Working overseas can be very exciting. Not only do land-based and sea-based jobs abroad give you an opportunity to earn in dollars, but they also allow you to see the globe beyond the Philippines. Still, that doesn’t mean you can spend your hard-earned salary any way you want; you still need to be financially responsible. And to help you out with that, listed below are a few money tips that would help you save up.

Set Some Financial Goals
First things first: You need to begin with the end in mind. In other words, you need to set financial goals you want to achieve. And no, that doesn’t mean listing “To make $1 million.” Rather, you need to set goals that are realistic and just a bit beyond your comfort zone. For example, if you currently earn $1,000 a month, then you can try saving up to $6,000 before the year ends.

Open a Savings Account
Next, open a new bank account where you’ll put all your savings. And keep it safe even from you. That way, you’ll be less likely to get tempted to withdraw your hard-earned bucks from it. Many OFWs even entrust this savings account to their spouses just to better make sure they won’t be able to get their hand on their money until the right time comes.

Set Aside at Least 10%
The book The Richest Man in Babylon advises readers to set aside at least a tenth of their monthly earnings. That’s sound financial advice since although 10% of your wage may not be too much, it can accumulate significantly the longer you save. And you don’t necessarily have to strictly stick to just 10%; you can also increase or decrease it depending on your income and expenses.

Live Beneath Your Means
To further increase the money you save, you need to adjust your lifestyle at home and abroad and live frugally. That means living beneath your means as many rich people do. Avoid unnecessary shopping, eating in fast food chains, and spending on things that are unimportant and inessential. By doing so, you’ll free up more of your hard-earned greenbacks for your savings account, and your lifestyle would improve.

Heed Our Words

The larger an OFW’s income is, the bigger the financial responsibilities that come their way. So if you’re currently working overseas and you want to be able to handle your financial burdens more effectively, it would be best if you follow the tips listed above.

You can also start your dream business with your savings or through a Global Dominion OFW Personal Cash Loan. To apply now, just click here.


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