MANILA, Philippines — Almost all overseas Filipino workers (OFW) will tell you: They are working abroad, despite having to fight the loneliness that being alone in a foreign land brings and despite being subjected to not-so-ideal work conditions, because they want to provide for the financial needs of their loved ones back home in the Philippines.
They want their parents to not have to work so hard, they want to fund their younger siblings’ education to ensure a brighter future for them, they want to build a house for the family and secure a better life for them. They sacrifice their own comfort and happiness to make sure that all these dreams come true.
Daily work routine can be draining for overseas Filipino workers, but seeing the family enjoy every possible comfort is sometimes enough source of relief amidst all the exhaustion. However, it is a totally different story when they see that their families are spending a bit too much, buying luxury items that they do not really need and not seriously saving up for things that matter more.
With such a scenario, their tendency is to feel a lack of appreciation for all their hard work and sacrifices. But if they see that their loved ones are managing their budget wisely and focusing on their shared vision and goals, they feel loved and appreciated.
So, if you are on the receiving end of an OFW's financial generosity, show that you value all the sacrifices he (or she) has made by managing your budget wisely. Spend thoughtfully by saving a significant portion of the money sent on a regular basis.
Here are some suggestions from MoneyGram:
1. Allocate a portion of the money you receive to savings
The old formula of saving only lets you set aside what is left of what you spend on living. But when you save at least 10% of what you receive and spend the rest afterwards, you can be sure to have more savings after some time. This habit also lets you have more control on the amount you spend for your daily needs.
2. Save for something important
When you have something in mind as to where your savings can go, you have more motivation to hit your savings target earlier than you’ve initially planned.
It would be a sweet gesture to save for something that your family member from abroad would want to buy in the future. Imagine how happy they will be when they realize that the dream is waiting back home.
3. Track your expenses
You may not be fond of keeping receipts but it is about time you start organizing them.
Taking note of your personal and household expenses lets you find out how you overspend or underspend on certain items. Tracking your expenses helps determine where you can cut to save more or allocate funds to other items.
4. Keep your money safe
People forget that keeping their money safe is just as important as spending wisely. Nobody wants to see the fruit of their hard work go down the drain, so it matters to know how you can secure your financial transactions.
Thanks to money transfer services like MoneyGram, those who work in far-flung places can be sure that their money will reach their intended recipients. With more than 350,000 locations in 200 countries and territories, MoneyGram also facilitates easier remittances for Filipino families all over the world.
In the Philippines, MoneyGram has partnered with agents like SM, BDO, Metrobank, Cebuana Lhuillier, M. Lhuillier, Allied Bank, and Smart Money, so that recipients can pick up their money at the most convenient location.
By employing these starter tips on managing finances, families of overseas Filipino workers are sure to keep their finances secure and their loved one proud of their practices towards achieving financial freedom.