Your dream is to provide a better and secure future for your family. In fact, that is the reason why you decided to leave the Philippines and seek greener pastures overseas.
A year and hundreds of dollars sent later, you noticed that nothing has changed. You don’t have enough savings, you still don’t have a house you can call your home, and the business you wanted to try is still not operational. What went wrong?
Perhaps, it’s because of these bad spending habits:
1. Poor commitment to savings
Unfortunately, you send most of your salary back home. You rely on your salary the next month since for you, your family needs the money more than anything else. Even if you promised to save, you are not committed to it.
You mean well, but how long should this go on? Keep in mind that you are on contract, which means once it expired, you have to be back in the Philippines and look for another job. Start saving now before it’s too late.
2. No side job
Getting a side job is not mandatory, but it is advisable for additional income. After all, no matter how hard you budget, it will always seem like what you are earning is not enough.
There are many side jobs you can take, so make sure to take advantage of that. Don’t forget to ask around and ask for recommendations from fellow Filipinos.
3. One day millionaire attitude
After how many years, you finally went back to the Philippines for a month-long vacation. Everyone is excited to see you come home and ask you how life is abroad. Since you missed everyone, there is always a celebration to welcome you. You and your family also go to the mall to shop and eat out every chance you get because you want to make it up to your family. You also treat your friends you haven’t seen in years.
Sure, you want to make your experience fun while you’re back home. If you live this way, regardless if you are in the Philippines for vacation or still back in the country where you’re working, then it’s not surprising if you are always left with an empty pocket – and you shouldn’t let that happen.
4. Not saying no to family and relatives
Everyone needs money. Everyone has needs that require money. Still, this doesn’t mean you should be Santa Claus or an ATM and give in to all requests. You have needs and priorities as well, which is why it is important to say no at some times.
5. Too much debt
You need money for placement fee, so you applied for a loan. Your family needs cash for tuition fee and sweldo is weeks away, so you have no choice but to borrow money. Someone in the family got sick but the money you sent was used for other important purpose; hence loan. Sadly, these debts, regardless of the amount, pile up and you’ll end up using your hard-earned money to pay for these debts.
Still, this doesn’t mean that all debts are bad. It’s okay to get a loan as long as the purpose you will use it for will make that money grow like putting up your own business or for investment. If you need extra help, Balikbayad is here to extend a helping hand to you. Fill out our online loan application for pre-approval and we will get back to you as soon as we can.