OFW Money Management: How to Get Out of Debt and Save
Updated July 28, 2017 More than 10 million Filipinos work abroad. And millions more aspire to become OFWs. There are 10 million people living away from their families to give them a better financial support. Earning double or triple the salary which they could earn here in the Philippines, they brave the life in other countries, amidst the homesickness for the hope of a better future. Why is it that most OFWs get buried in debts and go home broke? Some OFWs have a luxurious lifestyle and even borrow money to buy for expensive items. Most OFWs just can’t say “no” to their relatives when asked to pay for birthdays, “binyag,” fiesta, and extravagant “pasalubongs.” OFWs are even willing to live like beggars just to send as much money as they can. Of course, they will never admit this as they do not want their families to get worried. They have grown old without any savings. Then their children will, in turn, become OFWs too to pay off debts and help the family survive. This article will guide you how to free yourself from debts and successfully save up for your future. Here are 10 money management tips to help you get out of debt and save for the future.
- Get committed
- Be financially literate
- Do you have a Financial Plan?
- Do you have savings?
- Do you have insurance?
- Do you use your loans properly?
- Do you have a passive income?
- you are investing in legal businesses,
- you understand what you are investing into, and
- you vary your investments.