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Tuesday, February 12, 2013

Saving tips for Overseas Filipino Workers

Working and earning money abroad is much more difficult than a lot of us think. Overseas Filipino Workers (OFWs) sacrifice a lot to be able to give their families back home a good life. But while they are earning substantially, it is important to ensure that they are able to save money to eventually enable them to come home to the loving arms of their families.

Here are some tips that may help OFWs save for themselves, their family and their future homecoming.

OPEN A PHILIPPINE BANK ACCOUNT AS A SAVINGS ACCOUNT. Opening a Philippine bank account puts you in a position to be more responsible with your money because it serves as a constant reminder to allot a portion of your salary for savings. There are numerous banks in the Philippines that have accounts specific for OFWs. Just remember that you must personally visit the bank to apply for an account and you can do this during your next visit to the Philippines. You may also try to search for overseas branches of your preferred Philippine bank.

START SMALL. If you find it hard to start saving 20% of your monthly salary, you can start with a small amount then let it increase gradually. The important thing is to be committed and diligent in setting aside any amount every payday.

WRITE DOWN EXPENSES. Start tracking your daily expenses. Make sure to write down even the smallest details (i.e., transportation expenses, meals, etc.). It can be very useful to itemize what you spend for and how easily you can save by avoiding unnecessary expenditures.

PAY THROUGH E-BANKING. Electronic banking or more popularly known as e-banking allows you to pay your bills, do your bank transactions, and even transfer funds through the internet. With the availability of this system through various banks, you can pay and keep track of your monthly bills even if you are abroad. This banking facility allows you to save on transportation expenses incurred when going to a bank personally.

THINK IN PESOS. It can be difficult for an OFW to think and budget in peso when they are working abroad and earning in dollars. Standards of living are different abroad but converting your expenses into peso when doing your purchases will certainly give you a different perspective.

GET OUT OF DEBT. Pay off your loans as soon as possible.Take note of interest rates and payment deadlines. Credit cards are a necessary evil, but make sure to manage your credit card spending.

REWARD YOURSELF ONCE IN A WHILE. Working abroad, away from your family, can be very taxing. Rewarding yourself once in a while for a job well done is something that you deserve and owe yourself. These simple rewards may also help motivate you to strive even more for your family.

VALUE SAVING AND INVESTING. Savings and investment are two different things. Savings are often cash and liquid accounts. Investing is buying assets or capital that may generate returns in the future. Savings come first and once you have accumulated a substantial amount, you may want to consider investing on more important and lasting things such as a home for you and your family.

One of the best developers to consider when investing in your dream home is Property Company of Friends or PRO-FRIENDS. PRO-FRIENDS has been catering to the needs of OFWs for over a decade now, by providing quality and affordable homes in gated communities. This gives you the assurance that while you are far away, your family is living comfortably and safely.

And with the availability of easy-to-own homes such as what PRO-FRIENDS provides, OFWs can provide the life that their family completely deserves even while they are away.

Saving up as early as now is surely a great help and can lead you to a lot of possibilities in the future.

Get to know more about PRO-FRIENDS by visiting http://profriendssingapore.blogspot.com/ or email: profriends.sg@gmail.com today!

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