When I started to work as an OFW, I already made an inventory of my
salary. I planned on putting aside some percentage for my family, for my
expenses and for my savings.
That is how I lived my life. Most of my income went in supporting my
parents and the rest I saved it to finance my goals.
During the first few months, I didn’t have much to save because I am
still paying for some debt I made before I come in the UAE. But later on, I had
enough to save.
But somehow, in some ways, I don’t know how to save. I have something in
my mind but it was not concrete. I want to save to start a business in the
Philippines but I don’t have definite plans on what business I would like to venture.
When I came for vacation, my sister gave me a book by Mr. Francisco
Colayco entitled “Pera Mo, Palaguin Mo”.
It is a finance book that helped me learned how to save and invest. So I
followed his advice of saving at least 10 percent of my income and 10 percent
for investment.
Although I follow through on his advice in the beginning but later on I
was lost. I made some expenses that could have been delayed or maybe I indulge
myself with things that will satisfy my wants and made some bad investments
(which I didn’t study).
But today, I am serious on growing myself and my bank account and have
the discipline to follow the steps below:
§ Save 10 percent for my savings for emergencies
especially now that the economy here in UAE is unstable and being an OFW is
temporary.
§ Avoid unnecessary expenses by determining my wants
versus my needs.
§ Make a monthly budget and stick to it.
§ Save at least 6 months of my salary.
§ After reaching my target savings, I will treat myself
for a job well done to motivate me, such as visiting the salon or buy a new
clothes or shoes that I want, or travel to a certain place/country.
If you find it difficult to start with 10 percent, try to save at least
5 percent (little by little) until you build the discipline of saving and have
the momentum to save 10 percent or even more.
Happy saving!
God bless us more…
“Dishonest money dwindles away, but whoever gathers
money little by little makes it grow.” – Proverbs 13:11
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