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Tips for OFWs on How to Increase Their Savings

Being an OFW isn’t a joke. They may be called the modern-day heroes, but many people even their families don’t understand the difficulties and homesickness they endure just to give them a better life.

The worse thing is that many people treat OFWs like an ATM. This is the reason why many OFWs went home with lesser savings if not broke.  However, there are some tips that can help to increase their savings that they can use when they went home for good.

Tips-for-OFWs-on-How-to-Increase-Their-Savings

Here’s the other way on how to increase savings as an OFW’s

  • Avoid sending too much for the family

As you wish to give your family back in the Philippines better life, you should set limits in sending remittances for them. You should control your hard-earned money and save at least 30% of your salary that you can use as fund for returning home.

  • Set a timeline for returning home

If you’re planning to settle down back in the Philippines after working abroad for many years, you should create a realistic plan. You should discuss your plan with your family and let them understand your plan. This way you can ask for their commitment so that you can achieve your goals.

  • Avoid over-spending

Most OFW families were living an extravagant lifestyle, but living the burden to the family member working abroad. If you want to increase your savings, the best thing to do is to tell your family to maintain a simple lifestyle and avoid over-spending.

  • Set-up a small business

Starting a small business can help to increase your savings that you can use when you decide to go back home. This way you can ensure to have income even if you stop working abroad.

It’s not enough to save money. As much as possible, you should invest it opportunities that will yield high returns. There are many options on how and where you can invest your money and eventually increase the savings that you can use for your homecoming.

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