As a Millennial Overseas Filipino Worker (OFW), the desire to support your family back home is strong. But while it’s noble to help, overextending yourself financially can derail your own future.
Karlo Biglang-Awa, a Registered Financial Planner, stresses, “Many OFWs help their loved ones sustain their needs, but they should still allocate a portion of their income for savings.” It’s vital to set aside money for yourself, even while supporting your family. Failing to do so can lead to financial instability once you’re no longer working abroad.
The key, according to Karlo, is early saving: “If the habit of savings is developed early on, it will be an advantage for them to prepare for a better future.” By starting early, you ensure that you’re not left vulnerable when your income from abroad stops. You can also create a clearer distinction between money meant for your family’s needs and money earmarked for your personal savings.
A smart move is to establish boundaries with your family. “Our goal is to empower our loved ones so they can also earn money and ease the burden of providing alone,” Karlo explains. Encouraging financial independence among your family members means you won’t be solely responsible for their financial needs. This allows you to focus on your long-term goals.
Lastly, consider consulting a financial advisor to create a savings plan that works for both your goals and family commitments. A professional can help you balance remittances and savings, making sure you’re securing your future without feeling guilty.
In short, saving early, setting boundaries, and empowering your family are crucial for OFWs looking to build long-term wealth. With the right strategies, you can protect your financial future while still helping those you love.
