Did you know that despite working long hours and difficult jobs in Israel only
two in five overseas Filipino workers are able to save money, according to the Philippine
Statistics Authority? This worrying trend of circumstances has been growing despite the fact that OFWs collectively
send an astonishing 25 billion to Philippines in remittances. Salary abroad is
supposed to be much higher than wages in Philippines, something we at WorldCom Finance can assert for Israel. In the end, that's the reason why around 10 million Filipinos decided to
work in other countries. So why is it that OFWs still can't save any
money and may end up in very bad conditions? There may be several unfortunate personal reasons to cite, but the most
common one is actually overspending.
Excessive Spending When Money Comes in
A lot of Filipinos live this scenario every month in their lives: they send money home at the beginning of the month, setting aside a sum for themselves. Their families, however, will live abundant lives during the first days after the money was received, spending on food and wants. And before you know it, the money will be up. So the OFW will be forced to send money home again, forcing him or her to work more hours or get into debt. This short-lived abundance approach has ruined the saving habits of millions of OFWs.
"This tired mentality hounds many OFWs even as
they land on different parts of the world. As soon as receiving their
paychecks, they send a good amount back home to their families. Trouble is, the
family treats this as a monthly allowance - a lifestyle upgrade - and not as an
investment potential. Similarly, whatever is left from the OFW's salary is
spent on gadgets, clothes, and branded goods - stuff of dreams."
Then the OFW will face the reality that his or her working contract has expired. However, there's not even a penny set aside. So, the only viable plan i this case is to apply again for another job and spend another year working away from the family. And because the OFWs have to pay high placement fees without having any savings to do so, they will opt for high-interest
loans lwaving them stuck in debt.
This will go on until the OFW can no longer find a job or reaches the age limit, only to find out his family resents him for not having a source of income. But if you don't want to find yourself in this situation, just follow up!
Start Making Savings
Want to save some money? Then do the following: set a side a portion of your salary away for savings before you plan your expenses and what amount to send back home. So, let's say you make USD 400. Set aside USD 100 and then only allocate your money to your and your family's expenses.
But that's not the end to it. How do you make sure your family doesn't spend too much without taking care of the bills? There's a solution: WorldCom Finance. Use our services to pay directly for the bills, education and much more back at home. You will then decide how much to allocate for monthly spending and warn your family this sum is not extendable.
Turn to us, and we will help you run your budget in a way that will make you successful in the future!
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