Not all people understand how difficult it is working in a foreign land and away from the family. Yes, the salary may be more than enough to provide a decent living for the family, but why many OFW families are still in a financial crunch especially when an OFW comes home.

The truth is being an OFW can take a toll on both your financial standing and personal relationships with your family. In fact, there are instances in which once an OFW ceases working abroad, his or her family ended up with just a little amount of savings. Why is that happening?

Read also: How OFW can get out of Debt and Save Money

Here are some reasons why OFW’s and their families are facing difficulty in saving money:

Overspending

This is one of the major reason why OFW’s are not able to save money. Their families tend to overspend the allowance sent to them every month without consider the budget. In the same manner, OFW’s also overspend money just to compensate the time they’re away from their families by buying things they don’t really need.

Cost of living

OFWs may not save money because of the higher cost of living overseas. If an OFW is not thrifty in spending money, there’s great possibility that saving money for the future may be difficult.

Failure to identify an asset versus liability

Apparently, as OFW’s earn higher income they are easily swayed to buy things without identifying whether it is an asset or a liability. Most of the time they tend to buy things that would only take money from their pockets without anything to gain in the future.

Get-rich-quick attitude

Many OFW’s are practicing the get-rich-quick attitude that’s why they were tempted to invest in the wrong investment instruments. Thus, they end up losing money rather than saving it for the future.

Lack of financial goals

Working overseas takes a lot of courage as you will sacrifice to be away from your family. That’s why it’s important to set financial goals. Setting realistic goals will keep you in the right direction and make the most of your time.

Read also: List of Top OFW Business Ideas

Saving is indeed challenging especially if a person isn’t savings-oriented. Practicing the right financial behavior is the key to save the hard-earned money for the future once an OFW retires.

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Some have decided to work abroad in order to gain their professional experience in another country, and also to travel.A lot of our Filipino people have decided to become Overseas Filipino Workers or OFWs, and this decision came with a number of reasons.

They primarily want to earn better salary abroad because they want to give their families a much better life. Some have decided to work abroad in order to gain their professional experience in another country, and also to travel.Aside from the money they send here to their families, many of them consider putting up a business so that by the time they decide to come home, they will never run out of a good source of income.

If you are an OFW or have a family member who is working abroad and you want to have your own start-up business, here are some business ideas you may want to consider.

1. Food business. Food business is one of the most common yet flourishing businesses in the country or even anywhere in the world. The food industry will never die down because people will always have to eat no matter what. Another idea you can explore is the selling of Filipino delicacies abroad, especially if you are working in a country where the population of Filipino people is large.

2. E-commerce business. This is something that is already very popular nowadays because everyone practically has internet at home and people can go online even with just their mobile devices. All you have to do is to think about the product that you want to sell online. The only challenge when it comes to eCommerce business is the fact that the competition is tough since the number of this type of business continues to grow. It is now a matter of how you can make your business stand out.

3. Convenient or sari-sari store. A convenient or sari-sari store never gets out of fashion when it comes to local Filipino business. No matter how many sari-sari stores there are in every community, it seems like we are never running out of customers. Well, that is because people always need to purchase basic commodities, and if you have a capital just enough to start one, this is one business idea you can also try.

4. Water refilling station. Water refilling station can also be a good business, especially if you have saved enough for the capital. Purified and clean water has now become a priority and necessity in almost every home and family in the country and there’s no doubt that this kind of business has a good future in the market.

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