It is never too easy for any Overseas Filipino Worker (OFW) to work and live abroad even if the compensation being offered is ten times higher than their wages in the Philippines. The opportunity to earn more money may be the primary reason why Filipinos choose to work in other countries, but no amount of money can ever pay for the loneliness and separation every OFW suffers being away from home. Nonetheless, they take the risks knowing that it is the only solution available in order to alleviate the financial status of their families.
Life in the Philippines is hard, and earning a substantial amount for the family is not enough to cover all expenses from the basic needs to education. Thus, it is common in a Filipino family to have no savings at all or emergency funds.
Life in the Philippines is hard, and earning a substantial amount for the family is not enough to cover all expenses from the basic needs to education. Thus, it is common in a Filipino family to have no savings at all or emergency funds.
Some OFWs procrastinate in setting aside some savings because they plan to buy a house, a car, or new appliances. Though these things make the family’s life more comfortable, this should not be a hindrance for a family to keep small portions of their incomes for savings. It does not matter how small the amount being saved as long as there is something being set aside, and not losing the momentum until saving becomes a habit.
OFWs should bear in mind that working abroad is not indefinite; losing their jobs, or sudden retrenchment at work, are bound to happen at anytime more so in the near future. OFWs should think of all the possibilities that come with working abroad, including its positive and negative aspects. They should protect themselves and their families with insurance, business, and livelihood ventures.
OFWs should bear in mind that working abroad is not indefinite; losing their jobs, or sudden retrenchment at work, are bound to happen at anytime more so in the near future. OFWs should think of all the possibilities that come with working abroad, including its positive and negative aspects. They should protect themselves and their families with insurance, business, and livelihood ventures.
Before leaving the country, they should establish options on what to do with their earnings aside from providing for the families’ expenditures on a monthly basis as they send money to the Philippines. Their dreams of owning a business should also be their motivation in working hard. For in the long run, having a business, or any other financial investments, can help the family more and can sustain their needs for longer periods.
Other experts would advice OFWs to be open and honest to their families about their financial situations, and their saving plans. If they are on the verge of losing their jobs, they should also inform their families that there will be some cut backs on the remittances they receive. However, if they plan to invest on some business ventures, they need to inform the family that they will be aware where their money goes
Other experts would advice OFWs to be open and honest to their families about their financial situations, and their saving plans. If they are on the verge of losing their jobs, they should also inform their families that there will be some cut backs on the remittances they receive. However, if they plan to invest on some business ventures, they need to inform the family that they will be aware where their money goes
Learn to say, “No” especially to your children who can readily ask money and purchases from you, more so on the things that are not so important and may be just for purposes of a show-off. Do not feel bad if you cannot give them everything they want. Teach them to be responsible with their moneys and live an austere life. Many OFWs compensate their absence by buying them presents; this should not be the case. You should be the one to teach them about smart spending and saving. Teach them while they are young.
OFWs should not burden themselves with all the expenses in the house. If your spouses can work, let them be so that the financial responsibility at home will be equally distributed. If spouses choose not to work to take care of the children, then tell them to manage the bills, food, and education expenses properly and emphasize that they should not solely depend on monthly remittances. Working abroad does not instantly make you a millionaire; it just allows you to make purchases on things you cannot afford before.
OFWs should not burden themselves with all the expenses in the house. If your spouses can work, let them be so that the financial responsibility at home will be equally distributed. If spouses choose not to work to take care of the children, then tell them to manage the bills, food, and education expenses properly and emphasize that they should not solely depend on monthly remittances. Working abroad does not instantly make you a millionaire; it just allows you to make purchases on things you cannot afford before.
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