How to Save Money while Working Abroad

Working abroad can be an excellent way to earn money and see the world. However, it can also be expensive, with the cost of living in many countries being quite high. There are a few things you can do to save money while working abroad, though.

Working as an OFW can be a great experience, but it is important to be mindful of your spending in order to save money. For most of us, we get a job abroad as a means to earn enough for our family’s needs. At times, there will also be some money to be allotted for other expenses.

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However, there are cases where some of our kababayans have been working overseas for a long time but cannot seem to save. What could they do so that they will not waste their years of hard work?

set a budget and stick to it

Disclaimer: The information posted here is based on the personal experiences that the OFW shared on the video. Please let this post serve as a guide only. If you have specific questions, you may ask the OFW by commenting on their video on their accounts.

Sure-Fire Ways to Save Money Overseas

For OFWs who are earning considerably more, it can be a puzzle why they cannot seem to save. This YouTube video from Pinay Investor shares useful tips on how to save money. Let’s discuss the important points mentioned by the creator. Whether you need help in getting your savings in order, or you are looking for more ideas, this article has the information you need.

Keep a portion of your earnings

In order to save money, the YouTuber recommends not sending all your money back home. Instead, you should only give a specific amount for your family’s needs. This way, there will be some money left over. It is also a good idea to tell the family not to ask for money for an unnecessary purchase. Of course, it is okay to send more money in case of an emergency.

Set a budget and stick to it

You could list down your expenses, and indicate the amount that you want to put down for them. When you have an idea of your goals, you would know how long you need to save to accomplish them. Being able to visualize how much you need to set aside can help you focus on your budget.

If you want to know where your money goes, you can list your monthly expenses. By doing so, you might find more ways to cut back on your spending.

Have a separate account for your savings

So as not to mix your funds, you can open a different bank account for your savings only. Before you leave abroad, you can enroll online. This way, you can transfer a portion of your salary that you have set aside for savings.

Another suggestion from our YouTuber is to enroll in automatic savings. When you automate the transfer of funds, you won’t have an excuse that you forgot to put money in the account for the month.

Don’t borrow money unless you need it

Avoid getting into debt so you don’t affect your savings. You may get a huge amount at first, but eventually, you will pay for it with interest. This suggestion also applies to those who want to borrow funds from Pag-ibig or SSS because they believe that someone else will use the account in their place.

On the other hand, you should make an effort to pay whatever debts you have. When all your debts are paid off, you can have peace of mind because you are no longer paying for anything.

Choose friends whose values align with yours

As all know, we can take after the people we hang out with. If we choose friends who are always having fun, we might forget about our goal to save money.

So be wise, and stay with people who can help you stick to your goals. You should also not be affected if other people brand you as kuripot or can’t get along well with others. As long as you know that you are saving for your loved ones, that is all that matters.

Meanwhile, instead of going out, you can find ways to use your time productively. You can just call your family back home, or learn a skill online.

Watch the full video here:

In the end, your decisions in life can affect your future. We all know that working abroad is not easy. So you should save and use your time wisely.

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