Thursday, February 19, 2015

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Personal Finance Tips for OFWs In Thailand - How To Achieve Financial Freedom


It all started when I was about to cash out the only remaining 500 pesos cash balance in my ATM account. That was all I had that day to live the remaining seven days of the month before I received my next month’s paycheck. I had to stretch that money out for food and gas, hoping and praying that I would never meet bad circumstances that require spending big amount of cash.

I hate to say that I was living paycheck-to-paycheck. I found myself consistently running out of money before the next payday arrives. Sometimes, I had to borrow money from friends or relatives, take out a cash advance or even loan my next month’s paycheck.

Assessing my situation, it was a disaster for me financially. I came to my senses that my finance was a mess and I thought that this cycle of living paycheck-to-paycheck should stop. I have to act. I have to plan my way out to financial stability and freedom.

My story is not unique only to me. It’s a story that we often heard from friends, coworkers and relatives.

We don’t want to live paycheck-to-paycheck that we need to work with the rest of our life just for money. We don’t want to wake up in the morning, leave our family, go to work all the day long for 8, 9, 10 hours a day, commute back home, get up the next morning and do the same routine all over again until we grow old.

What we need is financial freedom - the freedom to do the most important thing for us without worrying about money so that we can spend our time doing the things we enjoy.

Yes, we can do it and I believe we can. All we need is careful planning and right execution.

I want to share with you the steps that I’m taking right now to achieve financial freedom and I want you also to start doing the same.

First Set up your financial plan. Create a budget to help you plan how to make the most of your income. Then track your spending so that you can figure out where your money is going. Cut unnecessary expenses also.


Second Build your emergency fund. Allocate a portion of your salary for your emergency needs such as accident, health problems, loss of job and emergency needs of your children and the things you need during natural disasters. 


Third – Increase your income. Aside from your regular job, you can also look for additional cash inflow. You just need to be open-minded and be ready to grab any opportunity out there.


Fourth - Save and Invest. Many Filipinos in Thailand know the importance of saving money for the future. But it should not end up there. Saving should be followed by investing so that your money will grow rather than just let it devalued by inflation. There are many investment products that you can choose. But before investing your hard-earned money, you should first invest in knowledge. Read books/e-books about personal finance and investing and attend seminars/webinars conducted over the internet. I have collections of e-books about investing that you can request for free if you want. In my FB page GFT Thailand I always post free webinars that you can attend and learn about money management and investing.


With these four ways that I shared with you, I hope that you have gained valuable information that can help you in achieving financial freedom.

8 comments

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Rochkirstin Santos
AUTHOR
February 20, 2015 at 9:05 AM delete

I think everyone would want financial freedom as early as they can in life. I do all these tips mentioned and so far, I have a good record. :)

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Dianne Salonga
AUTHOR
February 21, 2015 at 3:03 PM delete

I'm happy now that I have my own insurance, financially minded and not wasting money. Invest now or save it.

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Franc Ramon
AUTHOR
February 21, 2015 at 5:56 PM delete

It's also important to spend only to the extent of what you earn. This is where you can budget your funds and also create emergency funds.

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Jojo Vito
AUTHOR
February 21, 2015 at 10:42 PM delete

you are not the only one who experienced this...its great that you are sharing this tips :)

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February 23, 2015 at 10:22 AM delete

That's good to know you're on the right path. Am I seeing a future millionaire here? :)

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Rochkirstin Santos
AUTHOR
February 23, 2015 at 11:15 AM delete

Already am. But hey, of course more is always better. :)

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February 24, 2015 at 7:15 AM delete

Thanks for the advice and tips. It's not easy living in your own in another country. Might need this soon.

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badudets
AUTHOR
March 3, 2015 at 12:38 AM delete

This is great especially for the OFWs who works hard to earn for their families even if they will be apart.

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About the Author

Khon Philippine

I'm a full time travel and tourism lecturer at a university in the north who also loves blogging during my spare time. I blog about news particularly in Thailand, personal travel stories, and anything under the sun.