June 19, 2024

Today, around 1.77 million Overseas Filipino Workers (OFWs) support dependents back home while making a living abroad. While many OFWs shoulder this additional financial responsibility, they are not immune to the sky-high inflation and rising prices felt around the world over the last few months. This macroeconomic circumstance combined with a personal obligation to loved ones may make the practice of setting aside personal savings challenging.

Only one in three OFWs are able to accumulate personal savings. While inflation is likely to remain high for the remainder of the year, money management and budgets are increasingly important.

The following are four savings tips from leading global payments company WorldRemit.
1. Make realistic budgets

Have long-term or short-term financial goals in mind? It’s important to set goals and amounts that are achievable when creating a budget. Monthly bills, remittances, and savings all must be prioritized, but discretionary spending can be factored into budgets as well. That is, as long as these extras don’t go over budget.

The reason why savings are so important to one’s budget is because of their long-term value.

While it is important for OFWs to make sure that they are making ends meet for themselves and their families, setting aside a portion of their income for the future can go a long way to making their dreams come true—whether they choose to stay overseas or return to the Philippines.

2. Create a savings pot

One of the simplest ways to manage money is to create a savings pot. These are specific accounts where people can portion out their savings in order to budget more effectively. This means, once an OFW receives their monthly pay, they can put aside money into savings and not touch it again to build interest and wealth.

3. Pay down debt

Related to tip number two, OFWs will want to consider regularly allocating a portion of their expenses to any debt they owe.

While borrowing money is sometimes necessary, it’s important to pay it off as soon as possible to prevent accruing interest and increasing debt even further.

4. Monitor exchange rates when sending money back home

Sending money from overseas costs money, too. To ensure that one maximizes the amount they are sending, users should choose a service with competitive rates and minimal transaction fees.

Physical exchange services typically have low exchange rates but higher transaction fees, so it’s worth considering online alternatives. WorldRemit, for example, offers zero fees with new users’ first three money transfers.

After their first three transfers, the digital payment service continues to offer competitive exchange rates and different ways for their family to receive money in the Philippines.

Binance, the world’s largest blockchain ecosystem, recently partnered with the Cybercrime Investigation and Coordination Center (CICC) under the Department of…
The Yuchengco Group of Companies (YGC) has embarked in a forward-looking project of planting 50,000 native trees within a sprawling…
The emerging fleet of electric vehicles (EV) provoked fascination at the Detroit Auto Show, but many consumers were not yet…
In a world that has become reliant on digital developments, several functions of society require a stable digital infrastructure for…
At every moment, people make choices that affect their lives in one way or another: what time to wake up,…
Use technology to improve lives. SARTiNE CEO Renesar Deunida This is the message of Renesar A. Deunida, the Chief Executive…
A party-list congressman on Monday cited the crucial role that post-harvest facilities such as storage for grain and seeds play…
Binance, the world’s largest blockchain ecosystem, recently partnered with the Cybercrime Investigation and Coordination Center (CICC) under the Department of…
A cause-oriented group on Monday reiterated its call for the country to fully shift to renewable energy to avert the…
The Bureau of Immigration (BI) needs over 150 new immigration officers and administrative aides. Immigration Commissioner Norman Tansingco said they…
Residents from Isla Puting Bato in Tondo who temporarily evacuated to the Delpan sports complex to avoid typhoon Karding have…
Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.
In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.
Download – Today’s Paper
6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines
Trunklines: 832-5554, 832-5556, 832-5558
© 2021 Manila Standard – Designed and Developed by Neitiviti Studios.
© 2021 Manila Standard – Designed and Developed by Neitiviti Studios.
Login to your account below

Please enter your username or email address to reset your password.


About Author