{"id":2252,"date":"2022-06-01T11:47:17","date_gmt":"2022-06-01T10:47:17","guid":{"rendered":"https:\/\/kabayanremit.com\/blog\/?p=2252"},"modified":"2025-06-20T13:03:50","modified_gmt":"2025-06-20T12:03:50","slug":"5-money-management-tips-for-ofws","status":"publish","type":"post","link":"https:\/\/kabayanremit.com\/blog\/finance\/5-money-management-tips-for-ofws\/","title":{"rendered":"Top 5 money management tips for OFWs"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653383733599\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Life as an overseas Filipino worker (OFW) is no walk in the park. In fact, you sacrifice time and energy away from home to give your loved ones the best life. So, when the time comes to reap the rewards of your labour, make sure everything was worth it by following our top 5 money management tips:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653322847584\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ol>\n<li>Plan with your family<\/li>\n<li>Follow a budget<\/li>\n<li>Have separate remittance and savings accounts<\/li>\n<li>Pay your credit card bills and manage debt<\/li>\n<li>Monitor exchange rates when sending money to the Philippines<\/li>\n<\/ol>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653383846159\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Let\u2019s discuss these 5 money management tips and learn how each of these can help you to manage finances.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >Plan with your family<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1654079211403\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Plan-with-your-family.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"Plan-with-your-family\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Plan-with-your-family.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Plan-with-your-family-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Plan-with-your-family-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653323382727\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Whilst your family may rely on you sending money to the Philippines, you must be honest about the challenges you face while working abroad, including:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653323393464\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Being far from your support group<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653323409573\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Experiencing <a href=\"https:\/\/kabayanremit.com\/blog\/lifestyle\/what-is-culture-shock\/\">culture shock<\/a><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653323423060\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Missing important moments with your family<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653323441656\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>One day, you all want to be happy and healthy together, so think about how the family can team up to achieve this dream and when it will come true.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653323459638\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>First, agree on your financial priorities, such as:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653380572300\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Paying school tuition<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653380586591\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Ensuring everyone has the healthcare they need<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653380598606\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Making needed renovations in the family home<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653380609216\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Having enough to eat<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653380620541\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Paying for utilities<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653491125849\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Next, what are your goals as a family? These could be anything, including the below:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653380666365\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Ensuring that everyone finishes college<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653380678310\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Having enough funds for the family\u2019s regular medical check-ups<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653380691799\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Buying a new home in a safe environment<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653380702892\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Opening a small business<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653380747218\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Once you agree on your goals as a family, everyone must remember that to achieve these dreams, everyone must work together to save money and properly manage finances.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >Follow a budget<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1654079578876\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Follow-a-budget.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"Follow-a-budget\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Follow-a-budget.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Follow-a-budget-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Follow-a-budget-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653384321965\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Now that you\u2019ve identified your family\u2019s financial priorities, you can better compute how much you\u2019ll need to live within your means, without depriving yourselves.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653384371956\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>A popular budgeting technique is the <a href=\"https:\/\/www.metrobank.com.ph\/articles\/learn\/50-30-20-budget-plan\" target=\"_blank\" rel=\"noopener\">50-30-20 rule<\/a>. It helps you manage finances in the following percentages:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653491280512\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>50% for necessary expenses, such as utilities, food, medicine and transportation<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653384450043\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>30% for leisure and hobbies \u2013 The things that make you happy even if they aren\u2019t necessary for survival<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381190768\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>20% for savings<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381230601\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>This financial arrangement can change depending on your needs. For example, you can allocate more funds to necessary expenses and reduce your budget for leisure activities. In other instances, the 20% you saved can also go to paying debts or to investing in yourself, such as taking professional development classes or getting insurance.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381247629\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Whichever way you choose to spread out your money, always remember your financial goals.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >Have separate remittance and savings accounts<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1653382216487\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/money-management-4.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"money-management-4\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/money-management-4.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/money-management-4-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/money-management-4-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381295401\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>After budgeting, you\u2019ll need to manage your finances.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653491450731\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Instead of putting all of your money in one place, assign a bank account for your expenses and have a separate account for your savings. To know how much to put in to each account, you can use this trusty formula endorsed by the <a href=\"https:\/\/www.bsp.gov.ph\/Media_And_Research\/Financial%20Inclusion%20in%20the%20Philippines\/FIP_4Qtr2013.pdf\" target=\"_blank\" rel=\"noopener\">Philippine Central Bank<\/a>:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381341384\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>INCOME \u2013 SAVINGS = EXPENSES<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381356299\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Based on your family meeting, you already know how much you want to save each month, so you can take the exact amount from your expenses account and move it to a savings account.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381379008\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>As your savings grow, you can keep track of your remaining funds by monitoring your designated expenses account to ensure that everyone sticks to the family\u2019s financial priorities.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381424020\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Now that you\u2019re planning to separate expenses from savings, you\u2019re probably wondering what kind of bank accounts you should use to manage your finances? Based on your needs, you can choose any of these <a href=\"https:\/\/www.cimbbank.com.ph\/en\/financial-literacy-articles\/financial-essentials\/deposit-accounts-101-why-keep-your-money-in-a-bank.html\" target=\"_blank\" rel=\"noopener\">deposit accounts<\/a>:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653384795374\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><strong>Savings account \u2013<\/strong> These bank accounts have higher annual interest rates compared to checking accounts, so you can slowly grow your funds here. With a savings account, you can still withdraw your money when needed, especially during unexpected moments, like emergency home repairs, company lay-offs, and illnesses in the family.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381519561\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><strong>Checking account \u2013 <\/strong>These bank accounts allow you to write checks, so you can spend bigger amounts of money per transaction. You can use these to safely manage your regular expenses without having to walk around with large amounts of cash in your purse or wallet.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381585869\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><strong>Time deposit account \u2013<\/strong> Though you can\u2019t touch your savings while it\u2019s in a time deposit account, you will eventually take out more money than what you put in thanks to this account\u2019s high-interest rates. Time deposit accounts have lock-in periods that range from <a href=\"https:\/\/www.securitybank.com\/personal\/accounts\/time-deposit\/peso\/\" target=\"_blank\" rel=\"noopener\">30 days to seven years<\/a> and have a minimum deposit requirement, so do your research to find a bank that offers the best terms for you. Once you do open a time deposit account, your chosen bank will issue a <a href=\"https:\/\/www.landbank.com\/deposits\/peso\/time-deposit#:~:text=A%20specific%20amount%20of%20funds,least%20thirty%20(30)%20days\" target=\"_blank\" rel=\"noopener\">Certificate of Time Deposit or CTD<\/a> as proof that you\u2019ve locked in some savings with them.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653491865578\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Once you\u2019ve decided where you&#8217;ll manage your finances, you will need to find the right bank for you. So, when choosing where to save money, make sure to pick reputable banks like our partners below:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381666604\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><a href=\"https:\/\/www.metrobank.com.ph\/home\" target=\"_blank\" rel=\"noopener\">Metrobank<\/a><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381684184\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><a href=\"https:\/\/www.rcbc.com\/\" target=\"_blank\" rel=\"noopener\">Rizal Commercial Banking Corporation (RCBC)<\/a><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381704414\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><a href=\"https:\/\/www.bpi.com.ph\/\" target=\"_blank\" rel=\"noopener\">Bank of the Philippine Islands (BPI)<\/a><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653384994580\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><a href=\"https:\/\/www.bdo.com.ph\/personal\" target=\"_blank\" rel=\"noopener\">Banco de Oro (BDO)<\/a><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381747161\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><a href=\"https:\/\/www.pnb.com.ph\/\" target=\"_blank\" rel=\"noopener\">Philippine National Bank (PNB)<\/a><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653381768056\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><a href=\"https:\/\/www.landbank.com\/\" target=\"_blank\" rel=\"noopener\">Landbank<\/a><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >Pay your credit card bills and manage debt<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1653382361340\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/money-management-5.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"money-management-5\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/money-management-5.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/money-management-5-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/money-management-5-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653382389171\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>This is another reminder to live within your means.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653385188204\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>While tapping a credit card is a quick way to get what you want, it can also lead to more debt than you can manage. Therefore, when using your credit card, make sure you can pay the resulting bill plus interest<em>.<\/em><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653382488344\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>There are also the <a href=\"https:\/\/pulitzercenter.org\/stories\/how-ofws-can-avoid-getting-buried-debt\" target=\"_blank\" rel=\"noopener\">tricky situations<\/a> of borrowing, lending, and giving money. When delving into debt, consider these money management tips:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653382513572\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><strong>Borrow only what you can pay back \u2013<\/strong> While loaning money can be a quick fix when you\u2019re stuck in a bind, you\u2019ll get more problems in return if you don\u2019t have a way to pay the money back. Lastly, don\u2019t borrow money for someone else.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653382549168\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><strong>Limit your generosity \u2013<\/strong> Whilst it\u2019s alright for you as an OFW to share your blessings, don\u2019t stretch yourself thin by lending money to all who ask. Before sharing think, can this person pay you back? Will lending this person money help them become independent or will they grow more dependent on you?<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653382587214\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><strong>Go easy on <em>utang na loob <\/em>(debt of gratitude) \u2013<\/strong> While we can be grateful to the people who helped us get to where we are now, we can\u2019t keep repaying them forever. Therefore, agree on an amount you can give your loved one that will not only make them feel valued but will also help you feel you\u2019ve repaid them for their kindness.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >Monitor exchange rates when sending money to the Philippines<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1654079798102\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Monitor-exchange-rates.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"Monitor-exchange-rates\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Monitor-exchange-rates.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Monitor-exchange-rates-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Monitor-exchange-rates-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653382914868\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>The cost of sending money to the Philippines as well as varying <a href=\"https:\/\/kabayanremit.com\/blog\/finance\/understanding-exchange-rates\/\">exchange rates<\/a> among money changers should factor into your expenses.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653382933163\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>To remit your money, you can try any of the following:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653382947156\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Going to your local bank or credit union<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653382962861\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Visiting currency exchange kiosks<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653382977109\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Using a foreign automated teller machine (ATM) with your credit or debit card<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653383001337\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li>Working with <a href=\"https:\/\/kabayanremit.com\/send-money-to-philippines\/\">online money transfer services<\/a><\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653383024599\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Once you\u2019ve chosen a provider, you will:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653385547753\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ol>\n<li>Request to exchange your money to Philippine Pesos.<\/li>\n<li>Wait for the money changer to look up the current exchange rates<\/li>\n<li>Get the equivalent amount of Philippine Pesos based on how much you gave and the money changer\u2019s exchange rate.<\/li>\n<\/ol>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653383081416\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>How much you get back will depend on picking the money changer that offers the best rates.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653383098980\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>So, to make sure you save and get your money\u2019s worth when you remit, you should:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653992311301\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><strong>Choose the service that offers competitive exchange rates \u2013 <\/strong>You can check our <a href=\"https:\/\/kabayanremit.com\/\">comparison table<\/a> on our homepage to compare.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1750421021893\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><strong>Check how much foreign transaction fees would cost \u2013 <\/strong>Usually, this is <a href=\"https:\/\/www.investopedia.com\/terms\/f\/foreign-transaction-fee.asp#:~:text=Key%20Takeaways,by%20U.S.%20travelers%20in%20dollars.\" target=\"_blank\" rel=\"noopener\">3% per transaction<\/a> when you use your credit card. However, Kabayan Remit charges as low as only \u00a32.99 for transactions worth up to \u00a35,000.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653383168919\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><strong>Compare how much online services charge when you use their platforms \u2013 <\/strong>There will always be service fees when transferring money online, but with Kabayan Remit your first remittance is <a href=\"https:\/\/kabayanremit.com\/pricing\/\">fee-free<\/a>.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653383203524\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<ul>\n<li><strong>Limit how much you use exchange kiosks \u2013 <\/strong>They usually have lower exchange rates but higher transaction fees.<\/li>\n<\/ul>\n\n\t\t<\/div>\n\t<\/div>\n<h3 style=\"font-size: 24px;text-align: left\" class=\"vc_custom_heading\" >Choosing the best money transfer service<\/h3>\n\t<div  class=\"wpb_single_image wpb_content_element vc_align_left  vc_custom_1654080362661\">\n\t\t\n\t\t<figure class=\"wpb_wrapper vc_figure\">\n\t\t\t<div class=\"vc_single_image-wrapper   vc_box_border_grey\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"600\" src=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Money-transfer-service-3.jpg\" class=\"vc_single_image-img attachment-full\" alt=\"\" title=\"Money-transfer-service-3\" srcset=\"https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Money-transfer-service-3.jpg 1000w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Money-transfer-service-3-300x180.jpg 300w, https:\/\/kabayanremit.com\/blog\/wp-content\/uploads\/2022\/05\/Money-transfer-service-3-768x461.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653385789791\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>You\u2019ve been working hard overseas, so when you want to manage finances, follow the 5 money management tips above and also choose a safe money transfer app that helps you secure and grow your hard-earned money.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653383549481\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>When you use Kabayan Remit, you can safely send money to your loved ones within an hour. With our <a href=\"https:\/\/apps.apple.com\/us\/app\/kabayan-remit-money-transfer\/id1576197878\" target=\"_blank\" rel=\"noopener\">iOS<\/a> or <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.kabayanremit.mobileapp&amp;hl=en&amp;gl=US\" target=\"_blank\" rel=\"noopener\">Android<\/a> app, you can also <a href=\"https:\/\/kabayanremit.com\/help-center\/how-to-pay-bills\/\">pay bills<\/a> and monitor your expenses.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653385917159\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>You aren\u2019t just limited to sending money either, With our partner merchants, you can even grow financially by investing in <a href=\"https:\/\/kabayanremit.com\/help-center\/what-bills-can-i-pay-for\/\">government contributions, insurance, and real estate<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1653383645780\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>To learn more about Kabayan Remit and how we can help you, click <a href=\"https:\/\/kabayanremit.com\/about-kabayan-remit\/\">here<\/a> or talk to our 24\/7 bilingual <a href=\"https:\/\/kabayanremit.com\/customer-support\/\">customer support team<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"wpb_text_column wpb_content_element  vc_custom_1654503983355\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>When it comes to money management, all you need is the right partner to set you on the path to financial freedom. Kabayan Remit can help you there: Just follow our 5 money management tips and you&#8217;re on your way.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Life as an overseas Filipino worker (OFW) is no walk in the park. in fact, you sacrifice time and energy away from home to give your loved ones the best life. So, when the time comes to reap the rewards of your labour, make sure everything was worth it by following these key money management tips.<\/p>\n","protected":false},"author":5,"featured_media":2258,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[86],"class_list":["post-2252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-5-money-management-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>5 money management tips for OFW&#039;s - Kabayan Remit<\/title>\n<meta name=\"description\" content=\"Life as an overseas Filipino worker (OFW) is tough. 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