5 Tips on Money Management for the OFW Family – Part 1

awesome abundance - money management tips

In marriage, who should handle the money?

Should it be the husband or the wife?

I attended a half-day seminar with Mr. Chinkee Tan as the guest expert and gained so many insights that I would like to share with you. Chinkee Tan was once part of the entertainment industry being one of the ‘Hawi Boys’ tasked to protect the shades of Randy Santiago.

Now, he reinvented himself as a motivational speaker under the mentorship of Mr. Francis Kong.  He is also the author of 2 books “Till Debt Do Us Part” and “For Richer and For Poorer”.

Table of Contents of "For Richer or For Poorer"

Chinkee talked about money management and investing. The lesons shared by Chinkee generally apply to everyone and I’m injecting some thoughts to make it applicable to OFW Families like me.

Here are some money management  insights:

Money Management Tip # One. Awareness on The Number One Cause of Separation

Statistics show that 50% of marriages fail because of financial problems.  For every 4 marriages, 1 results to separation.  The culprit: Money Problems.

Awareness is the first step in prevention or in addressing the issue.

Money Management Tip # Two. Privacy of Financial Information

Chinkee advises married couples never to reveal to relatives and friends how much you are earning and your savings in the bank.  This makes you susceptible to needy relatives.  When they need money, guess who will be on top of their list?

I’m not saying that we should be selfish but we need to lay down the ground rules.  We choose the relatives whom we can extend help. I admire my Hubby on this aspect. He is so strict when lending out money to relatives.

Money Management Tip # Three.  Awareness About Being Married to 3 Families

Realize that when you get married, you are not only married to your wife or your husband.  You are also married to each other’s families so that instantly triples your membership to families.

I guess this hold even more true to OFW Families.  Statistics show that one OFW has 3 dependents, namely the spouse, children, and relatives. With proper planning, this should not be the case.

OFW Families must not lose sight of their financial goals or the main reason why a member of the family choose to become an OFW in the first place.

There you have it, Part One of the series on money management.

Chinkee presents these ideas in a very enjoyable manner in his half day talks and seminars.  I find it very practical and very Pinoy, very appropriate to Filipino families.  Aside from that, I love that there are immediate applications of the lessons learned.

I had additional AHA moments when I was writing this post.

Did you have AHA moments while reading it?

Enjoy Awesome Abundance,

Jones Mancilla

P.S.  Watch out for 5 Tips on Money Management for the OFW Family – Part 2!

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