OVERSEAS Filipino workers (OFWs) send over P147 billion every year on average. These remittances are mostly used to pay for their families’ day-to-day bills and children’s tuition, among others, leaving workers with barely any savings for retirement. Many OFWs end up working abroad for decades to ensure their financial stability when they finally go home to retire. Unfortunately, some still end up with little or no savings and find themselves looking for employment again after setting foot in the Motherland.
These “modern-day heroes” deserve to experience the fruits of their hard work. That means supporting their dreams of obtaining a better life with a good savings plan, complemented by proper execution. They should avoid the urge to send 70 to 90 percent of their salaries back home, splurge on luxury items once a year — or not at all — and open a savings account. Of course, money doesn’t really grow exponentially in the bank, but it helps to kick off and maintain the good habit of setting aside at least 10 percent of their monthly salaries.