So your dream of finding an overseas job finally came true. You are now working abroad, providing for your family’s needs in the Philippines and generally satisfied with the course of your career. But is that enough?
Aside from the responsibility of taking care of your family’s current finances, there is another important matter that all overseas Filipino workers (OFWs) should never forget-- saving for the future. It is vital for overseas workers to save because your job contract is temporary and is usually limited to two to five years only.
Ideally, setting financial goals should be done before an OFW leaves the country. For Filipinos who are already working abroad, it is never too late to start. Take a look at’s simple guide to help you realize your financial goals.

1. Start by setting realistic goals.

List the things that you wish to accomplish by the end of your overseas work contract. Write them down where you can always see them, so you will always be reminded of them.
Examples of goals you may want to set are the following: the exact amount of money you wish to save, properties you wish to acquire, and capital for a business you want to start, etc. Make sure your goals are realistic by taking into consideration your salary, the cost of living in your country of destination, and other related factors.

2. Let your family know about your financial goals.

Achieving your financial goals will not be as difficult if you have the support and encouragement of your family and loved ones. This can happen by making them a part of your goals. Ask their opinions about the goals you have set and ask their participation in accomplishing it. You can also discuss with them the household budget, so you will know how much to send back to them every month.

3. Set a budget and stick to it.

Setting a budget is essential, but the real challenge would be to religiously follow the amount you allow yourself to spend for all your expenses. To accomplish this, set aside an amount of money for savings every payday, and do this right after receiving your salary. The ideal is to save at least 20% of your monthly income, then allot a monthly spending budget and strictly follow it.

4. Spend Less.

The key to saving money is to minimize spending. Yet spending less doesn’t mean that you need to forego basic necessities or deny yourself of certain luxuries. It means that you recognize the wants from the needs and live within or below your means.
Reaching your financial goals is not a walk in the park. But expect that soon, you will surely reap the benefits of all your hard work and effort. Save and prepare for the time when you can return to the Philippines for good.
Have a fallback plan should your overseas employment end by saving and investing the money you are earning abroad. It may not be your top priority now, but nevertheless, saving for the future to ensure that your retirement years will be financially free is one of the best gifts you can give to yourself and your family.