10 Money-Saving Tips For Single OFW Parents


By PANGYAO_Official on 10th Nov 2020

 Image

Being an OFW single parent is an extremely tough job. We can feel you. Aside from working away from home, it means you have to raise your children by yourself, provide for their needs and the ones who are taking care of them back home, and make sure their emotional needs are given attention to though you're not physically present. 

 

As a single OFW parent, the majority of your salary goes to your child or children and the ones taking care of them. Not to mention you have to pay for the borrowed money you acquired before leaving the Philippines such as a placement fee if there's any, which leaves you with only cents in your wallet. These are sad facts but you can't do anything because you're both hands are tied with obligations. But do you know there are ways on how you can provide while saving money? 

 

Pag-usapan natin ang mga paraan kung paano ka makakaiipon at makakatipid ng pera kahit ikaw ay isang single parent. 

 

Do not be a compulsive buyer.

Tayong mga Filipino ay mahilig bumili ng mga bagay na galing abroad dahil sa tingin natin ay mas maganda ang mga ito at nakakataas ng social status. We cannot detach ourselves from this because it is a mental manipulation that was passed by our ancestors to generations. But as an individual with responsibility, you have to know what is your needs versus your wants. For instance, you go to a mall and see a pair of shoes tagged as SALE. Di ba nakakakilig kapag nakakakita tayo ng red label? However, you need to pause yourself before you pick up those shoes. Do you need it? Do your child need it? If not, do not pick the shoes. Remember, there are more sales to come. 

 

Do not come with people who love shopping.

Meron kang kaibigan na mahilig pumunta ng mall. Ironically, when you go with that friend it is you who will spend a lot. It is because your friend who loves shopping can tickle your compulsion to buy which leave you buying unnecessary things. This happens a lot because you and your friend are excited. So again, if you want to save the money shop alone or go with a friend who has priorities. 

 

Don't post on your social media about what and where you are spending.

It may be fulfilling and proud to post on social media about your whereabouts but remember Filipino mentally. Most of the people you know, like relatives and neighbours, may assume you're getting pretty salary because you can afford to buy stuff and eat out. This can make you an easy target of "Mare, kamusta? Pwede ba akong makautang?" lines. 

 

Another, posting on social media can be addicting which may lead you to additional spending to show off. Instead of posting what and where you are spending, post your daily life as an OFW so people can see your real situation. This way, they will realise that your money is hard-earned. 

 

Don't borrow and wag ka din magpapahiram ng pera.

Go back to point number one- know your priorities. As much as possible, while working abroad, do not borrow money that can put you in a debt trap. A debt trap is when you borrow money that is hard for you to pay back because of high interest. There is no way out once you're in a debt trap especially when you're a single parent. 

 

Moreover, huwag ka din magpapahiram ng pera. Filipino mentally, if they see you earning money they will not pay you immediately, or not pay at all. If your conscience is telling you to help, you may help but do not give the full amount. Just give an amount you think will not affect your budget and treat that money as a help not as borrowed so you will not stress yourself. 

 

Send balikbayan box only once a year.

The balikbayan box is a major joy not only for you but for your children and family and we cannot erase this in our culture. It is always an anticipated box of the year in every OFW household. Every balikbayan should contain the basic needs of your children and family like toilettes, food, clothes, etc. These basic needs tame down household expenses. They don't need to buy for those anymore so the money you are sending to them goes down to its real allocation. Avoid sending unnecessary stuff like kitchenware, shoes, bags, accessories, etc. 

 

Teach your kids the value of contentment, not money.

It is hard to be away from your kids, but it will be harder for you if you will raise them getting all they want. They have to be oriented of the fact that you are a single parent which means you work alone and that every cent count for you and them. You may also want to give them a hint of their future if they will not be contented of what they currently have. 

 

Open your kids their own savings account.

As a single parent, your priority is the present and future of your kids. By opening them their saving accounts, you are setting a goal and eventually cut the unnecessary expenses. 

 

Sign up for insurance.

Many OFWs do not have life insurance. Pag inalok ka ni kumare or kumpadre ng insurance inaayawan mo kasi gastos sa paningin mo. Today, many people are struggling because they lost their job due to COVID-19. But if they have insurance, they can get something. The truth is, life insurance can help you in trying times. It also helps you allocate your budget. 

 

Have a small business.

Instead of buying things for yourself and your family, why don't you buy something that you can sell to other people and make a profit from it? Online small businesses are so in demand right now due to pandemic and people will spend money on someone who can buy for them. 

 

Do not buy a house or a car if your salary is not enough at the moment. Saving money is key.

A house or a car can take many years to pay. What if in upcoming months you lose your job? What will you do? Again, check your priorities. Until your job is well-paying and regular, you don't need a house or a car. 
Save every way you can, a few dollars here and there does add up and you'll be pleasantly surprised how much you can save over the two-year period of your contract. 

 

by Chalot F. Photo credit: Domi Chung from Unsplash