Apparently, OFWs working in foreign countries earn more than they get in their own country. This is the reason why some people whom they leave in the country were not responsible in spending the money they have been receiving. In this case, most of the time an OFW comes home becomes money nowhere.
To avoid such scenario, it is important for the family particularly the spouses not to abuse the remittances, but rather spend it wisely.
Here are some tips how OFW spouses can save the remittances:
- Plan your budget
Planning your budget either daily or weekly or monthly basis can help to avoid misspending your money. All the expenses should be planned ahead of time and avoid exceeding to the planned budget.
- Create a list of priorities
Making a list of basic needs of the family and other priorities should be considered. This is important to avoid overspending or becoming an impulse buyer. As much as possible, the spouse or the family of an OFW should buy only the things needed at home.
By practicing proper budgeting, a good fraction of the remittance will be left unspent. This will serve as savings that can be used for other essential and emergency expenses.
- Use credit cards wisely
Credit cards must be used responsibly. It may give advantages in making purchases, but it ca lead you to financial trap. Using credit cards isn’t just a privilege, it is a responsibility that you need to pay for the credit incurred not to mention the interest rates that are added to your expenses.
OFW spouses should understand not to spend money that they don’t have yet. This way, they can avoid incurring debts that will lead them to financial issues.
- Be generous, but there’s should be limit
Customarily, relatives and friends of OFW will ask for financial assistance when they are in need. It is humane to help, but you shouldn’t overdo it. OFW spouses should be cautious in giving help so that those people who seek help would not be dependent doing it over and over again.
- Live a modest lifestyle
Obtaining more financial gains does not necessarily mean upgrading lifestyle in a wrong way. This means that you should not be tempted to buy unnecessary things.
Spouses of OFW should be responsible in spending the remittances that they receive. Otherwise, it will lead to financial jeopardy. It’s not good to act like a one-day millionaire. Keep in mind that OFWs are sacrificing to be away from their loved ones just to give them better life.