Earning money abroad is no laughing matter. OFWs sacrifice a lot in order to earn enough money for their loved ones back in the home country. This is why OFWs need to practice wise spending habits in order to save money. The following are tips that can help you save money if you are an OFW:
Opening a savings account
As an OFW, you can open a savings account at the country where you’re currently working at. Whether you’re working in the US, in Europe, or in the Middle East, having a savings account can help you keep track of your money and save enough cash especially for emergencies. A savings account serves as a security measure especially during these hard times when the global recession has affected many international companies, resulting into mass layouts. You can also contact your loved ones back in the Philippines about opening a savings account there. This way, you’re sure that your family is also doing their best in helping you save money for future expenses.
Taking advantage of air miles
Working abroad can be emotionally difficult for you and your family. This is why you spend a lot of time in communicating with your friends and family through several means. Calling long distance, logging into a social networking account, and chatting online with your family and loved ones are just some of the ways to keep in contact with them. You also fly to and from your home country during vacations and holidays. In line with this, one way to save money is to take advantage of air miles. If you are a loyal customer of a certain airline, inquire about air miles privileges or discounts for OFWs.
You can also check out exclusive online airline deals specifically meant for OFWs and other frequent travelers. Holiday deals are also worth checking out, especially if you always go back home to the Philippines during Holy Week and Christmas.
Other ways to save on money when keeping in contact with your loved ones is to use free online chatting and calling services. These reliable services allow you to talk to your family and loved ones without busting your budget. If you want professional advice on how to save money as an OFW, you can look for financial literacy programs offered by Philippine banks. These financial literacy programs usually include sessions on how to save and invest money to make sure that OFWs can maximize their earnings. You can also check with the Philippine government, especially the POEA, if they offer similar programs for OFWs.
Being an OFW has its challenges, both emotionally and financially. To help ease the financial burden, be wise in spending your hard-earned money. Follow these money-saving tips and watch your savings grow.
1. What are other money-saving tips for OFWs?
2. Is it better to work abroad for a few years and save, and then come back home and start a business?
3. Does the POEA offer some sort of financial literacy program for OFWs?