Money. This is one of the determining factors why many OFWs choose to endure working miles away from home. The pay they get overseas is a hefty sum compared to their salaries here in the Philippines, the main factor many are attracted to be OFWs.
But even with their high salaries, some Pinoy workers abroad still find it hard to save money
In fact, according to the Episcopal Commission for the Pastoral Care of Migrants and Itinerant People, a panel of the Catholic Bishops’ Conference of the Philippines, about 60% of OFW families remain financially challenged.
The next question is why?
Expensive cost of living
Some OFWs may earn a lot, but the high cost of living abroad renders OFWs unable to save big. Aside from sending remittances to their families, overseas workers also shell out a considerable sum of money for their everyday needs.
For example, did you know that the average cost of a bunk bed in Dubai is Dh800-Dh1,200 per month?
It is all for the family
Providing a better future for their families is the main reason why many Filipinos decide to work abroad. However, this oftentimes becomes the main reason why workers could barely save a dime for themselves. They send the biggest chunk of their earnings to their families in the Philippines.
Improper budgeting
It may seem cliché but when families receive remittances, their go-to place are shopping malls, department stores or restaurants. The right thing to do? Fight the temptation to overspend and try not to burn the hard-earned money of their loved ones overseas.
Another tip: OFW families in the Philippines should also take the initiative to save at least 20% of remittances sent to them.
Hefty debts
Life in a foreign land is not all about glitz and glam. As stated in the first item, the cost of living in another country is undeniably more costly than it is in the Philippines. This is why some OFWs are forced into asking for loans just to get by. And when payday comes, a big chunk of their paychecks automatically goes to settling debts.
Unrealistic expectations
One admirable quality of OFWs is their generosity. They are willing to provide everything their family needs. However, this is the same quality that hinders them from putting money aside for savings and even for investments.
The lesson here is simple and applies to OFWs as well as their families back home: Learn to spend less for wants and live simply.
Photo credit: CBCP News
