Bantay OCW (Ang Boses ng OFW)

How to deal with ‘unli-give me’ from relatives

/ 02:50 AM May 19, 2013

Many Filipinos go abroad to earn money. But after returning home, they soon find themselves broke. This prompts them to look for another job overseas—year after year after year.

Financial counselor Joyce Delovieres, Bantay OCW “Pera Eskwela” segment host, shared timely savings tips for our overseas Filipino workers (OFW):


(1)  Talk to your partner and determine spending and saving styles. Is your partner good in handling finances or are you more comfortable with an allowance type set-up? Should you send all your money home and leave all the savings to your local partner?

(2) Work on a financial goal for you and your family:  Map your financial plan. Start with the usual three “musts”—basic needs, protection needs and retirement needs.


Basic needs usually include payments for the house, car, education and debt repayment. Protection needs include life and property insurance. Retirement needs entail consideration of how long a worker wants to work abroad and how much income one would need to retire.

(3) Pay yourself first.  No matter how secure your company and job post, it is always prudent to have extra money.  Make it a habit to set aside at least 10 percent of your income as personal savings.

(4) Utilize online tools. Look up websites that offer financial wellness tips and forums.

(5) Educate yourself. Financial seminars abound these days. Pick one in your area.

(6) Use sale events wisely. Mall sales are not licenses to go on a shopping spree. Determine which items you really need.  Find out the expiry dates of things that you can stock.

(7)  Write down your budget.  It’s like having a financial flashlight. It tells you where your money is going. Make a list of expenses and stick to it. Do not do reverse accounting.

(8) Say no to ‘unli-give me.’  Be slow in saying ‘yes’ to unlimited requests from relatives seeking financial help. Determine not only the need but also the capability of the person asking for help. Urgent matters of course have to be dealt with. Luxury spending by relatives should not be supported by the OFW.


(9) Avoid investment deals you are not familiar with. OFWs are is a huge market not only for basic consumer needs but also for investment scams. So many sectors now want to tap OFW remittances for investments and social projects. Social networking sites make it look easy and enticing.  Basic rule:  If you don’t understand, don’t dare.

(10) Spend time wisely. Time is money.  To augment your salary, try part-time jobs or sidelines.  This will keep you busy, allow you to earn more, and bring you closer to your financial goals.


Susan Andes, aka Susan K. is on board at Radyo Inquirer 990 dzIQ AM, Monday to Friday 11:00 a.m.-12:00 noon & 12:30-2:00 p.m. with audio/video live streaming:  Helpline: 0927-6499870.  E-mail:  [email protected] or  [email protected]

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TAGS: Finance Management, OFW, Overseas employment
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