Almost three months have gone by. How are things in the financial side doing?
One of the biggest struggles among OFWs is handling their money. Despite the tons of articles and tips we shared in the Balikbayad blog, you seem can’t to figure out why you always end up with zero by the end of the month. You decided to take additional jobs to make ends meet but the money you earn doesn’t seem to be enough. You promised to spend less and pay off debts as much as you can, and yet, you can’t afford to save.
The sad part is your family’s needs are never ending. Every month, you are bombarded with messages, reminding you to send money to pay for a long list of expenses.
Don’t worry. You can still make the necessary changes to make sure that you could commit and achieve your 2019 resolutions. Here are things that you can do to still be better at money before the year ends:
Money Handling Tip No. 1: Don’t be afraid to talk about money.
Fact: not everyone are comfortable talking about money. It could be due to variety of reasons. Perhaps, you don’t want people to know that you have debts under your name or you’re embarrassed to open up and ask help.
If you want to handle your money better, then you need to start being honest about money and not be afraid to talk about it, whether it is good or bad. More importantly, don’t be afraid to ask help when needed.
Since you are willing to talk about money, make sure you discuss whatever money issues with your spouse. This is important because any money concerns is not solely on your shoulders. It is a family and collective effort.
Money Handling Tip No. 2: Check your loans regularly.
Here’s something you should know about loans: they change constantly. You may agree with certain terms since those were the prevailing regulations at the time of your loan application.
Still, times change. Make sure to update your loans regularly, especially interest rates. Banks need to earn from these loans, but make sure the terms are also favorable to you.
Money Handling Tip No. 3: Take it easy on your investment.
Here at Balikbayad, we constantly remind OFWs to be smart with their money. This means aside from saving techniques, we also encourage you to invest. After all, placing your money in various investment options like bonds and stocks could make your money grow faster.
Still, take it easy and take it one at a time. Invest in something you’re comfortable with and not because you were forced to do so. Constantly update yourself with what’s happening in the Philippines so you will know which investment option is worth trying. More importantly, don’t be afraid to ask investment experts. This way, they can help you make a wiser decision.
Money Handling Tip No. 4: Earn what you’re worth.
Being an OFW means your salary is based on what was agreed upon and stated in the contract. If you notice that your workload is getting heavier and you are handling more responsibilities than what was agreed upon, then don’t hesitate to ask for a raise. You need to earn what you’re worth and don’t allow yourself to be underpaid.
The same goes with getting side jobs. You want to earn additional income, so make sure you get paid fairly and reasonably. It’s okay to demand for a higher pay, especially when you can back it up with necessary training and work experience.
Money Handling Tip No. 5: Commitment is key.
You will never run out of articles telling you to do this and that to achieve financial freedom. At the end of the day, commitment matters.
If you are serious about being more responsible with your money, then you need to be committed in doing it. If you commit yourself to save more, then make sure you save more. If you commit yourself to investing your money, then do whatever you can to put that hard-earned money in your choice of investment.
All of these tips are useless if you cannot commit.