Many expatriates or OFW in particular forget to save money when they are already working abroad. In the Philippines there is a seminar from PDOS before leaving to work abroad. The main topic of the seminar is about how to save money while working away from the Philippines away from their family. But most of the expatriates return home only to realize that they are still poor and even poorer before they went abroad. One of the reasons of this is that the OFW forgot to save while away working hard in foreign land. Some were tempted to spent too much money more than what they were earning by buying unimportant things like electronics gadget, gambling, going to nightclubs and even forget their family in the Philippines and even make their own new family abroad.
If you are working abroad you will encounter many trials and hardship, loneliness that will ruin your plan and dream. My advice is to have a constant communication to your family in the Philippines. Make concrete plan and save money for your future in the Philippines.
Here are some money tips for Expatriates or OFW:
1.0 Know what your monthly income and assess if you could invest on something in your country of origin. Maybe you could buy a house or condo unit. Real Estate is a good investment because it appreciates its value faster than other form of investment. It is also a pride to have a house which is the product of your hard work.
2.0 As an ofw you will see many appliances that you could not afford before to buy. Tighten your belt and go for longer gratification by saving and investing your money. You can invest in government securities and mutual fund too. Another thing to avoid buying cars, watches that are very expensive. Just say no to these temptation.
3.0 Spend your money wisely. Always remember that you have a goal to fulfill. Do not change your lifestyle like when you are earning small amount of money when you are in the Philippines.
4.0 If you think that your wife is not a good saver then do not send all your money but just send money for their monthly budget. Do not let your dependent in the waste your hard earn money.
5.0 Tell your wife about your plan or you should update them about your present money status and your future plan so that they will understand to avoid problem.
For more money tips read Earn and Invest Money in my other blog.
If you are working abroad you will encounter many trials and hardship, loneliness that will ruin your plan and dream. My advice is to have a constant communication to your family in the Philippines. Make concrete plan and save money for your future in the Philippines.
Here are some money tips for Expatriates or OFW:
1.0 Know what your monthly income and assess if you could invest on something in your country of origin. Maybe you could buy a house or condo unit. Real Estate is a good investment because it appreciates its value faster than other form of investment. It is also a pride to have a house which is the product of your hard work.
2.0 As an ofw you will see many appliances that you could not afford before to buy. Tighten your belt and go for longer gratification by saving and investing your money. You can invest in government securities and mutual fund too. Another thing to avoid buying cars, watches that are very expensive. Just say no to these temptation.
3.0 Spend your money wisely. Always remember that you have a goal to fulfill. Do not change your lifestyle like when you are earning small amount of money when you are in the Philippines.
4.0 If you think that your wife is not a good saver then do not send all your money but just send money for their monthly budget. Do not let your dependent in the waste your hard earn money.
5.0 Tell your wife about your plan or you should update them about your present money status and your future plan so that they will understand to avoid problem.
For more money tips read Earn and Invest Money in my other blog.
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