2022 is almost over and just like that, another year has passed. As we look back and reflect our growth this year, Overseas Filipino Workers (OFWs) often ask, where did all my hard earned money go?
The Filipino Times lists down five tips that you can use if saving is one of your priority this 2023.
Needs Before Wants
Remember to live within our means. Be conscious of your instant gratification impulses and look at the bigger picture.
Screening the things you want to buy if they are a need or want can help you save that extra cash and let you realize that not all things that we deem necessary are actually worth buying.
List down your Short-term and Long-term plans
As an OFW, it’s helpful to have a goal as to how many years are you planning to stay abroad and list down your short-term and long-term goals. What do you plan to achieve within 5 years. What do you want to build or have within the next 10 years?
Avoid Vices
While we may feel all the right to spend our money on vices such as smoking, gambling and drinking, especially when we are stressed, this should not be an excuse.
To help you snap out of your vice, try computing how much you spend daily multiplied by 30 days. Now, multiply your monthly expenses to a year and that’s how much you can save if you STOP your vices.
Use the 80-20 Rule
As a general rule, you should divide your monthly earnings and allot 80% for your family expenses including leisure and allocate 20% strictly for your savings.
If you haven’t tried budgeting, this could be a great sign for you to start having one.
Start Investing
Investment starts with willingness and thoughts. When you visualize what you want to invest in, that is the only time you can think of ways on how you can attain them.
Investing your money begins with proper planning and research. Make sure to not throw your money all in the first offer of investment that comes your way. Carefully evaluate the many investment options presented to you and the rule of thumb is, don’t invest in something you don’t understand.
