5 Must-Have Funds for Every OFW Family

They say, “Strike while the iron is hot.” That’s true. This could be the reason why many OFWs prefer buying material things and sending a big chunk of hard-earned money back home. There are some things you weren’t able to afford before which you can buy now, thanks to your job overseas.

Unfortunately, life is uncertain and OFW life is not forever. When life hits you (really) hard, you have to be prepared for it with the help of these four MUST-HAVE funds:

Savings Fund

This is the first thing you need to have as soon as you stepped the foreign soil.

You already know that being an OFW is not forever. This is why you need to prepare for what’s about to happen, starting with a Savings Fund. Start small, say P500 to P1,000 every month. If you have side jobs, use the money you will earn to boost your savings fund. Eventually, increase your savings. The bigger you have, the better you and your family will be in the future.

Emergency Fund 

Accidents. Hospitalization. Calamities. Unpaid bills or debts. Kids’ tuition fee. These are just some of the many instances when you will need cash within reach to pay for these bills.

This is why you should set aside a fund specifically for emergency purposes. You’ll never know what will happen and when emergency will come knocking at your door, so it’s better to be prepared for it. This way, you don’t have to use your savings to pay for emergency situations.

Here’s how you can set up your own Emergency Fund

Health Fund

One of the things you need to take care of is your health. As soon as sickness comes knocking at your day, your productivity and work performance are affected. If you refuse to have yourself checked, your illness could get worse and the next thing you know, your employer is sending you back home.

Therefore, don’t underestimate your health and that of your family. Set aside a specific fund to cover for health-related expenses. If you want, you can use your extra income for your Health Fund so that your basic monthly income remains intact.

Retirement Fund

How do you envision yourself 20 or 30 years from now? Despite the salary, you surely want to retire back home and be with your family. To help you live a comfortable life without relying on other people, make sure you set aside a Retirement Fund as well. This way, you and your spouse won’t be a financial burden to your kids or anyone else in the family.

Read more about how to set up a Retirement Fund here.

Investment Fund 

Do you know why many OFWs are still not living the millionaire’s life? It’s because they don’t know how to invest and grow money. Their usual excuse: they don’t have enough funds for investment.

Don’t be like one of them. Growing your money is important because you can never work overseas forever. Know and explore the different investment options and choose the right one that is most suitable for your needs. Think long-term and make sure you diversify your money and don’t put everything in one type of investment. If you plan to open a business, then use this fund for your capital.

Check out your investment options here.

Do you have any of these funds? It’s never too late to start.

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