4 Reasons Why Your Wallet is (Always) Empty

You will never run out of reasons as to why you want to work overseas. One thing you have in common with thousands of OFWs is that you want to provide a better life for your family. This is the reason why you send your entire income to your family back home to pay for everything they need.

Unfortunately, OFW life is uncertain. There is always a possibility that you might go back to the Philippines and with little savings. Sadly, you weren’t able to save that much because of the following reasons:

1. Inconsistent Saving Habit

Today, you committed $10 every week. The following week, you forgot about that $10 commitment and promised to make up for it the week after. This went on for weeks or even months and the next thing you know, your $10 is still $10.

It’s not your fault. There are bills to be paid and other expenses that require immediate cash, thereby shelving saving. Still, don’t stop these expenses from foregoing savings. You’ll never know what will happen in the future, so make sure you are prepared for it by making saving a habit.

2. Failure to Educate Family about Money

Here’s something every OFW family should remember: saving is not entirely the OFW-parent’s responsibility. In fact, every member of the family plays an important role in order to attain your defined financial goals.

Here’s what you need to do: before you leave for your overseas work, make sure to define goals and set responsibilities for every member of the family like who’s in charge of bills, savings account, and investment account. Otherwise, everything else will be left on your shoulders and your family will just be waiting your padala every month. This could create a (large) hole on your pocket.

Check out these money management tips for your spouse and children

3. High Maintenance Lifestyle 

Finally, you can now afford to buy the latest gadgets, branded shoes and clothes, and even food that are not available in the Philippines. Work is doing well, so your family back home is also enjoying the good life.

When you do this, you leave little room for savings. At the same time, you teach your family a certain lifestyle that you might not be able to sustain once your employment contract is done. if you continue with this, it’s not surprising that you always have almost nothing left on your pocket – and it’s not a good idea.

4. Showing Off

After two years, your employer finally allowed you to go home for a month-long vacation. When you get back in the Philippines, there was a big celebration. People call you “big time” because you earn in dollars. To live up to that, connotation, you always treat your family and friends when eating out, buy what your family wants, and even renovate a portion of your house while you’re still around.

If you act this way, then it’s not surprising that your wallet is always empty. You prioritize what people will think about you instead of saving the money that you can use for important things. If you go on with this, you will end up with having less because you prefer showing off rather than saving and investing your hard-earned money.

So, which among these are you guilty of?

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