Many of our fellow Filipinos decide to go abroad to land a better paying job. While it can be very rewarding especially when it comes to earning a bigger salary, there are also some risks that come along with it especially when you are not responsible with your finances.
There are some who go home without being able to invest in anything while some others go back to their families with no savings at all. If you don’t want to find yourself in the same situation, here are some of the most common money mistakes you should never commit to avoid being broke.
1. As an OFW, even if you are earning a lot more compared to how much you are earning in the Philippines, it is still important to watch over your expenses. You deserve to enjoy your hard earned money but make sure not to overspend for the things which are not even important at all.
2. Not setting goals. Some OFWs just leave the country with the goal of getting better employment but they fail to set specific goals that they need to achieve in the short term and long term. Your goals are important so that your sacrifices will be more rewarding.
3. Think about what you want to achieve after a year or two of working abroad. Do you want to invest in a property? Start a family business back home? These goals will ensure you are on the right track when it comes to your finances.
4. Not saving. When you are already earning a considerable amount of money, take this opportunity to save as much as you can. This way, you have funds to turn to in times of emergency or when there are unexpected expenses. Also, when you save, you can make some investments back home so that you won’t have to work abroad forever.
Being responsible with your income and finances as a whole is very important when you are an OFW. This is the only way for you to be able to tell yourself that all of your sacrifices to be away from your family is worth it.