recognize the difference between need and want.  Spend the  basic necessities  but not totally deny yourself of luxuries. The key to saving money is minimizing spending and living below your means.

Avoid vices. Starting a vice such as drinking,smoking and gambling is not only addictive and
expensive; it can also ruin your physical and mental health. Vices can cause not only financial problem, but emotional and health problem as well.


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