An open letter to OFWs: Are you smart with your money?
MANILA, Philippines — They’re called today’s modern heroes, and with good reason.
Overseas Filipino workers (OFWs) are admired for their determination to give their families a good life, even if it means saving for a long time.
What practical things can you do to better handle funds for your family?
Set a goal
Plan where you want your money to go. Do you want to buy a new house? Are you sending your kids off to college soon?
After setting a goal, you can budget your income accordingly. If you don’t, you’ll end up just setting money aside when you have extra cash. A deadline ensures that you save money regularly.
Let your family know how much you’ll be able to send
A lot of bad blood between family members happens because of money.
Send just enough money for necessities. This way, it can be budgeted wisely and won’t be spent on luho. Don’t feel guilty about not sending more money every time they ask for it.
Learn to say no. This will train your family to be more cautious with money.
Don’t spend too much on the balikbayan box
Filipinos are known for their generosity, and that’s why they love bringing home gifts. But the balikbayan box shouldn’t be a priority.
Earning and saving for your family is more important. Don’t spend too much on pasalubong. You might get tempted to buy in packs, thinking it can save you money. But don’t buy just because they’re on sale.
Teaching your family the value of money
For OFWs and their families, choosing a secure, hassle-free, and trustworthy bank for savings and remittances can be a challenge.
Metrobank’s OFW Savings account and its MetroRemit service can teach them the value of money and how to spend it wisely.
OFW families or beneficiaries can open a free Metrobank OFW Savings account at any Metrobank branch nearest to them with no initial deposit and no maintaining balance.
On top of that, Metrobank also has its MetroRemit service which is fast, reliable, and easy money remittance service. With its on-going Premyo sa Padala promo, OFW families or beneficiaries who open an OFW ATM Savings account can get a one-time P100 cash gift upon crediting their Cash Pick-up remittance to this account. They can also get an additional P55 monthly cash gift for 6 consecutive months for succeeding remittances to the same account.
Include your family, even the kids, in budgeting. Set a good example by showing that you need to work hard, but it’s also important to learn how to handle money.
If you love them, don’t just give them money — teach them the value of saving it. — Rappler.com