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Aug 1, 2013

OFWs Money Mistakes (Part Two)

Millions of OFW families continue to suffer from financial stress despite the significant boost in the OFWs’ income.   Many of these money problems can be traced to mismanagement of their finances.  Here are some more money-mistakes that many OFWs make.   

1. Sending all your savings to the family.  This will not be a problem if your family back home knows how to manage money responsibly.  We’ve all heard of sob stories about a how the spouse in the Philippines wasted the money sent by the OFW and when the OFW returns there’s hardly anything to show for his hard work abroad.  If your family cannot be trusted with large sums of money, it’s best that you don’t give them full access to your savings.

You can retain control of your funds by opening an account under your name and putting some (or most) of your savings into this account.  You can open this personal (or investment) account in the Philippines or in the country where you work.  However, I recommend that you keep a Philippine account.  Your family may find it difficult to get their hands on your foreign account in case something happens to you.  Besides, you will be helping the country more if you keep your money in the Philippines.


Read Part One: OFWs Money Mistakes

Alvin T. Tabañag is a personal money management coach and registered financial planner.  He is a member of the US-based Registered Financial Planners Institute, the Financial Planning Association (USA) and the Association of Registered Financial Planners of the Philippines.  

He is also a member of the Professional Speakers Association of the Philippines.  He is the founder of Pinoy Smart Savers Learning Center, an internationally-recognized organization and “Best Provider” of employee financial education in the Philippines.  Mr. Tabañag’s center is at the forefront of a campaign to promote a culture of saving and responsible money management among Filipinos. 

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