When Filipinos travel abroad to work, the main motivation is to work and make more money than they would have earned in the Philippines. As a result, every financial decision OFWs make while they’re abroad might have a long-term impact on their finances.
This is why it’s crucial to focus on developing good financial habits now so that you can reap the benefits later. Learning how to spend and save wisely, studying how to budget, and investing while working abroad will help you avoid unnecessary debt, save for the things that are essential to you, and use compounding to create a fortune in the future.
Here are some pointers to remember:
Set a budget. The first step is for OFWs to examine their current income and build a budget. A budget will assist you in deciding when and how to spend your money, giving you control over where your money goes. It also allows you to unwind regarding your finances since you know your priorities are taken care of.
Learn new skills. The buzz right now for OFWs is to try to learn skills where they feel they could excel and use as an add-on to beef up their CV – which would help them leverage more when it comes to asking for an increase in their salary or for looking for a better job with higher pay and benefits.
Figure out financial objectives. OFWs must create financial objectives in order to achieve your lifelong ambitions. Setting long-term, mid-term, and short-term financial objectives can get you one step closer to financial security. Furthermore, OFWs who aren’t working for a defined goal, you are more prone to overspend. Saving for retirement, for example, might be a long-term aim while saving for your emergency fund could be your short-term goal.
Avoid impulse purchases. A wise shopper is not the same as a bargain seeker. That is not to say you should not buy what you desire. It means you can categorize your demands and make sure you have enough money to cover a purchase without having to dive into your savings. Waiting at least 24 hours before making a significant purchase is a smart idea.
Expand your network and connections. Even if you enjoy your job, it is critical to maintain your professional network. A strong professional network will make it much simpler to locate a new job when the time comes, and it may even provide you with a terrific professional chance while you aren’t seeking.
Surround yourself with a good support network. It is beneficial to have people who support your financial decisions. Although you won’t spend much time discussing your financial accounts, it’s still beneficial to have people that understand what you’re attempting to accomplish. Some friends may urge you to spend money, but others may be more supportive of your objectives. Building a strong financial support system will help you achieve your objectives more successfully.
The Philippine Property and Investment Expo (PPIE), the biggest, longest-running and most trusted Philippine business and investment forum in the Middle East, is now on its eighth edition, which will be held this November 5-6, 2022 at the Crowne Plaza – Sheikh Zayed Road.
The past seven PPIE editions made history in the UAE and the Gulf region by bringing in over 24,500 quality visitors.
