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10 Money Management Tips for OFWs (1st Half)

Money management advice is something that all people need. In this case, though, it’s something that all OFWs need to hear about and learn. 

Think about this little idea with me: maybe you’re earning three times as much that when you’ve worked in the Philippines – but why is it that you’re still drowned in debt? 

You, as an OFW, may be earning as much as P150,000 to P500,000 a month! Yet, why is it that there is still more month left at the end of money? 

What are you doing wrong with your money? 

What should you start doing right? 

Here are ten money management tips to help you make your money worth something. (Please stay tuned for the second half!)

OFW Money Tip #1: Talk to your loved ones about your arrangement. 

It’s sad, but some relatives of OFWs expect their breadwinner to send them majority of their income. 

Get this misconception out in the open and correct their expectations as early as possible. Tell them how much your salary is, how much you’re going to send every month. how much your cost of living will be and how much you plan to save up. 

If you think that they won’t respond well to this, then tweak the figures a little bit. If you’re earning P100,000 and you plan to send P45,000 monthly, and they’re still not satisfied, tell them that you’re actually earning only P80,000 and yet you’re still sending them P45,000. 

It’s all in a matter of perspective! 

OFW Money Tip #2: Make sure you have an online savings account with a credible bank before leaving the country. 

This is wonderful for you because this means you can monitor you account balance, even if you’re not in the country. Sure, you’ll have a savings account in the country you work in, but you also need to have another account in the Philippines as another source of your savings. 

In the above example, if you’re sending P45,000 monthly, tell your loved one to deposit the P5,000 to your online savings account. You can know if it’s credited or not if you check your online balance. 

OFW Money Tip #3: Start learning about investing. 

anc on the money interview

Read more about investing in mutual funds – a lot of investment companies would be happy to help you make your money work for you. 

Don’t be afraid to ask around. 

Attend financial literacy seminars while you visit the Philippines. Talk to a helpful financial advisor – hello! 🙂 

OFW Money Tip #4: Reinforce the need to be financially literate and eventually, financially free. 

Log in to your Facebook account and look at the pictures of family reunions – don’t you wish you were there with them? 

Your lola just celebrated her 85th birthday with all her grandchildren and you’re the only one missing – don’t you wish you were there with her? 

Your 11-month old son walked the first time today and you weren’t there to witness it – don’t you wish you were there with him? 

You chat with your life partner via Skype and you give each other virtual hugs because you’re a thousand miles away from each other – don’t you wish you were there with her? 

It’s your little sister’s graduation today and she wanted you to put the medal on her but you couldn’t because you’re abroad – don’t you wish you were there with her? 

Friends, learning about personal finance management won’t just make you wish you were there. It will make you actually be there in times when you want to be there the most. It’s better to retire early and live off your passive income instead of working abroad until you’re 65, right?

OFW Money Tip #5: Make your own saving and spending plan. 

That’s right: have a proper budget! Your income shouldn’t just be about remittances, expenses and more expenses. It needs to be about giving back to God, saving and paying yourself first, investing, your expenses and then remittances. 

Confused as to where to start? This template may just be what you need! 

Don’t be a total martyr and send all your money home. You deserve to take care of your needs by making your money work for you too. 


You worked hard for this money – shouldn’t your money do the same for you? 

Protect your family AND invest for the future with Sun Maxilink Prime. 


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