While we are working abroad, we must know how to save regularly. After all, our contract has a duration. It might take a while before we can get another contract again.
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As they say, make hay while the sun still shines. While we receive our income monthly, we should remember to set aside some amount for future use.
Learn to Save
It is not a secret that some of our kababayans abroad tend to spend too much when they are home on vacation. Some of the reasons for overspending could be to overshare their blessings, show off to family and friends, or perhaps the desire to enjoy the fruits of their labor.
These may be legitimate reasons, but will not be sustainable in the long run. Since you will not be working abroad forever, it is high time to be conscious of your spending. We share some tips that you can try to start saving your money.
Have Your Family on Board
If you want to succeed in your goal to save, you should inform your family. They should understand that even if you are earning more than enough abroad, you should still follow a budget and be conscious about saving some of your income.
Have a Financial Goal
Plan your finances properly. You should identify if there are debts or loans that you need to pay. Set aside a realistic amount for this especially if you have a stable income. You should also decide how much you should have saved before you retire. Think of a backup plan when you are home for good.
Know the Cost of Living Abroad
Get an idea on what are the possible expenses you will face when you live in your host country. This way, you will have enough funds for your initial expenses such as food, transportation, housing, etc.
Follow A Budget
When you begin your life abroad, plan a realistic but modest expense plan. Of course, you should meet your basic needs. But stay away from frivolous expenses.
Save every penny
Don’t throw away your loose change. Save your coins and eventually, you will have enough funds for bus fare or snacks.
Pay in cash
In case you haven’t noticed, you will find it difficult to track your spending if you use a credit card. However, paying in cash helps you be aware of how much money you still have.
Create Separate Accounts
Don’t get confused over your funds. Why not open separate accounts for specific purposes? Have an account for your savings and expenses. Set aside funds for savings, then move on to your bills.
Set aside funds for government-mandated contributions
Paying your SSS and Pag-Ibig contributions will come in handy when you retire. You are sure to get a pension. You could even apply for loans.
Stay motivated
Don’t let your enthusiasm wane. Remember why you are saving in the first place. Could it be to come home for good? Or are you planning to migrate somewhere else?
Diversify
Find ways to increase your savings. Look into stocks, mutual funds, small businesses, or real estate where you can invest in. Do your research and talk to a fund manager to help you choose properly.
You might find it challenging to save. But once you get the hang it, saving will be second nature to you. You will be thankful that you have funds to use in the future.
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