Saving is never easy to do but spending is. It is the same to all even to the Filipinos working abroad.
You would expect that when a certain Filipino moved and worked abroad, that fellow will have tons and tons of kwarta (money). Of course, it may be real to some of our Filipino workers who were able to manage their finances well. I tell you I am happy for you. But how about to the other spectrum of our OFWs who work really hard in a different country and ended still having no money? Or, when they finally decided to go back home, they return becoming BROKE too.
I have listed several reasons I found as a culprit of this matter. Please understand that this is just based on my observations and experience as an OFW myself.
- Sending ALL SALARY to the FAMILY at HOME
Our responsibilities as a daughter, son, mother, father, etc. are too powerful that we cannot question this act of SELFLESSNESS towards the people we LOVE. Naa tay ginapakaon sa Pinas. (We have mouths to feed in the Philippines). That is true and a real act of KINDNESS. However, if you send all of your money to them and don’t leave enough for yourself or even a tiny bit for a SAVINGS FUND, then that will be a BIG problem in the future. What would happen if you will need cash yourself? What would you do?
I believe that we should take care of ourselves first before we can better serve our family. That means thinking ahead and making a better plan for the future. Think about what would happen to your family when you’re unable to work for them anymore.
- Showing OFF
I believe that this is a common happening for almost ALL Filipinos nowadays. Once, we started earning our own money, we tend to buy the things we can’t afford when we were still a student as if to compensate for those poor days of our lives. It’s totally fine because as they say, “You deserve it! You worked hard for it”. The problem comes in when you tend to keep on buying these things over and over even though you actually don’t need it, rather you want it. It becomes an ADDICTION only to show that you have money.
During my first years of working, I also accumulated numerous bags and shoes until I realized that I have more than what I really need. There were times that I only use a pair once or twice and forget about it until it gets ugly and then I would throw it away. It’s such a waste of my money. Now, when I think about it, I could have started saving 500-1,000 PHP /week rather than buying wanted things just to SHOW off.
- SCAMS, wrong INVESTMENTS, and failed BUSINESS
I am no expert regarding investment and business as I am also just starting myself. Though, I have heard a number of stories of my relatives and friends’ failed business endeavors and wrong investments. They shared that after putting their hard earned money into something and just lost it, they didn’t try doing it again. They lost faith on investing and would rather spend the money now than put into something that will eventually fail.
These are examples of unfortunate stories but one should know that in business, you need to try again and again. Successful businessmen didn’t become successful in one take. They also lost money along the way but they never gave up.
For scams and wrong investments, I suggest that you study beforehand where you’re going to put your money. Remember, it’s your money and whether it’ll earn or lose will totally depend on how you handle and manage it. Be smart!
Have you started saving?