Single, OFW Parent? These 5 Money Saving Tips Can Help You Even If You’re Abroad

Being a single parent will never be easy. Aside from playing the role of both father and mother, you also have to ensure your kids’ future. Sometimes, you are forced to accept a job offer overseas in order to provide a better life for them. While being a single parent is not easy, being a single OFW parent will never be a walk in the park as well.

Apparently, it’s not enough that you send money back home. Being an OFW is not a guarantee of a good life unless you know how to plan your cards (and opportunities available) well. To make sure you sustain the good life, you can try the following money-saving tips:

1) Start your month (or week) with a budget plan. 

Creating a budget plan can be tricky and tedious, especially if you don’t know where to start. Nonetheless, you need one to be able to track your expenses, make room for adjustments, and ensure that you still have something left to fill up your savings account. Eventually, budgeting could create a cycle of self-discipline and instill the habit of saving.

Don’t know where to start with budgeting? Check out this post and use it as your guide.

2) Open a savings account for your child/ren. 

And make sure it will serve its purpose, which is specifically for your kid/s.

Your kid/s’ future is something you cannot predict. Still, it is best to prepare for it, no matter how good or bad it will turn out. This is why you should open a savings account for your kids as early as possible. All you need is as little as P500 and you are off to a good start. Then, make a commitment to deposit every month, which must also be included in your budget.

The key here is consistency. Instead of shopping for them, save the money because you will never know what will happen. You will surely be motivated to save more once you see that your kid/s’ savings account is increasing.

3) Always pay bills on time. 

Whether it’s a credit card bill, an existing loan, or any utilities expense, it is important that you pay them on time. Otherwise, you might find yourself paying for additional interest and penalty fee, which you can supposedly use on other equally important things, say savings. Worse, past due accounts reflect on your credit data, thereby creating a negative impact on your credit score.

4) Get a side job. 

Who doesn’t want extra money? Being a single mom means you shoulder all of the finances and a side job can be helpful not only to make end meets but also save something extra.

If time permits, consider getting a side job to boost your savings. Know your skills and fix your schedule to find out which sideline is best for you. You can also check this list to help you decide what side job you can take. The money you can earn from your side job may not be that much, but it could help pay the bills.

5) Teach your kid/s to save. 

You can teach your kid/s a lot of things and life lessons, and one of this is the value of saving. Even if you are earning in dollars, this doesn’t mean you should give in to your family’s demands and worry about savings later.

As early as not, instill the importance of saving. Be a perfect example to your kids that happiness is not about the material things you own. Instead of imposing, make sure to explain your financial situation in a manner they will understand so they can help you save. Start with piggy bank, depositing P5 everyday then slowly introduce the concept of bank and savings account.

At the end of the day, what matters is your family’s financial security. Earning your first million may take time, but you will get there as long as you handle your money wisely.