For Overseas Filipino Workers (OFWs), managing finances abroad can be a balancing act, with pressures to support loved ones back home while planning for their own future. According to Karlo Biglang-Awa, a Registered Financial Planner, the key to financial success as an OFW lies in clear and structured goal-setting.
Karlo emphasizes, “As a worker abroad, knowing your plans can help you in your day-to-day decisions. It’s like knowing where you are heading. If we are traveling, we need to know the route that we will take to arrive at our destination; this is the same with our finances. If our goals are clear to us, we will take small actions that will bring us toward those goals.”
The power of goal-setting lies in its ability to shape every financial move you make. Karlo advises OFWs to break down their aspirations into both short-term and long-term goals. Whether it’s securing enough savings for an emergency fund, planning to return home and start a business, or aiming to retire comfortably, having a specific destination makes it easier to chart your course.
Karlo further warns against the common pitfall of over-supporting family members. “While many OFWs are helping their loved ones sustain their needs in the Philippines, they should still allocate a portion of their income as savings,” he says. For many, the inclination to send money home for every need can leave little for personal savings.
But with a clear goal, OFWs can better manage the tension between family support and securing their own financial future. By setting aside even a small amount of their income for personal savings, OFWs can build wealth that will provide long-term benefits.
Ultimately, setting financial goals is about taking control. As Karlo puts it, “If our goals are clear to us, we will take small actions that will bring us toward those goals.” With a clear vision of where they want to go, OFWs can make smarter financial decisions, one step at a time.
