7 Tips to Save Money as an OFW

No one would like to spend the rest of their lives working. And no one would ever want to spend the rest of their lives working away from their loved ones. We compile some ideas and tips how you can save money while working abroad.

Amidst the fact that our work as Overseas Filipino Workers, we’ve helped our country in terms of economic growth and have serve as an inspiration to everyone how Filipino would stop at nothing to provide a better life for their families, there goes the fact that we wouldn’t want to live the rest of our lives serving in a foreign country away from the people we value the most.

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7 Tips Save Money While Working Abroad

Saving money may have crossed your mind and doing it already, or you’re just starting to save money asking the questions why and how you should have save money? Here are seven tips we can all live by not only as an OFW, but as someone who would like to see a fruitful future ahead of them.

1. The 50-30-20 Rule

Perceived as an effective method of spending your income wisely, the rule states that 50% of your income should be spend on your family’s daily expenses while 30% on spending it for leisure related matters and the 20% goes to your savings.

Some say that the 60-20-10-10 rule wherein money should be spend on Daily Expenses, Leisure, Savings, and Investment respectively is an effective method of partitioning your monthly income into valuable matters. But nevertheless, this only goes to show that every penny you earn, you should definitely make sure that you’re spending it smartly and wisely.

2. Needs before Wants

This may be our bump- where we always get stuck because let’s just be honest, we couldn’t get enough of the things that bring instant gratification to us to the point that we live beyond our means.

But imagine if you’ve saved all this fortune by looking at the bigger picture of everything- that soon enough all your hard work and savings will pay off, just hang on a little bit. So the next time you’re in mall, think if you really need this or you just want it.

3. Think of your short-term and long-term plans

Where would you like to see yourself after 10 or 20 years? You may see yourself as someone managing his own business. How can this be possible? By taking small little steps, your short-term goals, such as figuring how many years you’d like to work abroad.

If you have a definite count, then you should also list down how much you will earn in a month and where you should spend it. Always see to it that you meet your monthly goals no matter how tough it would be because this will eventually lead to you practicing this manner that will lead for you to achieve your long-term plans like buying your own house and yes, having your own business.

4. Don’t use Credit Cards

It’s the easy way to be tempted and adapt millennials’ YOLO-ing (You only live once) method, thinking that you can pay this and that later and you can also save later and not now. But maybe it’s much ideal to adapt millennials’ live in the moment status- be realistic about life and how we all have short lives.

We don’t want to spend our lives in regret that we haven’t save enough money when we go back in our home country realizing that all the hard work we had, it was all for nothing because we always tend to make the important things like savings on the later part, the forgotten goal.

5. Stay Away from Vices

Stress reliever as anyone would like to point out as an excuse. But it isn’t and it will never be. May it be smoking, gambling, or drinking, this should slow down and be stopped before it gets worse and before you realize that it’s too late- that you’ve spend all your hard work into something superficial and may affect you, your career, life and your family.

6. Start investing

We’re not only talking about the business you dream on having, but we’re also talking about putting your long term plans into reality. Wanting to build your dream house? Or your own car? Then it starts with working smart and spending time wisely.

Some OFWs have sideline businesses like selling online or taking another job just so they can use this money for their investments. Also starting to save for your retirement is a big investment you should be doing by now.

7. Opening a bank count in your home country

Some say that it would be ideal if you will open an account in your home country without informing anyone, like a safety box you have for your emergency funds.

When should you start saving? The best time to start saving is now.


While working abroad can be an amazing experience, it can also be an expensive one. Between the cost of living in a foreign country and the temptation to splurge on new experiences, it can be easy to let your spending get out of control. That’s why it’s important to start saving while you’re still working.

By setting aside a portion of your income each month, you can help to ensure that you’ll have enough money to cover your expenses when you return home.

Additionally, savings can provide a cushion in case of unexpected expenses or emergency situations. So whether you’re looking to save for a rainy day or your eventual return home, starting a savings account is essential for any foreigner working abroad.

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