One of the main reason why Filipinos prefer to work abroad is the higher salary rate outside the country. Despite this, there are still a lot of OFW stories suffering from lack of investment whenever they come back home to settle down.
It is common for most OFWs to spend money for relocation and agency fees in the first few months of work but after that, it should be wise to save for the coming years. Sad to say, that is not the case for most OFWs.
OFWs face several untoward incidents as they work outside the country. Here are some of the reasons why OFWs return to the Philippines without much on their pockets.
- Lack of Fiscal Discipline
Now that you are working abroad, you’d think that you own the world! And that you can earn enough for your luxury. That is definitely a misconception. Most OFWs are blinded by the fact that extravagance is their ultimate enemy when working in a different country.
- Lack of Fiscal Disciple of Beneficiaries
Let’s say that you are not an over-spender. Worst case scenario is when beneficiaries of OFWs were the one spending too much out of the hard-earned money from their relatives abroad. This is pretty common and one of the main reasons why OFWs tend to save less to nothing.
- Excessive Placement Fees
You won’t get to work abroad just with a wink of an eye. You need to gamble things if you really want a greener pasture for your family in the Philippines. Some eager Filipinos grabs the opportunity despite paying excessive placement fees. They will have to pay for it with their monthly salary abroad, making it fairly impossible to save something out of their earnings.
If an OFW resorts to committing infidelity then that certainly means extra responsibility. Think before you act. You are not going to work all your life as an OFW. You definitely need to save something for your future.
To be able to overcome these obstacles and save the hard-earned money out of working long hours abroad, OFWs must set some rules and guidelines that they should follow religiously. Saving money is the best thing OFWs can do for their families in the Philippines.