OFW tips to grow savings for a brighter future

Created at 2016-09-07

OFWs strive hard to provide for their families. It may be true that most OFWs can earn twice or even thrice of what they can earn in the Philippines, there’s a possibility that financial stability can be hard to achieve due to mismanagement.

Here are some tips to keep in mind to rack up the savings for the family and avoid financial mismanagement!

TIP 1: Make a simple financial plan and involve the family

For OFWs, there’s nothing more motivating than to be able to provide financial stability for the family. However, for most OFWs, their salary is also the primary source of income and is used for basic expenses.

Plotting a simple savings-and-expense financial plan can help OFWs manage their money. Involving the family also helps so that everyone is aware of the overall goal: grow the family savings account.

TIP 2: Plan for the future

Retirement is unavoidable, even for OFWs. Having a plan for the future is a must so OFWs have clear goals and motivations as to why they leave and work in a different country.

This may involve saving up for a home in a safe and secure community or getting insurances set up, making the family future-secure.

TIP 3: Regularly make your payments and remittances

It is recommended for OFWs to send money back home on a regular schedule. Both the OFW and the family will be able to manage the cash flow for expenses and savings better if a schedule is set. Pay dues on time to avoid any penalties.

TIP 4: Live wisely

Living wisely means avoiding unnecessary expenses and adding more items to pay via a credit card. While the latest gadgets or a new signature bag is tempting, OFWs just have to remember the original game plan: long-term investments for the family.

TIP 5: Stay healthy

At the end of the day, health is wealth. Prioritize the health of the mind and body to stay focuseds. Even if OFWs are in another country, they should always remember to eat the right kinds of food and keep active to be in tip-top shape.

Lancaster New City salutes all OFWs who leave their families back home and go to a foreign land to work. Ensure that your family is in a safe and secure community with everything they need just within reach.

Check out Lancaster New City’s community features in this link.