More and more Filipinos think that the answer to their low income life or for others, poverty, is to search for work abroad or overseas. But then again, why do many Overseas Filipino Workers (OFWs) STILL experience problems about loans and debts?
Even before the Filipino leaves his/her home country to work overseas, he/she will most likely have made some loans to pay for processing fees, placement fees and for additional things to take with him/her on his journey out of the country. Then when he/she start to work and earn he/she sends remittances back home to pay the loans/debts made from before.
The OFW send his/her children to school, pays for medical expenses of parents and loved ones, sustains the daily living of family, plus, he/she tries to send imported clothes, shoes, gadgets and the like during special occasions like Christmas. Then, as an OFW, he/she find himself/herself, STILL in debt.
What should the OFW do to become debt-free and be financially independent?
Here are some well–loved suggestions for an OFW to become financially free;
1. Live within your means.
This is usually the first step to financial freedom. Do not exceed your limits in spending. You should learn to save first before you spend.
2. Pay off bills on time.
Avoid letting your utility bills accumulate to two (2) months before you pay these. The result will be additional penalty and possible cut on your account.
3. Immediately pay off loans that have interest.
Paying off loans that gain interest every 15 days or monthly basis need to be paid as soon as possible. Loan interest causes too much stress if left neglected or unpaid. The promissory note you have signed may be a reason for legal action if you don’t comply with what was agreed upon.
4. Separate want from need.
It is but natural to buy something for yourself or for your loved ones the moment your salary reaches your hand. But you must learn to discipline yourself with spending. Work within a budget and buy only what is necessary.
5. Be resourceful.
While as an OFW, you have the certainty of a monthly paycheck, try to be resourceful as well for additional income. If you can bake or cook, you may accept orders from fellow Kabayans and other friends during occasions. If you know how to fix things, have them call you. If good grooming is your other talent or skill, let others know. In no time at all, you’ll realize that you have clients and more to come!
These are just few simple and well-loved suggestions to get you started on your way to financial freedom.
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