If you are single and an OFW with a good working condition, you should be very thankful because you may not have realized yet but you are one of the lucky OFWs who have left their love ones in a hope to provide a better future for their families.
If you are still asleep, you should hit your head on the wall to wake yourself up and start fixing your finances before it’s too late. Because if you won’t, you might end up regretting the days when you should have. You should not let this blessing pass you.
Someone I knew once told me that while you are still single, you should prioritize your savings because once you are married, whether you like it or not, there will be additional expenses that will eventually make it more difficult for you to save.
So, how could you start your baby steps to saving more money while abroad if you still haven’t started?
Have a single OFW saving mantra
The mantra is
I know what I want
I will live within my means
I will save
I will invest
I know what I want
One of my favorite quotes in Robert Kiyosaki’s book Retire Young Retire Rich is
“A reason or a purpose is a combination of wants and don’t wants”
Having a clear goal in mind is necessary before you start saving.
What do you want? For sure you will say, “To be happy”. But then let me ask you. What do you mean to be happy? What’s the definition of “To be happy” for you? Can you be a little more specific?
You have to be clear of what you really want.
A house? A car? A million dollars?
Not only that, you have to know why you want such things.
If you understand why you want to have these things, you will be motivated to be disciplined enough to achieve them.
I will live within my means
While building your wealth, it is good to bear in mind to live within your means.
See, once you have a clear purpose and reason why you want something, you will do whatever it takes to have them. However, borrowing or going into a bad debt or living over your means to achieve them should be out of the picture.
Otherwise, you’ll be buried in debt and you will never achieve those goals no matter how clear they are to you.
Not unless you are Robert Kiyosaki who borrows good debts to build companies that give him more returns.
I will save
Being a single OFW, you should be saving a larger portion of your salary. I’ve read about the 70-20-10 rule of saving which is 70% of your salary goes to expenses, 20% to your savings and 10% to GOD.
For single OFWs, you can actually lessen the proportion of your expenses and allocate more to your savings.
But then again you will say, ehh…can’t do that. I’m supporting him, supporting her, supporting them, paying for this, paying that.
I understand, I am too.
It’s not wrong to help. It is actually a good deed to help. Support your siblings, parents, nieces and nephews. But…there is a but, there is a limit. As the cliché says, “Give a man a fish and he will live for a day, teach a man how to fish and he will live forever.”
Teach your love ones to be responsible and independent while supporting them. Tolerating them to be totally dependent on you will only do everyone harm.
What happens if you no longer have that job overseas?
I will invest
Make money work for you – Just like the rich do.
“The rich does not work for money, but money work for them…, while the poor work for money.” –Robert Kiyosaki
Being an OFW is not forever. Then, sooner or later, you will be planning to start your own family. Isn’t it nice to start a family with a financially secured future because when you were single, you invested?
Isn’t it a dream of every Filipino family to be together and because you saved and invested when you were single, you no longer need to leave your partner and your children to go abroad because you already have made your money work for you and that working abroad is no longer a necessity but an option?
Let your mantra be
I know what I want
I will live within my means
I will save
I will invest
I know what I want
I will live within my means
I will save
I will invest
I know what I want
I will live within my means
I will save
I will invest
Recite this often until it will sink in you. You just don’t know how powerful mind is. One day, you’ll be thanking yourself for doing so.
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