If you ask a Filipino who is working abroad why they are enduring the pain of moving away from their family. You'd definitely hear almost the same answer, "its for the betterment of my families economic situation". This I would say fire my countrymen to do better in whatever they do in their respective work abroad. However, I am sad to say this could also be a trap towards their economic freedom.
For every OFW, when they are aboard the plane going to their country destination they have full of hopes and aspiration and determination to provide a better living to their family. Must I would guess that the following list are either on their top priority or at least in their list of hundreds of priority these are: food on families table, gadgets for the kids, housing and house repairs and the list goes onh:
For me, there's no problem in achieving all that but what should an OFW so that they wont waste their time abroad and secure their family future.
1. FAMILY MEMBERS UNDERSTANDING ON EXPENSES
Before leaving the Philippines you should make sure that you present your plan on how you handle your finances with your family member. Explain to them in detail as to how you are going to handle your salary. It should be very specific and it would depend on you as to how you should break it down. Here is my example given that I will be working abroad:
Family Expenses - 20% of salary this will cover city services and food.
Education - 20% to 30% of salary (this would depend if your child is in grade school or college)
Savings - 30% of salary should be placed in savings.
Your Personal Expenses - 10% of salary
You can of course make your own divition of expenses. I am sure you would know your own salary before even leaving the Philippines so practically you would know how you would devide your salary and stick with the family goal.
You can of course make your own divition of expenses. I am sure you would know your own salary before even leaving the Philippines so practically you would know how you would devide your salary and stick with the family goal.
2. SAVING ACCOUNTS AND INTERNET BANKING CAPABILITY
SAVINGS ACCOUNT - make sure you open a bank account in a reputable banks and that it has internet banking capabilities.
Having an internet banking capability would allow you to ensure that you can deposit deposit a fraction of your salary to a savings account. Also having the internet banking capability would allow you to monitor your own money.
3. FREE OFF FROM DEBTS
Make sure that during the family discussion you would also discuss to them how you can pay off your debts. Also, let them understand to stay away from debts as possible.
Stick to your goal. Ofcourse you wanted to work abroad not only because you want to provide for your families immediate need but also to make sure you are preparing for your future.
4. LEARN HOW TO SAY NO
The tendency of Filipinos working abroad is to give everything to their family member. When we say family member it means to them providing for thier immediate family and extended family.
Birthday parties and gadgets are not a priority in life. You have to understand also that working abroad is not permanent. Time will come and you will have to come back. Everyone that I know after their life abroad they come home broke and that is what you should avoid.
Its not your obligation to provide for everyone rather it is your obligation to provide your love ones a better life and not an extravagant life.
That is why it is important to draw a line upto when can you provide as to how much you can give to your immediate and extended family. Let them understand that you also want to come home and spend more time with your family let them know that you wanna come home and not worrying that you are unable to pay your own medicine and electric bill.
5. INVESTMENTS
House is not an investment. Worry about beautifying or buying a house at a later date. When you are free of debts start building your mutual funds, start buying your health insurance, start investing in money making but not pyramiding or any other networking. I dont have againts it but better make sure that you have enough money in your mutual funds and that you have made sure you are invested for any health insurance. Then if you have extra then you can reconsider other stuff.
6. GIVE EACH FAMILY MEMBER A ROLE
For married OFW, encourage your spouse to help you in generating money. Example, paying of electric bills and everyday food. This way everyone has a role in building financial stability within the family. Make sure your children understand and practice saving. In this way you can alot more money in preparing for your children's education.
If you are single, it is far way easier for you to build your own financial stability. All you need to worry is your parents well fair. If you have siblings that is still in college then you can help them but you also have to make it clear upto when can you provide.
3. FREE OFF FROM DEBTS
Make sure that during the family discussion you would also discuss to them how you can pay off your debts. Also, let them understand to stay away from debts as possible.
Stick to your goal. Ofcourse you wanted to work abroad not only because you want to provide for your families immediate need but also to make sure you are preparing for your future.
4. LEARN HOW TO SAY NO
The tendency of Filipinos working abroad is to give everything to their family member. When we say family member it means to them providing for thier immediate family and extended family.
Birthday parties and gadgets are not a priority in life. You have to understand also that working abroad is not permanent. Time will come and you will have to come back. Everyone that I know after their life abroad they come home broke and that is what you should avoid.
Its not your obligation to provide for everyone rather it is your obligation to provide your love ones a better life and not an extravagant life.
That is why it is important to draw a line upto when can you provide as to how much you can give to your immediate and extended family. Let them understand that you also want to come home and spend more time with your family let them know that you wanna come home and not worrying that you are unable to pay your own medicine and electric bill.
5. INVESTMENTS
House is not an investment. Worry about beautifying or buying a house at a later date. When you are free of debts start building your mutual funds, start buying your health insurance, start investing in money making but not pyramiding or any other networking. I dont have againts it but better make sure that you have enough money in your mutual funds and that you have made sure you are invested for any health insurance. Then if you have extra then you can reconsider other stuff.
6. GIVE EACH FAMILY MEMBER A ROLE
For married OFW, encourage your spouse to help you in generating money. Example, paying of electric bills and everyday food. This way everyone has a role in building financial stability within the family. Make sure your children understand and practice saving. In this way you can alot more money in preparing for your children's education.
If you are single, it is far way easier for you to build your own financial stability. All you need to worry is your parents well fair. If you have siblings that is still in college then you can help them but you also have to make it clear upto when can you provide.
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