As I promised, here is Part Two of the “5 Tips on Money Management for the OFW Family.” You can read Part One of “5 Tips on Money Management for the OFW Family.”
I attended a half-day seminar with Mr. Chinkee Tan and I had fun listening to his tips on money management and investing. His talk was very appropriate now that Filipinos are focusing on budgeting, how to increase income, how to get out of debt, planning for financial freedom and planning for retirement.
For those who cannot attend his talks, you can grab his books at National Bookstore. His books are “Till Debt Do Us Part” and “For Richer and For Poorer”. You’ll find Power Tips such as this …
As an OFW Wife, I had many realiziations during his talk and I’m sharing with you my major insights:
Money Management Tip # Four - Save, Save, Save!
It’s not how much you make but how much you SAVE. If you want to become financially free, it is a MUST that you develop the habit of saving! So many authors have written about this and these include Napoleon Hill, Richard Clayson, Harv Eker, Robert Kiyosaki and a whole lot more.
Has this happened to you? When an OFW comes home, his relatives expect him to have parties or give away money. “Share you blessings!” urges his relatives. After a month, the same OFW had to borrow money from relatives for his fare to go back abroad. Sad isn’t it?
How about this? The moment an OFW boards an airplane, the wife immediately goes shopping for doodads on installment basis. Anyway, Hubby will be sending remittance monthly.
For OFW Families, both the Husband and the Wife should become informed about financial management. Books by the above mentioned authors can point OFW Families to the right direction.
And now for the question…
Money Management Tip # Five - Who Should Handle the Money?
Should it be the wife? Or should it be the husband? I hate to disappoint you but this is not a gender issue.
According to Chinkee, it should be the GIFTED ONE who should handle the money.
In an OFW Family, the gifted one should handle the money. How do you know who is the gifted one? Here are some of his/her traits:
… Disciplined in sticking to the family budget
… Accountable in monitoring every peso remitted and very transparent
… Focused on the family financial goal
… In control of one’s spending habits
… Practices delayed gratification
For the OFW couple, talk among yourselves and make a decision on who should manage the monthly remittance. Be open about discussing the OFW Family budget. Find who is the GIFTED ONE.
If you are NOT the gifted one, learn to trust your partner. Just make sure that you are aware, updated, and have access to the family funds.
I do hope that these 5 money mindsets will help your OFW Family in keeping focus on your goals.
In your OFW family, who is the GIFTED ONE?
Enjoy Awesome Abundance,