Filipinos based abroad must learn to let go of overspending and oversending if they want to be able to handle their savings and finances, Rico Cardoniga of famous blog Tatak Pinoy Loud & Proud advised.
The influencer who is also a retired broadcaster in the Philippines, said that unnecessary spending and sending money to families back home are some of the major reasons Overseas Filipino Workers (OFWs) are struggling when it comes to their finances.
In his book entitled “The 12 Habits of Highly Successful OFWs,” Cardoniga also highlighted that there are so many Filipinos who can’t save money even if they are working abroad for so many years abroad—and it’s all because of not being able to separate needs and wants, as well as not being able to say no to family.
“We love to don branded outfits than wearing a cheaper one. For us to save while we are still given the opportunity to work here abroad, we need to give up a lot of things—barhopping on weekends, weekly boodle fights in restaurants, indulging in your favorite drinks in coffee shops, excessive travelling to other countries, and impulse buying,” he said.
Cardoniga added: “Over-sending is another issue that we need to solve. Let’s not spoil our families back home by always giving in to their financial demands. Let them control their spending using our hard-earned money.”
According to the influencer, one was to solve these two long-standing problems of OFWs worldwide is by attending financial literacy seminars—such as Philippine Property and Investment Exhibition (PPIE), the biggest, longest running and most trusted Philippine business and investment forum in the Middle East—to see the advantage of having savings and investment as well as to realize the consequence of living a life by default and living paycheck to paycheck. He also encouraged OFWs to attend these seminars, as well as register to PPIE via http://events.ppie.ae/register.
“We should undergo a process called financial checkup in order to identify the leaks that prevented us from having enough savings. It’s just a matter of discipline and control. Never spend more than what you will earn. If you think your income is not enough, cut down the other expenses or look for another source of income,” Cardoniga advised.
Spreading this advocacy is also what prompted Cardoniga to start Tatak Pinoy Loud & Proud—especially since a lot of Filipinos are active on social media.
“Social media plays a vital role in spreading contents that would influence the mindset of OFWs. So I thought, if we upload videos and post articles that would serve the purpose of providing insights for OFWs to realize the value of saving and investing, we can reduce, if not, eliminate habits that would prevent them from achieving financial freedom,” he said.
He also advised OFWs to always reflect with the end in mind, noting that factors that hamper them to achieve success and financial freedom must be avoided once and for all, and stick only to those that inspire them to be better.
“Who are the people that could help you achieve what you desire in life? Be with them! Who are the people that would steal your dreams and spoil your chances to succeed? Avoid them. What are the habits that would prevent you from moving forward? Get rid of it in your system! Financial literacy plus the right attitude and the act of designing your life will lead you to one clear destination—success,” he said.
Those who want to get in touch with Tatak Pinoy Loud & Proud can visit their Facebook page, email [email protected], or call 0559415750.
