OFWs new money-saving hack: Say 'no' to extended family

OFWs new money-saving hack: Say 'no' to extended family

- A majority of OFWs are finding it difficult to become financially stable due to their inability to say “no” to the requests of their extended families

- The Social Enterprise Development Partnerships Inc (SEDPI) is helping OFWs learn how to say “no” to members of the extended family and how to properly budget their earnings

- SEPDI also helps OFWs to live a simple life and to overcome temptations of purchasing unnecessary products and services

Many overseas Filipino workers (OFWs) earn good money working abroad but end up having very little or nothing to save in the bank for their future retirement. This usually happens because Filipinos who work in foreign countries are usually asked by their extended family for financial help and material gifts.

For this reason, a private organization devoted to educating OFWs in financial matters said that learning how to say “no” to members of their extended family is an effective way of gaining financial stability.

“OFWs tend to use their soft heart and their pride when it comes to helping members of extended families and friends in the Philippines. It is very difficult to say no even if you are the one who is suffering," said Emerjon Regala, an OFW who underwent the Financial Literacy, Leadership, and Social Entrepreneurship (FLSE) workshop provided by the Social Enterprise Development Partnerships Inc (SEDPI).

READ ALSO: 2.4 million OFWs can benefit from OWWA’s newest program

OFWs new money-saving hack: Say 'no' to extended family

(Photo credit: www.saranghaekorea.com)

Although loving and taking care of members of the extended family is very important, Marieta Gonzales – another OFW who was taught by the SEPDI – explained that prioritizing your financial stability and the needs of your immediate family is even more important.

OFWs new money-saving hack: Say 'no' to extended family

(Photo credit: gameofwealthonline.com)

“The first thing I learned from LSE is love yourself. Because back in the days, before I took LSE, I would spend my rest days working just to be able to send money to my extended families," Gonzales said.

The OFW added that Filipinos should stop their mentality of making their family member or relative who is working abroad responsible for their needs and wants.

READ ALSO: Exclusive passport center for OFWs soon – DFA

“In our culture, whoever is earning more money should be the one to pay the debts or reacquire the land that was put into mortgage,” she explained.

The OFWs taught by SEPDI are now aware that prioritizing and proper budgeting should be focused upon extensively. Knowing what the real necessities are and learning how to live a simple and practical life can go a long way in helping OFWs reach financial independence.

These tips could also help them retire in the future, finally go back to the Philippines, and spend quality time with their loved ones.

RELATED: PH migrants and remittances may be affected by Brexit poll

Related news