Money Tips For OFWs

NOVEMBER 25, 2019

True enough that the Overseas Filipino Workers (OFWs) are the new heroes for choosing to be away from their families and comfort zones to provide them a better life.

But each OFW and their families should understand that they are not earning in dollars for the rest of their life. Every OFW should be wise enough to save and be strict when it comes to managing their finances abroad and at home.

Here are some of the tips that MAGCOOP lists for our fellow Kababayans working abroad:

  • 1. Set a goal.

    Each OFW should set a goal and let your family know about it.

    It is also important to remind yourself why you are working overseas and how long do you plan to work abroad.

  • 2. Stick to your budget.

    Sometimes OFWs tend to overspend. Or if not them, their family members forget that what they are splurging is a hard-earned money.

    Given this problematic scenario, each member of the family should prioritize and identify the family's needs and wants. Following a strict budget also reflects a good financial discipline.

  • 3. Start making small investments.

    Instead of splurging on not-so-important-things, OFWs should start thinking about investing their hard-earned money. In MAGCOOP, for as low as P2,000, you can invest in a Share Capital Build Up Program.

  • 4. Do not over-help.

    It is also important to understand that being an OFW does not require you to help anyone who's asking for financial assistance. It's okay to lend a hand but do not feel obliged to help the entire barangay just because you are working overseas.

    Are you an OFW? Do you have money tips you'd like to share? Head on to our Facebook page and message us to get featured!