Make sure that the needs of your loved ones are taken care of no matter what happens to you.
The percentage of OFWs who cannot afford to permanently come home to the Philippines because of not having enough savings.
The average amount of savings needed in order to finally go back home and live comfortably. Land-based workers said P2.8 Million while sea-based workers said P3.8 Million.
It would take
The number of years OFWs spend away from their families to earn enough savings to go back home. Based on an OFW household’s average savings of P13,800/month.
Sometimes, you want to assure yourself that your loved ones back home have enough money to spend, so you end up sending back almost all of your pay check. By doing this, you leave too little for yourself to be stable, and a lot of the money you send may not be properly managed. You may be generous, but you have to realize that it is essential to save up in case of emergencies while you are working. Remit only the amount needed for your family to pay the bills, eat regularly, pay for school requirements and enjoy the same quality of life with you around.
The regular income you will be earning out there will be so much more than what you need. A lot of times, studies show that OFWs choose to You have the power to purchase properties, a lot of them!. Doing this isn’t necessarily wrong. What you have to do though is to be conscious of having other investments as well. It is prudent to invest in assets while you can but you should consider can setting aside moneyHaving a wide range of assets other than just too to put in investment other than real estate properties . It’is another way of growing your money for retirement. Investing in like stocks or investment-linked insurance also helps sustain your estate properties especially when the unexpected happen and your assets will be transferred to your loved ones.
True enough, you could earn more than double the salary you get in your previous job here. However, buying them the latest smartphones every time a new one comes out just because you can afford it is unwise. Receiving gifts may be their love language, but they do not need gifts all the time. What matters to your loved ones is your presence. Sending them too many material gifts for them to feel loved can sometimes be done at the expense of you not being able to come home as early. Remember to focus on the ultimate goal of saving up to come back.