Many people leave the Philippines in quest of better employment prospects and higher pay in other nations, and at that point, they are classified as an OFW. Many Filipinos prefer to work as overseas despite the hazards because they think it is the greatest way to better their lives and the lives of their families. They are prepared to put their lives in danger to accomplish this aim in whatever way necessary. Learn more about safe and secure OFW retirement planning if you are one.
Heroes of the Philippine Economy
The abbreviation “OFW” stands for “Overseas Filipino Worker.” It alludes to the numerous Filipinos who left the Philippines in order to work overseas and support their families. A person who works abroad is known as an overseas Filipino worker. They frequently do this to increase their income so they can support their family back home.
Read Also: Top Ten Countries Where OFWs Work
OFWs play a significant role in the Philippine economy and provide numerous benefits to the nation. They are motivated to achieve despite the many obstacles they face. Additionally, OFWs pay taxes to the Philippine government, and their remittances support the country’s economy. By providing financial support, giving of your time, and spreading awareness of their plight, you may assist them. OFWs can be more successful in reaching their goals and bettering the lives of their families with the right training and support.
Safe and Secure Retirement as an OFW
The desire to have a comfortable and tranquil retirement will always exist for OFWs. But this doesn’t have to be a fantasy that never becomes a reality. You may start working and saving to cover your post-retirement requirements and more by committing to healthy money practices.
Keep in mind that developing the appropriate habits can help you achieve your goals and help you become the person you desire. Work on these habits to obtain financial freedom and enjoy retirement:
We could be persuaded to make unneeded purchases of clothes, gadgets, and other stuff while working abroad. Although we may argue that we deserve to spend money, there are times when our expenses exceed our income. So let’s attempt to step back and let ourselves to remember the initial reasons why we decided to become OFWs. Here are some practical suggestions on how we might save our hard-earned money.
12 Practical ideas to save and secure retirement as an OFW
Working overseas is undoubtedly difficult, and if we don’t know how to use our pay effectively, it may be a difficult struggle. The following advice will help you save money when working overseas.
- Understand your priorities. You ought to be aware of your needs and desires. Buy only what you need and leave your wants behind.
- Recognize your priorities. You should be aware of your wants and needs. Discard your wants and solely make purchases for your requirements.
- Talk to your family about it. Both you and your family should be aware of one another’s spending habits. Conflicts can be avoided and both parties can adapt to one another in this fashion.
- Plan your spending and establish a budget. Consider carefully how much you would need to spend on necessities like rent, food, and transportation for you to know how much you’ll need for your retirement and follow that spending plan. You can indulge yourself occasionally, but not excessively.
- Set a long-term objective. Always keep in mind that you can return to your family sooner once you’ve saved a lot. That ought should motivate you more.
- Keep every last peso. Every little bit counts. Every year, you may have more than 7000 up to 16500 pesos if you merely saved 20 or 50 pesos a day. Nothing, more than that.
- Be dependable with your saving. Do not only save when you are “in the mood.” Although you’re Sad, try to save some money
- Pay all of your debts and bills on schedule. When you make your payments on time, you won’t be subject to any additional late fees or interest charges. These are a financial waste.
- Don’t use your credit card. When you borrow money from credit card issuers, they charge an astronomically high interest rate. Credit cards should only be used in extreme cases.
- Keep your recreational time to a minimal. It’s best to avoid frequent partying, purchasing fancy shoes and new technology. These expenses are not essential. Spend later when you have saved up.
- Get a second job. It’s not all that horrible to work a part-time job. It can be of great assistance to you, even for a modest sum. Rest when you can, but don’t put your health at risk in the process.
- Put your cash to work. Compared to private stocks and bonds, the government’s Treasury stocks and bonds carry minimal to no risk. If you have spare funds, put them in the Treasury; over time, they will grow significantly.
Many individuals have undoubtedly benefited from these suggestions, therefore we will also benefit from them. Saving money can be challenging, but it is necessary. Even if we may not make a lot of money, our drive, morals, and love for our family are what truly make us wealthy.
Making decisions in our lives involves a lot of consideration of money. Many Filipinos have left the country in search of better prospects abroad so that we can support our loved ones there. If we don’t make much money, we should save money. We understand how difficult it is to make a living, and that it is crucial to conserve money rather than spend it on unnecessary items.
Four things that might help you to prepare for secure retirement as an OFW
1. Keep tracking on your expenses
You’ll know where your money goes if you keep track of your costs. It “forces” you to examine your accounts and identify any spending problems. At the same time, keeping track of your costs forces you to stay to a budget. Both hobbies are critical if you’re also saving for a large-ticket purchase, such as a Bria homes where you may spend your post-retirement days.
2. Transfers should be automated.
If it’s simple to accomplish, you’re more likely to stick with it. Consider setting up automatic transfers to your savings account every time you get a pay check. It’s a simple approach to focus savings and reach your monthly or yearly financial objectives.
3. Be a Conscientious Shopper
You can buy carefully on a daily basis if you know what you need and want. By examining what you already own, you can assess whether you truly require new items. Other methods to become a more conscientious shopper include making a shopping list (and sticking to it!) and allocating a monthly budget. When the money is gone, the spending stops.
4. Low-risk investments can help you protect your money.
As an OFW, the given practical ideas and computation above, to secure your retirement is a great help and obviously some of those given ideas are already well-known to us. But to further acknowledge the low-risk investment to secure your money which is most of the time, being ignored, affordable house and lot and condominiums is an option. Bria Homes offers low-priced real estate that is suitable for OFW investments.
Written by Bermon O. Ferreras