Moving aboard is an exciting task but can be pretty challenging too. Apart from the emotional changes you face, there are many other physical location changes, which you have to face too. Exploring new places might seem adventurous and exciting at first, but it can soon turn into stress real fast if you don’t manage your finances.
There are different provisions for securing finances of OFW’s are other migrants from the Philippines. Following are the most crucial steps, which OFW’s have to take to manage your finances to step into a secure and promising future.
- Manage Your Travel Documents Properly
The first step for anyone migrating to another country is to fill all the necessary forms and documents very carefully with all correct information and no mistakes. Take extra care of your passport, VISA documents as even a very minor mistake can cost you a lot of time and money.
- Plan Your Budget
Before traveling, you need to carefully plan your budget considering all kinds of expenses and your income. The best idea would be to find out the cost of living of that country and then make a proper budget. Your budget should include the cost of food, shelter, transportation, and utilities.
The common problems OFW’s face is that while their income may be significant in the Philippines but due to the high exchange rate it will be the bare minimum to get by. It would be a great idea to use a remittance service apart from sending money to your family. There are many OFW remittance services available, and you can choose the one which suits you the most.
- Secure a Rainy Day Fund
Living alone in a new city, you never know what obstacle you may face. It is better to have some emergency cash with you secured so that you can get out of a sticky situation easily. There is an option for OFW to seek assistance through land and sea based OFW loans and can also apply for a cash loan application.
- Complete All Your Current Financial Obligations
You don’t want to leave your country full of stress, so it is better to make all the financial arrangements and try to complete as much as financial obligations as you can. You can always apply for a loan OFW in your country.
- Maintain Proper Records of Your Bank Accounts
When you start living abroad, it is advisable not to leave your bank account in the Philippines. Maintain both the accounts to easily transfer money back home. The first step would be to open an ATM or checking account in your home country. Also, maintain a record of both bank accounts to ensure that you do not go off-the-record on various money matters including expenses and savings.
Moving abroad is a new and exciting experience, and you can make this experience worthwhile by following the above steps and securing yours and your families’ future.