18 June 2009


Pay Yourself First:

I have read a blog the pinoy-business.com. The topic caught my attention it was pretty interesting. The topic defines personal expenditures that would have a tremendous effect on OFWs’.

The topic was a bit related to Francisco Colayco’s book “Pera mo Palaguin mo! Part II”, I guess, every OFW must secure a copy of this wonderful book. The content of this book was very instrumental on our saving skills and financial knowledge. All were enumerated on how to keep our money maximized and invested in a full return. OFWs’ do grab a copy now; it is a bestseller, a highly recommended book for all of OFWs'.

Sometime last week, I've watched the Oprah TV show with guest named Susan (I forgot her family name), she’s a financial expert. She mentioned the recent financial depression in the states and how to survive in the present turmoil. She advised on “stash your cash” solution.

Here are some of the following suggestions that might be helpful:

1. Pay your self first / stash your cash:

How would you do this? First, determine your net monthly salary and according to Francisco Colayco’s book, approximately 20% should be saved in a bank thru passbook account wherein you can’t easily withdraw your money. This entails a force of a mandatory pay your self first. The other option is if you desire to save a certain reasonable amount from your monthly salary, then stash the cash right away and save it safely, the pay your self money should never be used in any reason, for in the future you will invest it in an earning business. Francisco’s book offer a lot of option and one of which were buying a stock share (I guess you need a financial adviser on this), invest in Equity, Franchising business, bank mutual fund, and or time deposit.

2. Cut your monthly expenses:

In the Oprah show, Susan (a financial expert) advised to cut your monthly expenses in a half! Too difficult isn’t it? But it is a well sounding decision. All you have to do is make a list of all the necessary things you need and cut down the amount you are going to spend, for this you will have enough savings as your emergency fund. The most important is being wise with your expenditures and buy only those that you need most and not that what you want. Wants and need in its sense was entirely different.

3. Choose the life style you want:

Though we are in the midst of financial crisis, we can find ways to enjoy ourselves; all we have to do is choose what kind of life style we want. Francisco Colayco advised that we can indulge in other recreational activities that you don’t have to spend much money. Take for example like gardening, jogging, family picnics, etc.
Well, OFW’s must be serious on this; we don’t want our hard earned money thrown meaningless. We worked hard for it and earned it. The question of why we left our country has a definite reason and one of that reasons is for financial freedom. Now, most of us tend to forget this when we go back home, we tend to be like a king when it comes to spending during vacation, as what they usually call “one day millionaire”. We should be wise in everything and the arrogance of coming home will likely put us in jeopardy. Be frugal and humble when coming home. It’s not a matter of what you have then when you will be meeting your friends and families but it’s your presence and a simple thought of your kindness. Be prudent in what lifestyle you choose.

4. Helping others:

It is a noble attitude to help others, especially to those people who are very dear to us, but we have to take into consideration our financial stability first. We have to make sure that what we give is an extra on our part and we have already secured our financial status. There’s a phrase “it’s better to give than to receive”, but don’t be overwhelmed by this saying. Don’t be afraid to tell your relatives how hard it is to work in a thousand mile away from home. Your hard earned money was a product of your precious flesh and blood. Be true to the people who asked for help and don’t give too much. Help your self first!

The self help tips mentioned above were very challenging. Though, this needs a lot of sacrifice and self determination. But mind you, its pays to be wise in everything for our future survival. The most important thing is save...save... and save in the best way you can, cut your personal expenditures and make your emergency fund viable at all time.

Good luck my fellow OFWs’!

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