Savings Tips for OFWS
Put your savings away as soon as you get your paycheck and never touch it except when you really have to. “What’s left is what you can use for your expenses,” Paras says. “Of course you have to be realistic about how much you can save, but take that into consideration even before signing on the dotted line. Keep a savings account in a Philippine bank This helps you avoid being tempted to spend it on trivial things. “You can have a bank account abroad for expenses and another bank account for savings in the Philippines,” Ong says. Gerry Paras and Henry Ong, RFP, provide practical financial advice for Filipinos workfing overseas
Every time you get a raise, review your savings targets and adjust as necessary.
“If you’re in the US, invest in retirement as much as you can, and work on your credit score immediately,” Paras says. “A good credit score allows you to get lower interest rates for loans/mortgages for when you eventually need it.”
Once your savings have grown, you must start thinking of investing it
“The other way to save without keeping a bank account in the Philippines is to invest directly in mutual funds or stocks on a regular basis,” Ong says. “You can also invest in property in Philippines that you can pay regulary.”