How OFWs Can Save Up Amid Rising Costs Abroad

When you’re working in a foreign country like Singapore, it’s simple to get swept up in the thrill of experiencing life in a different culture. Since you are working harder and earning more money, you can feel better about treating yourself to an expensive meal out or making a splurge on something you’ve had your eye on. You probably deserve that extra treat or two. But there are times when it is in one’s best interest to be more frugal rather than frivolous because even a little bit of thrift can go a long way. We are well aware of how tempting it can be when your monthly dollar checks arrive, but in light of the rising cost of living in your host country, the following are some suggestions that can assist you in economizing.

Finding ways to cut costs and save money is a valuable skill to have, especially if you are an overseas Filipino worker (OFW). If finding ways to save money while travelling internationally is your top priority, then this article is a must-read!

How can OFWs Save Up with the Rising Costs Abroad

OFW Tips to Cope with the Rising Costs Abroad

Be smart about why you’re abroad.

When you are calculating how much it will cost you to live in another country, you should make sure that you have all of the facts straight. The cost of living in one nation is not equivalent to the cost of living in another nation. If you are moving from the United States to Australia, for instance, it is essential for you to be aware of what the average salary is in both countries and to make a comparison between the two.

You also need to take into account how much it costs to live in your home country. If having enough money saved for retirement or for other goals, such as buying a house back home or paying off debt from school loans (or even just having cash on hand), then this number needs to be taken into account as well. Other goals could include having enough money to buy a house back home or paying off debt from school loans.

Look for the best deals on utilities and supplies.

Not only are utility bills an expense, but they also present an opportunity to cut costs and save money. Take a look at your monthly bills and ask yourself if there are any ways that you can reduce your expenses. Is it possible for you to switch to a different provider that offers more attractive rates? Are you able to negotiate a better price with the company that you are currently using? The same rule applies when you’re going grocery shopping; before you buy anything, look for discounts and clip coupons.

Follow the old adage, “A penny saved is a penny earned.”

  • Following the advice of the old proverb “A penny saved is a penny earned” is one of the most effective methods for cutting costs and increasing earnings.
  • The following is a list of some advice that can help you save money while travelling abroad:
  • Eat in instead of going out to restaurants to save money, or pack your own lunch. Consider purchasing food in large quantities and then storing it in the freezer for later use. You could also inquire with your family members and friends who reside in other countries about whether or not they require assistance with their grocery shopping.
  • The use of energy-efficient light bulbs, the turning off of all unnecessary lights when they are not in use, maintaining an air conditioning temperature of 68 degrees or lower (which will also help prevent mould growth), and unplugging appliances when they are not in use can help reduce your monthly utility bills.
  • When you go grocery shopping, don’t make any impulsive purchases of items that catch your eye but might not be essential for day-to-day life; instead, buy only the things that you actually require (e.g., junk food). When there is an excessive amount of food in one container, it is much simpler for the leftovers to become spoiled. This will help reduce the amount of food that is wasted.

Learn to cook.

As an OFW, it’s easy to fall into the habit of eating out all the time (and sometimes not even realising how much money you’re spending), which can quickly become a financial burden. Cooking at home, however, can be not only more cost-effective but also more healthful than eating out at restaurants or purchasing processed foods from grocery stores, which may contain additives and artificial ingredients. This is especially true if your kitchen is stocked with fresh ingredients. There are also a lot of simple recipes online that use local or common spices as the main ingredients; not only do they taste amazing, but they are also very easy on the wallet.

Renting out a space makes more sense than staying in dormitories or hostels.

  • Renting a private room rather than settling for a bed in a dorm or hostel is the better choice for a number of different reasons.
  • When you rent a space, you will have more privacy. You won’t have to worry about having to accommodate complete strangers in your space, which eliminates the potential for friction and unease.
  • You can save money on utilities. If you live in an apartment with multiple people, there will inevitably be instances in which one of your roommates will forget to turn off the lights or the stove after they have finished cooking dinner. This will result in higher utility bills for all of the occupants of the apartment. If, on the other hand, you live alone in a rented property, the rates that you pay for utilities, such as electricity and water, will not be affected by the actions of other people (unless maybe they invite their friends over for house parties).
  • Because there is no longer a need to share groceries, you will also be able to save money on the cost of food (just make sure not leave leftovers out too long). And don’t forget that meals in dorms and hostels tend to cost more than restaurant fare anyway; therefore, even if these eating establishments provided free breakfast every day — which they often do not — it still wouldn’t amount up to enough savings over time compared to what it would take just to buy groceries separately instead of doing that.

Find ways to lessen your expenses on transportation.

The use of ride-hailing apps, websites that facilitate carpooling, and public transportation are some of the most effective ways to cut costs associated with travelling from point A to point B.

Create a plan that’s specific to you and your income and expenses, but still gives you the freedom to live abroad without worrying about how much cash is left in the bank.

  • When you are in a position where you require assistance, do not be afraid to ask for it. You are not the only one going through this, and you do not have to bear the weight of the world on your shoulders. There are other people going through the same thing as you. In the event that you discover that you are in need of some additional funds, you should speak with your relatives or friends who reside in the Philippines about the possibility of them sending those funds to you. If you ask them nicely enough, they might be willing to lend you money or give you money in exchange for an IOU if they have sufficient financial security. This only applies if you ask them nicely enough.
  • It is healthy to take breaks away from your work at regular intervals. It’s possible that your mental health suffered as a result of living and working in a different country for so long. Or, perhaps it was just too stressful for whatever reason; whatever it is that makes life challenging during the first few months, it is typically something that can be solved by taking some time off from work and concentrating on something else instead (for instance: spending quality time with loved ones).
  • You shouldn’t be nervous about moving back into your previous residence. If things aren’t working out overseas but there are still good job prospects back home — or if there aren’t any jobs at all — then you should think about returning home so that you can learn more about yourself and what life could look like without needing money as much as you did before (if this isn’t possible due to financial reasons, then try changing jobs). If things aren’t working out overseas but there are still good job prospects back home, then you should think about returning home. If there are no jobs available, you should think about going back home so that you can get a better idea of what your life might be like if you didn’t have to worry about finding work.

Coping with the rising costs abroad can be challenging but there are ways to lessen your expenses and save some money in the process.

In the Philippines, we have grown so accustomed to a particular way of life and spending pattern that it has almost become second nature for us to carry it out in a given manner. However, once you leave the borders of your home country, you will discover that your life has taken on a completely different trajectory. You will need to adjust your lifestyle in order to live in a new location and learn how to make your money go further.

If you want to be able to effectively deal with the rising costs abroad, you should educate yourself on the following money-saving hacks and practice them as much as possible:

When going grocery shopping, exercise good judgement. When you buy non-perishable food items in large quantities, you can reduce the amount you spend on groceries. Instead of purchasing them every week or even every day, you will only need to do so once every month or every two months using this method. If you follow these steps, you won’t need to spend a lot of money on weekly grocery shopping because you’ll have enough food on hand for your family.

Make it a priority to prepare the vast majority of your meals at home. Going out to a restaurant for dinner is not a frugal choice. It is possible that it is convenient, but there is no way that it is inexpensive! If this is the case, why not cook meals at home? In comparison to always eating out, it saves both time and money to cook at home.

You can purchase used items either online or from local thrift shops (if there are any nearby). Not only is it better for the environment to purchase previously owned items, but doing so also saves money because the price of these items is lower than that of brand new items sold in retail outlets.

Some Final Thoughts

Living and working in a different country will undoubtedly present its fair share of difficulties, this much can be said with absolute certainty. However, if you give careful consideration to the planning of your trips or stints abroad, you can prevent yourself from going into debt while you are there. There are also a lot of options available to help you replace the things from your home country that you miss having access to. And as more countries come to recognise the value of skilled foreign labour, there will undoubtedly be a great deal more new opportunities available for Filipinos working abroad in the years to come. There is a possibility that you will experience some difficult times along the way; however, the most important thing for you to do is to remember to keep a positive attitude, take things one day at a time, and enjoy the adventure!

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