OFWs leave the country in order to earn more money to sustain the needs of their families. However, despite the fact that many of them are earning more, some still don’t have enough savings as their money was not properly spent. Sadly, when unfortunate incidences strike, they don’t have enough money to spend because they are not financially secure.
In an article written by OFW News, some tips were given which may be of big help to the migrant workers to cleverly save their hard-earned money.
- Share a room/house with a friend –
If working alone abroad, it would be best to share a room or a house with a friend. In this way, you will be able to cut on house rental expenses and be able to save money.
- Plan your Shopping –
Determine the things that you need and buy them. Do not splurge on buying things which you just want and do not really need. List the things that you will buy when going to the mall and stick to it. Do not get overwhelmed with SALE and PROMOS. Buy only your basic needs. If possible, look for a thrift shop which offers items of lesser value.
- Limit the use of your credit cards –
Using credit cards when shopping is tempting as you are not spending your cash and may look at it as more convenient. Be careful as this may get you into impulsive buying and later on get you into trouble for paying high-interest rates. As much as possible, live within your means. Live within how much cash you have on hand. Do not overspend.
- Cook your own meals –
Refrain from eating too often in fast food chains and restaurants and opt to cook your own meals at home. In this way, you would be able to save more from spending much money on expensive meals in restaurants.
- Find an additional source of income –
If possible, try to apply for a second job as“sideline” and another source of income. This will give you more income and more chances of being able to save more.
- Focus on your goal –
Before starting to save, establish the real purpose why you wanted to save, where to use it and how to use it. Focus on your goal and work on it with discipline and determination.
- Get a financial advisor –
A financial advisor will help you manage your finances.