Simple and Effective Money Saving Hacks that Won’t Let You Down

How many times have you heard that OFW life is not forever. Well, it’s true. After two years, you’ll find yourself packing your bags and going back home. Then, you need to apply again because your family is relying on you.

Does it always have to be that way? Is there something you can do to make sure that you have cash during rainy days?

These money saving hacks might just be the solution to your cashflow issues:

Set a SMART goal.

What do you want to achieve in five, 10, and 15 years? How about next year? Is it doable?

When setting goals, make sure that they are Specific, Measurable, Achievable, Realistic, and Timely. Don’t go for goals that can be hard to achieve, say your first million after your two-year contract overseas.

For instance, your one-year goal is to save at least P100,000 by December. With the right strategies and sacrifices you are willing to make, you can achieve that P100,000 by year-end. Keep it as realistic as possible.

Make saving a lifelong habit. 

They say it takes 21 days to establish a habit. When it comes to saving, you should be able to go beyond the 21st day and make it a lifelong habit. This will save you a lot during the rainy days.

How much should you save? Ideally, at least 30 percent of your monthly income. Being an OFW and breadwinner in the family, you might say this is too much for you. Even if you can’t meet the target percentage, at least aim for the number close to it, say 20 percent of your monthly income. You just have to forego certain expenses such as monthly shopping or eating out with friends every Saturday night.

Open a savings account.

There are many reasons why you need to open a savings account. The most important of all is that it is a stepping stone towards achieving financial freedom. To help you make saving a lifelong habit, you need to have a savings account to help you “keep” your money.

It’s not enough that you have a savings account. Maintain it. Your future will be happy.

Check out this post to know more about banks that offer Savings Account for OFWs.

Know where your money goes. 

Money comes and goes, especially if you don’t know how to handle it well. To keep track of your hard-earned money, make it a habit to list all the expenses or purchases you made for the day, regardless of how big or small the amount is. By doing so, you will be able to see which expenses are necessary and which ones you can forego for bigger savings.

Think about the future. 

One of the common traits of many OFWs is they think of NOW. As soon as you get your very first monthly income, you’ll end up sending it back home or treating yourself since you “deserve it.”

If you are serious about saving, then you need to start thinking about the future. Always think ahead, especially when buying something. Establish the necessity and urgency of the expense and the possible value after a year or two. This will help you decide whether a certain item is worth buying.

With these saving hacks, are you ready to say hello to bigger savings?

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