Financial Tips for OFWs: What to Do After Your Job Contract Ends

Filipinos working in countries outside the Philippines, collectively known as overseas Filipino workers (OFWs), know that they can’t work forever – no one can, actually. At some point in their lives, they must retire or their contracts might already end and they have to find a new job in the foreign country. Why not stay in the Philippines for good when that happens?

Well, there are, of course, a number of reasons why that is not a possibility for everyone but for those who wish to stay with their families when their job contract ends, there are a number of tips you can follow to help you live a comfortable life.

  1. Pay off your debts. We understand that many OFWs and their families are deep in debt, especially those who are still starting out and had to take loans so they can work in foreign countries. As much as possible, pay these off as soon as you can.
  2. Save money. After you have paid up all your debts, it is time to save money. If possible, save up as much as 20% of your salary in a savings account – do not touch this unless absolutely necessary (and we didn’t mean because there was a super sale at the mall where gadgets are sold at 50% off!).
  3. Live within your means. People have this notion that OFWs are rich and living a wonderful life abroad. In truth, many of these OFWs are just like the workers in the Philippines who are living on a limited income. That’s alright. But do live within your means – do not try to impress your friends with designer bags and the latest gadgets, especially if you don’t even have money inside your savings account.
  4. Start a business. Even while you are still working outside the country, you can already start a business with your family in the Philippines. Another option is to save up ample capital to start the business after your contract ends.

Watch this video by My Puhunan for further ideas:

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