Well-paying jobs are not the only reason why someone can start building his wealth. In fact, it has something to do with your habits.

No matter how big your salary is, if your spending habits are too much and you are spending more than what you are earning, you will still find it hard to save.

So since habits are the first things that you have to fix in order to get rich, here are the money habits you need to adopt ASAP to make a fortune.

1. Learn how to allocate your income for savings. You have to set a certain percentage of your income for your savings. Let’s say you have to set 10 percent aside for your savings and make sure not to spend it or better yet, put it on a savings account. Then work on the remaining amount for all your other expenses. When budgeting your money, the remaining 90 percent is what you will have to work with.

Read also: Saving Money Through Jar Money System

2. Let go of your little unnecessary expenses every day. We all have these tiny little splurges every day that we can actually just let go of. If you cut these expenses, they will make a huge difference over time. Say for example, you are used to buying soda every day for lunch. Why don’t you just ditch it and set the money aside, and resort to water instead.

3. Set goals. You need to set a specific amount for your savings. Give yourself an exact timeframe. For example, you have to give yourself a year to save this specific amount of money. By having a goal in mind, it will get easier and easier especially when you are beginning to see that your sacrifices are actually bearing fruits and you are seeing growth in your savings accounts.

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However, as soon as OFWs begin working, it feels and it seems like the amount of money they earn and send their families are not enough so many still end up broke or they go for the option of applying for loan. The sad part is many of them also find it more difficult to get out of debt and start saving instead.

Read also: Top Smart Investments for OFW

If you find yourself or if you know someone who is caught in this dilemma, here are some important pieces of advice you may want to consider.

1. Determine the total amount of debt that you have. It is important that you have the visibility over the amount of money that you owe. List them all down on a sheet of paper and devise a strategy on how you will be making your payments and determine which ones are more urgent and need to be prioritized.

2. Create a budget. Out of your monthly income, set aside the amount that will have to go for paying your debts and work within your remaining salary for your budgeting. List down your monthly expenses and see if your remaining money can afford them. Also eliminate the ones which are really not that important in the meantime.

3. Pay your debts and start saving. It will be difficult to set aside money for savings if you are not able to pay your debts first. Paying them all off will give you room for extra money which you can already keep as your savings. Make sure to never touch it, except when it is very important.

4. Avoid incurring future debts. As soon as you are done paying off all the money you owed, do not incur additional debts as much as possible. Instead, be wise in handling your money and make sure that your expenses do not exceed your earnings so that you do not have to borrow money in the future.

Better to think about it and make a good actions, than later and to be sorry.

The post How OFW can get out of Debt and Save Money appeared first on Pinoy Business Ideas.

It may not sound as fun as everything else you are saving for, but it is so much more important than anything else. Let us first define what emergency fund is. An emergency fund is something that you set aside to cover unexpected and unwanted events. It is the money you can turn to when unexpected expenses arise; it is what you need in order to meet unexpected financial challenges.

We need to accept the fact that we cannot control everything when it comes to our expenses and it is a must that you do something in order to be prepared all the time.

You need to have an emergency fund for a lot of reasons.

• Hospitalization
• Sickness in the family
• Unexpected car repairs
• Urgent trip to visit a sick parent or family member
• Important repairs in the house
• Sudden termination of employment
• Natural calamities

These are but a few of the things that you do not necessarily save up for and they are not part of your monthly budget. If you do not have savings for your emergency funds, where else will you get the money to cover for these things?

If you have emergency funds, you will also have peace of mind that no matter what happens, you will always have something to cover for your financial emergencies.

As soon as you decide to start to save for emergency situations, it is better if you save your money in a savings account in a bank. There is also no exact amount that you should set aside from your salary, but ideally, it should be around 3 to 6 months’ worth of your average monthly expenses. Also, you have to make sure to never touch your emergency savings fund for any other reason except when it is really an emergency and when you are at a time of troubles.

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