Sav­ings Tips for OFWS

FHM (Philippines) - - PULSE3 -

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.”

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