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. Studies show that OFWs choose to have the power to purchase properties – a lot of them! Doing this isn’t necessarily wrong, but what you have to do is be conscious of having other investments. Consider diversifying because it’s prudent to have other assets outside of real estate. Having stocks or investment-linked insurance can boost your chances of growing your money. The earnings and coverage from these will make coming home for good easier.
You can potentially earn more than double the salary a job here may offer. This may lead you to buying unnecessary gifts for your loved ones just because you can afford it. But sending them too many material gifts for them to feel loved can affect your savings and your plans of coming home early. Remember to focus on the ultimate goal of saving up to come back home because your presence is more important to them than any gift you can buy.