3 tips if you are an overseas worker

The world is getting more and more global nowadays, borders vanish, and people from different countries set out to earn for a better life away from home.

Just one example: in 2015 around 2.5 million Filipinos left their homeland in search of a better life. They often start the simplest or the most underestimated jobs overseas; however, the money they make is more than enough to live a descent life for a long time in their homeland, if this money is spent wisely.

However, is it? There is a large number of cases highlighting the sad truth overseas workers often face. While they send money home every month for years, their family spend this money freely without saving for the future.

“If the OFW fails to save enough money, they will come home after years of sacrificial work abroad with hardly any money or assets”.

This is a sad situation, because once back home, the workers who’ve been away from family for years may find themselves broke again. They either have to go abroad again, or work in the homeland for low wages.

So, how can an overseas worker control this situation and deal wisely with the money that coms his way?

1. Set a family budget based on needs

How much does your family need for descent living? Set a realistic amount based on what the family needs, not what it wants. Also, you can send money for specific needs separately.  Let’s say, your family has got to pay the bills: why not transfer the money to the accounts, and then send some money home for living. This way you can be sure your bills are paid and your family has enough to spend for the month. The same goes for mortgages, car credits and the like. It’s so much more tempting to spend the money when it’s at hand and then ask for more. So, manage your own finances. You may consider choosing a reliable money transfer service with affordable fees and no hidden costs to help you. Visit WorldCom Finance for more detail.

2. Set money aside on a monthly basis

While you send money home for family needs, you will still have extra money. Don’t blow it, save instead.  Start a bank account and transfer about 50% of your monthly earnings to this account. This money is your pledge for a better life once you reach home. Visit WorldCom Finance for more detail.

3. Educate yourself

Overseas workers often earn a lot, but still know little of the best ways to save and spend, ways to send money and make payments. This is a big danger as they may be deceived or let down.  Start educating yourself and making the first steps towards a brighter future with your loved ones.